RSKIA George Risk Industries Inc (PK)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

(Mark One)

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended October 31, 2023

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to ________________

 

Commission File Number: 000-05378

 

GEORGE RISK INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

 

Colorado		84-0524756
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employers Identification No.)

 

802 South Elm St.
Kimball, NE		69145
(Address of principal executive offices)		(Zip Code)

 

(308) 235-4645

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock, $0.10 par value		RSKIA		OTC Markets
Convertible Preferred Stock, $20 stated value		RSKIA		OTC Markets

 

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, a non-accelerated filer, a small reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

	Large accelerated filer ☐	Accelerated filer ☐
	Non-accelerated filer ☐	Smaller reporting company ☒
		Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

The number of shares of the Registrant’s Common Stock outstanding, as of December 15, 2023 was 4,900,130.

 

 

 

GEORGE RISK INDUSTRIES, INC.

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

The unaudited financial statements for the three-and six-month periods ended October 31, 2023, are attached hereto.

 

 

GEORGE RISK INDUSTRIES, INC.

CONDENSED BALANCE SHEETS

 

		October 31, 2023				April 30, 2023
		(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents		$	3,562,000			$	4,943,000
Investments and securities, at fair value			29,986,000				31,363,000
Accounts receivable:
Trade, net of allowance for credit losses of $9,767 and $17,922			4,064,000				3,503,000
Other			24,000				59,000
Income tax overpayment			378,000				403,000
Inventories, net			12,608,000				11,443,000
Prepaid expenses			126,000				651,000
Total Current Assets			50,748,000				52,365,000
Property and Equipment, net, at cost			2,060,000				1,997,000
Other Assets
Investment in Limited Land Partnership, at cost			344,000				344,000
Projects in process			13,000				83,000
Other			—				13,000
Total Other Assets			357,000				440,000
Intangible Assets, net			1,089,000				1,149,000
TOTAL ASSETS		$	54,254,000			$	55,951,000

 

See accompanying notes to the unaudited condensed financial statements.

 

 

GEORGE RISK INDUSTRIES, INC.

CONDENSED BALANCE SHEETS

(continued)

 

		October 31, 2023				April 30, 2023
		(unaudited)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable, trade		$	223,000			$	546,000
Dividends payable			2,854,000				2,565,000
Deferred income			17,000				43,000
Accrued expenses:
Payroll expense			375,000				421,000
Total Current Liabilities			3,469,000				3,575,000
Long-Term Liabilities
Deferred income taxes			1,291,000				1,727,000
Total Long-Term Liabilities			1,291,000				1,727,000
Total Liabilities			4,760,000				5,302,000
Commitments and Contingencies			—				—
Stockholders’ Equity
Convertible preferred stock, 1,000,000 shares authorized, Series 1—noncumulative, $20 stated value, 25,000 shares authorized, 4,100 issued and outstanding			99,000				99,000
Common stock, Class A, $.10 par value, 10,000,000 shares authorized, 8,502,881 shares issued and outstanding			850,000				850,000
Additional paid-in capital			1,934,000				1,934,000
Accumulated other comprehensive income			(391,000	)			(161,000	)
Retained earnings			51,597,000				52,481,000
Less: treasury stock, 3,576,088 and 3,572,338 shares, at cost			(4,595,000	)			(4,554,000	)
Total Stockholders’ Equity			49,494,000				50,649,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	54,254,000			$	55,951,000

 

See accompanying notes to the unaudited condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

CONDENSED INCOME (LOSS) STATEMENTS

FOR THE THREE AND SIX MONTHS ENDED OCTOBER 31, 2023 AND 2022

(Unaudited)

 

		Three months				Three months				Six months				Six months
		ended				ended				ended				ended
		Oct 31, 2023				Oct 31, 2022				Oct 31, 2023				Oct 31, 2022
Net Sales		$	6,053,000			$	5,617,000			$	10,781,000			$	10,827,000
Less: Cost of Goods Sold			(2,949,000	)			(2,974,000	)			(5,411,000	)			(5,631,000	)
Gross Profit			3,104,000				2,643,000				5,370,000				5,196,000
Operating Expenses
General and Administrative			333,000				357,000				702,000				688,000
Sales			787,000				753,000				1,476,000				1,488,000
Engineering			16,000				20,000				37,000				41,000
Total Operating Expenses			1,136,000				1,130,000				2,215,000				2,217,000
Income From Operations			1,968,000				1,513,000				3,155,000				2,979,000
Other (Expense)
Other			2,000				2,000				9,000				4,000
Dividend and Interest Income			217,000				181,000				458,000				365,000
Unrealized (Loss) on Equity Securities			(2,368,000	)			(1,008,000	)			(734,000	)			(1,197,000	)
Gain (Loss) on Investments			46,000				(110,000	)			(71,000	)			(209,000	)
Gain on Sale of Assets			—				—				8,000				—
Total Other Income (Loss)			(2,103,000	)			(935,000	)			(330,000	)			(1,037,000	)
Income (Loss) Before Provisions for Income Taxes			(135,000	)			578,000				2,825,000				1,942,000
Provisions for Income Taxes:
Current Expense			543,000				273,000				853,000				687,000
Deferred Tax (Benefit) Expense			(623,000	)			(302,000	)			(347,000	)			(404,000	)
Total Income Tax Expense (Benefit)			(80,000	)			(29,000	)			506,000				283,000
Net Income (Loss)		$	(55,000	)		$	607,000			$	2,319,000			$	1,659,000
Income Per Share of Common Stock
Basic		$	(0.01	)		$	0.12			$	0.47			$	0.34
Diluted		$	(0.01	)		$	0.12			$	0.47			$	0.34
Weighted Average Number of Common Shares Outstanding
Basic			4,927,571				4,930,964				4,928,273				4,930,993
Diluted			4,927,571				4,951,464				4,948,773				4,951,493

 

See accompanying notes to the unaudited condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE AND SIX MONTHS ENDED OCTOBER 31, 2023 AND 2022

(Unaudited)

 

		Three months				Three months				Six months				Six months
		ended				ended				Ended				ended
		Oct 31, 2023				Oct 31, 2022				Oct 31, 2023				Oct 31, 2022
Net Income (Loss)		$	(55,000	)		$	607,000			$	2,319,000			$	1,659,000
Other Comprehensive (Loss), Net of Tax
Unrealized (loss) on debt securities:
Unrealized holding (losses) arising during period			(289,000	)			(203,000	)			(320,000	)			(175,000	)
Income tax benefit related to other comprehensive income			82,000				57,000				90,000				49,000
Other Comprehensive (Loss)			(207,000	)			(146,000	)			(230,000	)			(126,000	)
Comprehensive Income (Loss)		$	(262,000	)		$	461,000			$	2,089,000			$	1,533,000

 

See accompanying notes to the unaudited condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED OCTOBER 31, 2023 AND 2022

(Unaudited)

 

		Shares				Amount				Shares				Amount
		Preferred Stock								Common Stock Class A
		Shares				Amount				Shares				Amount
Balances, July 31, 2022			4,100			$	99,000				8,502,881			$	850,000
Purchases of common stock			—				—				—				—
Dividend declared at $0.60 per common share outstanding			—				—				—				—
Unrealized (loss), net of tax effect			—				—				—				—
Net Income			—				—				—				—
Balances, October 31, 2022			4,100			$	99,000				8,502,881			$	850,000

 

		Shares				Amount				Shares				Amount
		Preferred Stock								Common Stock Class A
		Shares				Amount				Shares				Amount
Balances, July 31, 2023			4,100			$	99,000				8,502,881			$	850,000
Purchases of common stock			—				—				—				—
Dividend declared at $0.65 per common share outstanding
Unrealized (loss), net of tax effect			—				—				—				—
Net (Loss)			—				—				—				—
Balances, October 31, 2023			4,100			$	99,000				8,502,881			$	850,000

 

See accompanying notes to the unaudited condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED OCTOBER 31, 2023 AND 2022

(Unaudited)

 

	Capital				Shares				Amount				Income				Earnings				Total
	Paid-In				Treasury Stock (Common Class A)								Accumulated Other Comprehensive				Retained
	Capital				Shares				Amount				Income				Earnings				Total
Balances, July 31, 2022	$	1,934,000				3,571,893			$	(4,549,000	)		$	(117,000	)		$	51,733,000			$	49,950,000
Purchases of common stock		—				70				(1,000	)			—				—				(1,000	)
Dividend declared at $0.60 per common share outstanding		—				—				—				—				(2,958,000	)			(2,958,000	)
Unrealized (loss), net of tax effect		—				—				—				(146,000	)			—				(146,000	)
Net Income		—				—				—				—				607,000				607,000
Balances, October 31, 2022	$	1,934,000				3,571,963			$	(4,550,000	)		$	(263,000	)		$	49,382,000			$	47,452,000

 

	Capital				Shares				Amount				Income				Earnings				Total
	Paid-In				Treasury Stock (Common Class A)								Accumulated Other Comprehensive				Retained
	Capital				Shares				Amount				Income				Earnings				Total
Balances, July 31, 2023	$	1,934,000				3,574,373			$	(4,576,000	)		$	(184,000	)		$	54,855,000			$	52,978,000
Purchases of common stock		—				1,715				(19,000	)			—				—				(19,000	)
Dividend declared at $0.65 per common share outstanding		—				—				—				—				(3,203,000	)			(3,203,000	)
Unrealized (loss), net of tax effect		—				—				—				(207,000	)			—				(207,000	)
Net (Loss)		—				—				—				—				(55,000	)			(55,000	)
Balances, October 31, 2023	$	1,934,000				3,576,088			$	(4,595,000	)		$	(391,000	)		$	51,597,000			$	49,494,000

 

See accompanying notes to the unaudited condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED OCTOBER 31, 2023 AND 2022

(Unaudited)

 

		Shares				Amount				Shares				Amount
		Preferred Stock								Common Stock Class A
		Shares				Amount				Shares				Amount
Balances, April 30, 2022			4,100			$	99,000				8,502,881			$	850,000
Prior period adjustment for provisions related to depreciation			—				—				—				—
Purchases of common stock			—				—				—				—
Dividend declared at $0.60 per common share outstanding			—				—				—				—
Unrealized (loss), net of tax effect			—				—				—				—
Net Income			—				—				—				—
Balances, October 31, 2022			4,100			$	99,000				8,502,881			$	850,000

 

		Shares				Amount				Shares				Amount
		Preferred Stock								Common Stock Class A
		Shares				Amount				Shares				Amount
Balances, April 30, 2023			4,100			$	99,000				8,502,881			$	850,000
Purchases of common stock			—				—				—				—
Dividend declared at $0.65 per common share outstanding			—				—				—				—
Unrealized (loss), net of tax effect			—				—				—				—
Net Income			—				—				—				—
Balances, October 31, 2023			4,100			$	99,000				8,502,881			$	850,000

 

See accompanying notes to the unaudited condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED OCTOBER 31, 2023 AND 2022

(Unaudited)

 

	Capital				Shares				Amount				Income				Earnings				Total
	Paid-In				Treasury Stock (Common Class A)								Accumulated Other Comprehensive				Retained
	Capital				Shares				Amount				Income				Earnings				Total
Balances, April 30, 2022	$	1,934,000				3,571,693			$	(4,547,000	)		$	(137,000	)		$	50,843,000			$	49,042,000
Prior period adjustment for provisions related to depreciation		—				—				—				—				(161,000	)			(161,000	)
Purchases of common stock		—				270				(3,000	)			—				—				(3,000	)
Dividend declared at $0.60 per common share outstanding		—				—				—				—				(2,959,000	)			(2,959,000	)
Unrealized (loss), net of tax effect		—				—				—				(126,000	)			—				(126,000	)
Net Income		—				—				—				—				1,659,000				1,659,000
Balances, October 31, 2022	$	1,934,000				3,571,963			$	(4,550,000	)		$	(263,000	)		$	49,382,000			$	47,452,000

 

	Capital				Shares				Amount				Income				Earnings				Total
	Paid-In				Treasury Stock (Common Class A)								Accumulated Other Comprehensive				Retained
	Capital				Shares				Amount				Income				Earnings				Total
Balances, April 30, 2023	$	1,934,000				3,572,338			$	(4,554,000	)		$	(161,000	)		$	52,481,000			$	50,649,000
Purchases of common stock		—				3,750				(41,000	)			—				—				(41,000	)
Dividend declared at $0.65 per common share outstanding		—				—				—				—				(3,203,000	)			(3,203,000	)
Unrealized (loss), net of tax effect		—				—				—				(230,000	)			—				(230,000	)
Net Income		—				—				—				—				2,319,000				2,319,000
Balances, October 31, 2023	$	1,934,000				3,576,088			$	(4,595,000	)		$	(391,000	)		$	51,597,000			$	49,494,000

 

See accompanying notes to the unaudited condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED OCTOBER 31, 2023 AND 2022

(Unaudited)

 

		Oct 31, 2023				Oct 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income		$	2,319,000			$	1,659,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			241,000				219,000
Loss on sale of investments			49,000				209,000
Impairments of investments			22,000				—
Unrealized loss on equity securities			734,000				1,197,000
Provision for credit losses on accounts receivable			(8,000	)			(9,000	)
Reserve for obsolete inventory			(61,000	)			52,000
Deferred income taxes			(347,000	)			(405,000	)
(Gain) on sale of assets			(8,000	)			—
Changes in assets and liabilities:
(Increase) decrease in:
Accounts receivable			(553,000	)			75,000
Inventories			(1,103,000	)			(1,755,000	)
Prepaid expenses and projects in process			608,000				798,000
Other receivables			35,000				(18,000	)
Income tax overpayment			25,000				(364,000	)
Increase (decrease) in:
Accounts payable			(323,000	)			(80,000	)
Accrued expenses			(72,000	)			48,000
Net cash from operating activities			1,558,000				1,626,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of assets			8,000				—
(Purchase) of property and equipment			(243,000	)			(209,000	)
Proceeds from sale of marketable securities			524,000				14,000
(Purchase) of marketable securities			(273,000	)			(224,000	)
Net cash from investing activities			16,000				(419,000	)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Purchase) of treasury stock			(41,000	)			(3,000	)
Dividends paid			(2,914,000	)			(2,689,000	)
Net cash from financing activities			(2,955,000	)			(2,692,000	)
NET CHANGE IN CASH AND CASH EQUIVALENTS			(1,381,000	)			(1,485,000	)
Cash and Cash Equivalents, beginning of period			4,943,000				6,078,000
Cash and Cash Equivalents, end of period		$	3,562,000			$	4,593,000
Supplemental Disclosure for Cash Flow Information:
Cash payments for:
Income taxes		$	820,000			$	1,165,000
Interest paid		$	—			$	—
Cash receipts for:
Income taxes		$	—			$	118,000

 

See accompanying notes to the unaudited condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

OCTOBER 31, 2023

 

Note 1 Unaudited Interim Financial Statements

 

The accompanying financial statements have been prepared in accordance with the instructions for Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s April 30, 2023 annual report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for any quarter are not necessarily indicative of the results for any other quarter or for the full year.

 

Accounting Estimates—The preparation of these financial statements requires the use of estimates and assumptions including the carrying value of assets. The estimates and assumptions result in approximate rather than exact amounts.

 

Significant Accounting Policies — The significant accounting policies used in preparation of these condensed consolidated financial statements are disclosed in our Annual Report, and there have been no changes to the Company’s significant accounting policies during the six months ended October 31, 2023.

 

Recently Issued Accounting Pronouncements — In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements. The new guidance clarifies or improves disclosure and presentation requirements on a variety of topics in the codification. The amendments will align the requirements in the FASB Accounting Standard Codification with the SEC’s regulations. The amendments are effective prospectively on the date each individual amendment is effectively removed from Regulation S-X or Regulation S-K. The Company is in the process of evaluating the impact that the adoption of this ASU will have on the financial statements and related disclosures, which is not expected to be material.

 

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic280): Improvements to Reportable Segment Disclosures. The new guidance is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the impact that the adoption of this ASU will have to the financial statements and related disclosures, which is not expected to be material.

 

12

 

Note 2 Investments

 

The Company has investments in publicly traded equity securities, state and municipal debt securities, real estate investment trusts, and money markets. The investments in debt securities, which include municipal bonds and bond funds, mature between February 2024 and July 2041. The Company uses the average cost method to determine the cost of equity securities sold with any unrealized gains or losses reported in the respective period’s earnings. Unrealized gains and losses on debt securities are excluded from earnings and reported separately as a component of stockholder’s equity. Dividend and interest income are reported as earned.

 

As of October 31, 2023 and April 30, 2023, investments consisted of the following:

Schedule of Investments 

						Gross				Gross
Investments at		Cost				Unrealized				Unrealized				Fair
October 31, 2023		Basis				Gains				Losses				Value
Municipal bonds		$	5,357,000			$	21,000			$	(372,000	)		$	5,006,000
REITs			79,000				—				(12,000	)			67,000
Equity securities			18,810,000				6,321,000				(803,000	)			24,328,000
Money markets and CDs			585,000				—				—				585,000
Total		$	24,831,000			$	6,342,000			$	(1,187,000	)		$	29,986,000

 

						Gross				Gross
Investments at		Cost				Unrealized				Unrealized				Fair
April 30, 2023		Basis				Gains				Losses				Value
Municipal bonds		$	5,396,000			$	46,000			$	(230,000	)		$	5,212,000
REITs			93,000				—				(22,000	)			71,000
Equity securities			18,605,000				6,915,000				(501,000	)			25,019,000
Money markets and CDs			1,060,000				1,000				—				1,061,000
Total		$	25,154,000			$	6,962,000			$	(753,000	)		$	31,363,000

 

Marketable securities that are classified as equity securities are carried at fair value on the balance sheets with changes in fair value recorded as an unrealized gain or (loss) in the statements of income in the period of the change. Upon the disposition of a marketable security, the Company records a realized gain or (loss) on the Company’s statements of income.

 

The Company evaluates all marketable securities for other-than-temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. As a result of this standard, management recorded an impairment loss of $22,000 for the quarter and six-month period ended October 31, 2023, while there were no impairment losses recorded for either of the quarter or the six months ended October 31, 2022.

 

13

 

The Company’s investments are actively traded in the stock and bond markets. Therefore, either a realized gain or loss is recorded when a sale happens. For the quarter ended October 31, 2023 the Company had sales of equity securities which yielded gross realized gains of $108,000 and gross realized losses of $60,000. For the same period, sales of debt securities did not yield any gross realized gains, but gross realized losses of $2,000 were recorded. As for the six-months ended October 31, 2023 the Company had sales of equity securities which yielded gross realized gains of $214,000 and gross realized losses of $278,000. For the same six-month period, sales of debt securities did not yield any gross realized gains, but gross realized losses of $7,000 were recorded. During the quarter ending October 31, 2022, the Company recorded gross realized gains and losses on equity securities of $89,000 and $187,000, respectively, while sales of debt securities did not yield any gross realized gains, but gross realized losses of $12,000 were recorded. During the six-months ending October 31, 2022, the Company recorded gross realized gains and losses on equity securities of $285,000 and $453,000, respectively, while sales of debt securities did not yield any gross realized gains, but gross realized losses of $41,000 were recorded. The gross realized loss numbers include the impaired figures listed in the previous paragraph.

 

The following table shows the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at October 31, 2023 and April 30, 2023, respectively.

 

Unrealized Loss Breakdown by Investment Type at October 31, 2023

Schedule of Unrealized Loss Breakdown by Investment 

		Less than 12 months								12 months or greater								Total
Description		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Municipal bonds		$	1,389,000			$	(71,000	)		$	3,453,000			$	(301,000	)		$	4,842,000			$	(372,000	)
REITs			—				—				61,000				(12,000	)			61,000				(12,000	)
Equity securities			4,395,000				(350,000	)			2,806,000				(453,000	)			7,201,000				(803,000	)
Total		$	5,784,000			$	(421,000	)		$	6,320,000			$	(766,000	)		$	12,104,000			$	(1,187,000	)

 

Unrealized Loss Breakdown by Investment Type at April 30, 2023

 

		Less than 12 months								12 months or greater								Total
Description		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Municipal bonds		$	868,000			$	(6,000	)		$	3,769,000			$	(224,000	)		$	4,637,000			$	(230,000	)
REITs			36,000				(9,000	)			35,000				(13,000	)			71,000				(22,000	)
Equity securities			3,048,000				(140,000	)			2,209,000				(361,000	)			5,257,000				(501,000	)
Total		$	3,952,000			$	(155,000	)		$	6,013,000			$	(598,000	)		$	9,965,000			$	(753,000	)

 

Municipal Bonds

 

The unrealized losses on the Company’s investments in municipal bonds were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the Company has the ability to hold these investments until a recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at October 31, 2023 and April 30, 2023.

 

Marketable Equity Securities and REITs

 

The Company’s investments in marketable equity securities and REITs consist of a wide variety of companies. Investments in these companies include growth, growth income, and foreign investment objectives. The individual holdings have been evaluated, and due to management’s plan to hold on to these investments for an extended period, the Company does not consider these investments to be other-than-temporarily impaired at October 31, 2023 and April 30, 2023.

 

Note 3 Inventories

 

Inventories at October 31, 2023 and April 30, 2023 consisted of the following:

Schedule of Inventories 

		October 31,				April 30,
		2023				2023
Raw materials		$	11,161,000			$	9,886,000
Work in process			719,000				678,000
Finished Goods			1,055,000				1,267,000
Inventory gross			12,935,000				11,831,000
Less: allowance for obsolete inventory			(327,000	)			(388,000	)
Inventories, net		$	12,608,000			$	11,443,000

 

14

 

Note 4 Business Segments

 

The following is financial information relating to industry segments:

Schedule of Financial Information Relating to Industry Segments 

		Three months				Three months				Six months				Six months
		ended				ended				ended				ended
		Oct 31, 2023				Oct 31, 2022				Oct 31, 2023				Oct 31, 2022
Net revenue:
Security alarm products		$	5,445,000			$	4,864,000			$	9,687,000			$	9,367,000
Cable & wiring tools			457,000				591,000				785,000				1,074,000
Other products			151,000				162,000				309,000				386,000
Total net revenue		$	6,053,000			$	5,617,000			$	10,781,000			$	10,827,000
Income from operations:
Security alarm products		$	1,769,000			$	1,309,000			$	2,835,000			$	2,577,000
Cable & wiring tools			143,000				150,000				230,000				296,000
Other products			56,000				54,000				90,000				106,000
Total income from operations		$	1,968,000			$	1,513,000			$	3,155,000			$	2,979,000
Depreciation and amortization:
Security alarm products		$	42,000			$	47,000			$	91,000			$	95,000
Cable & wiring tools			30,000				31,000				60,000				62,000
Other products			13,000				18,000				37,000				36,000
Corporate general			39,000				15,000				53,000				26,000
Total depreciation and amortization		$	124,000			$	111,000			$	241,000			$	219,000
Capital expenditures:
Security alarm products		$	23,000			$	—			$	224,000			$	74,000
Cable & wiring tools			—				—				—				—
Other products			—				135,000				—				135,000
Corporate general			19,000				—				19,000				—
Total capital expenditures		$	42,000			$	135,000			$	243,000			$	209,000

 

		October 31, 2023				April 30, 2023
Identifiable assets:
Security alarm products		$	16,314,000			$	14,251,000
Cable & wiring tools			2,302,000				2,548,000
Other products			900,000				981,000
Corporate general			34,738,000				38,171,000
Total assets		$	54,254,000			$	55,951,000

 

15

 

Note 5 Earnings per Share

 

Net Income (Loss) Per Share

 

Basic income (loss) per share of common stock attributable to common stockholders is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income (loss) per share of common stock attributable to common stockholders when their effect is dilutive. The dilutive common shares for the three months ended October 31, 2023 are not included in the computation of diluted earnings per share because to do so would be anti-dilutive. As of October 31, 2023 there were 20,500 potentially dilutive shares.

 

Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented, are:

Schedule of Basic and Diluted Earnings Per Share 

		For the three months ended October 31, 2023
		Income				Shares				Per-Share
		(Numerator)				(Denominator)				Amount
Net income		$	(55,000	)
Basic EPS		$	(55,000	)			4,927,571			$	(.01	)
Diluted EPS		$	(55,000	)			4,927,571			$	(.01	)

 

		For the three months ended October 31, 2022
		Income				Shares				Per-Share
		(Numerator)				(Denominator)				Amount
Net income		$	607,000
Basic EPS		$	607,000				4,930,964			$	.12
Effect of dilutive Convertible Preferred Stock			—				20,500				—
Diluted EPS		$	607,000				4,951,464			$	.12

 

		For the six months ended October 31, 2023
		Income				Shares				Per-Share
		(Numerator)				(Denominator)				Amount
Net income		$	2,319,000
Basic EPS		$	2,319,000				4,928,273			$	.47
Effect of dilutive Convertible Preferred Stock			—				20,500				—
Diluted EPS		$	2,319,000				4,948,773			$	.47

 

		For the six months ended October 31, 2022
		Income				Shares				Per-Share
		(Numerator)				(Denominator)				Amount
Net income		$	1,659,000
Basic EPS		$	1,659,000				4,930,993			$	.34
Effect of dilutive Convertible Preferred Stock			—				20,500				—
Diluted EPS		$	1,659,000				4,951,493			$	.34

 

16

 

Note 6 Retirement Benefit Plan

 

On January 1, 1998, the Company adopted the George Risk Industries, Inc. Retirement Savings Plan (the “Plan”). The Plan is a defined contribution savings plan designed to provide retirement income to eligible employees of the Company. The Plan is intended to be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. It is funded by voluntary pre-tax and Roth (taxable) contributions from eligible employees who may contribute a percentage of their eligible compensation, limited and subject to statutory limits. Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company. Upon leaving the Company, each participant is 100% vested with respect to the participants’ contributions while the Company’s matching contributions are vested over a six-year period in accordance with the Plan document. Contributions are invested, as directed by the participant, in investment funds available under the Plan. Matching contributions by the Company of approximately $14,000 and $13,000 were paid during each quarter ending October 31, 2023 and 2022, respectively. Likewise, the Company paid matching contributions of approximately $29,000 during each of six-month periods ending October 31, 2023 and 2022.

 

Note 7 Fair Value Measurements

 

The carrying value of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short-term nature. The fair value of our investments is determined utilizing market-based information. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.

 

US GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The levels of the fair value hierarchy under US GAAP are described below:

 

Level 1		Valuation is based upon quoted prices for identical instruments traded in active markets.
Level 2		Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
Level 3		Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.

 

Investments and Marketable Securities

 

As of October 31, 2023 and April 30, 2023, our investments consisted of money markets, publicly traded equity securities, real estate investment trusts (REITs) as well as certain state and municipal debt securities. The marketable securities are valued using third-party broker statements. The value of the majority of securities is derived from quoted market information. The inputs to the valuation are generally classified as Level 1 given the active market for these securities, however, if an active market does not exist, which is the case for municipal bonds and REITs, the inputs are recorded as Level 2.

 

Fair Value Hierarchy

 

The following table sets forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Schedule of Assets Measured at Fair Value on Recurring Basis 

		Level 1				Level 2				Level 3				Total
		Assets Measured at Fair Value on a Recurring Basis as of October 31, 2023
		Level 1				Level 2				Level 3				Total
Assets:
Municipal Bonds		$	—			$	5,006,000			$	—			$	5,006,000
REITs			—				67,000				—				67,000
Equity Securities			24,328,000				—				—				24,328,000
Money Markets and CDs			585,000				—				—				585,000
Total fair value of assets measured on a recurring basis		$	24,913,000			$	5,073,000			$	—			$	29,986,000

 

		Level 1				Level 2				Level 3				Total
		Assets Measured at Fair Value on a Recurring Basis as of April 30, 2023
		Level 1				Level 2				Level 3				Total
Assets:
Municipal Bonds		$	—			$	5,212,000			$	—			$	5,212,000
REITs			—				71,000				—				71,000
Equity Securities			25,019,000				—				—				25,019,000
Money Markets and CDs			1,061,000				—				—				1,061,000
Total fair value of assets measured on a recurring basis		$	26,080,000			$	5,283,000			$	—			$	31,363,000

 

Note 8 Subsequent Events

 

None

 

 

GEORGE RISK INDUSTRIES, INC.

 

PART I. FINANCIAL INFORMATION

 

Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

 

This Quarterly Report on Form 10-Q, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act) and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), which are subject to the “safe harbor” created by those sections. Any statements herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “expect,” “intend,” “believe,” “estimate,” “project” or “continue,” and the negatives of such terms are intended to identify forward-looking statements. The information included herein represents our estimates and assumptions as of the date of this filing. Unless required by law, we undertake no obligation to update publicly any forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

 

The following discussion should be read in conjunction with the attached condensed financial statements, and with the Company’s audited financial statements and discussion for the fiscal year ended April 30, 2023.

 

Executive Summary

 

The Company’s performance has remained steady through the first half of the current fiscal year with the second quarter showing an increase in sales over the first quarter of the current fiscal year. This is mainly due to having the ability to obtain raw materials that are needed to complete the manufacture of our products and keeping employees staffed at our locations. Additionally, the Company’s products are traditionally tied to the housing market and with that market remaining strong, it in turn helps the Company’s sales grow. As far as overall company performance, the net income is up when comparing the current six-month period to the prior six-month period. Management continues to keep manufacturing and operating expenses in check and the current year realized and unrealized gains (losses) on investments are showing fewer losses than for the same periods last year. Opportunities include keeping up with the business growth, finding ways to get our products out to our customers in a timelier manner, which includes looking into more automation, and to continue looking at businesses that might be a good fit to purchase. We also have new products that are expected to hit the marketplace by the end of the fiscal year. Challenges in the coming months include continuing to get product out to customers in a timely manner and dealing with the COVID-19 pandemic restrictions and inflation. Possible COVID-19 challenges include, but are not limited to, price increases and/or delays in the supply chain, reduced sales, workforce interruptions, and economic conditions impacting the stock market. Management continues to work at keeping operations flowing as efficient as possible with the hopes of getting the facilities running leaner and more profitable than ever before.

 

Results of Operations

 

●

Net sales were $6,053,000 for the quarter ended October 31, 2023, which is a 7.76% increase from the corresponding quarter last year. Year-to-date net sales were $10,781,000 at October 31, 2023, which is a 0.42% decrease from the same period last year. The increase in sales in the current quarter is a result of the economy rebounding in the second half of the calendar year and having management figuring out more efficient ways to get products out to our customers. Also, the ongoing commitment towards outstanding customer service and customization of products are a few of the many reasons sales continue to grow.

 

 

●

Cost of goods sold was 48.72% of net sales for the quarter ended October 31, 2023 and was 52.95% for the same quarter last year. Year-to-date cost of goods sold percentages were 50.19% for the current six months and 52.01% for the corresponding six months last year. The current cost of goods sold percentage goals of keeping labor and other manufacturing expenses at less than 50% have been met for the quarter and are just slightly over for year-to-date results. The decreased cost of goods sold percentages are a result of the economy gaining stability recently and Management finding ways to be more efficient.

 

●

Operating expenses were up $6,000 for the quarter and were down $2,000 for the six-months ended October 31, 2023 as compared to the corresponding periods last year. But when comparing percentages in relation to net sales, the operating expenses for the quarter ended October 31, 2023 was 18.77% of net sales while it was 20.12% of net sales for the same quarter the prior year. For year-to-date numbers, operating expense were 20.55% and 20.48% of net sales for the six months ended October 31, 2023 and 2022, respectively. The Company has been able to keep the operating expenses at less than 25% of net sales for many years now; however, the actual dollar amount increase is because of increased commission amounts (since sales have increased) and additional labor costs for wage increases.

 

●

Income from operations for the quarter ended October 31, 2023 was at $1,968,000, which is a 30.07% increase from the corresponding quarter last year, which had income from operations of $1,513,000. Income from operations for the six months ended October 31, 2023 was at $3,155,000, which is a 5.91% increase from the corresponding six months last year, which had income from operations of $2,979,000.

 

●

Other income and expenses are down when comparing the current quarter to the same quarter of the prior year, with a decrease of $1,168,000 in the current quarter. Comparably, other income and expenses are up by $707,000 when comparing the current six-month period to the prior six-month period. Most of the activity in these accounts consists of investment interest, dividends, real gains or losses on sale of investments, and unrealized gains or losses on equity securities. The main reason for the losses in the current quarter and year-to-date numbers are the unrealized gain and loss on equity securities numbers. The Company is at the mercy of the stock market when it comes to these figures and inflation and the current state of the economy has influenced these numbers.

 

●

Overall, net income for the quarter ended October 31, 2023 was down $662,000, or 109.06%, over the same quarter last year. Conversely, net income for the six-month period ended October 31, 2023 was up $660,000, or 39.78%, over the same period in the prior year.

 

●

Earnings per common share for the quarter ended October 31, 2023 were ($0.01) per share and $0.47 per share for the year-to-date numbers. EPS for the quarter and six months ended October 31, 2022 were $0.12 per share and $0.34 per share, respectively.

 

 

Liquidity and capital resources

 

Operating

 

●

Net cash decreased $1,381,000 during the six months ended October 31, 2023 as compared to a decrease of $1,485,000 during the corresponding period last year.

 

●

Accounts receivable increased $553,000 for the six months ended October 31, 2023 compared with a $75,000 decrease for the same period last year. The current year increase is a result of improved sales during the second quarter and having a slight decline in collections of accounts receivable over the last year. An analysis of accounts receivable shows that 6.71% of the receivables were over 90 days at October 31, 2023, while 5.02% were over 90 days for the same period last year.

 

●

Inventories increased $1,103,000 during the current six-month period as compared to a $1,755,000 increase last year. The smaller increase in the current year is primarily due to not buying as many raw materials as management did during the prior six-month period. Management has also seen slight decreases in raw material prices during the current year as compared to the six-months period ending October 31, 2022.

 

●

Prepaid expenses saw a $608,000 decrease for the current six months, primarily due to having inventory delivered during the current six-month period; therefore, having less money in prepayments of raw materials on the books. The prior year six months showed a $798,000 decrease in prepaid expenses.

 

●

Income tax overpayment decreased $25,000 for the current six-month period, compared to having an increase of $364,000 in income tax payable for the six-months ended October 31, 2022. Part of the current decrease is due to having the corporate income tax rate in Nebraska decrease to 7.25% from 7.5% for the current fiscal year.

 

●

Accounts payable shows a decrease for the current six-month period of $323,000 as it shows a decrease for the prior six-month periods of $80,000. The company strives to pay all invoices within terms, and the variance is primarily due to the timing of receipt of products and payment of invoices.

 

●

Accrued expenses decreased $72,000 for the current six-month period as compared to a $48,000 increase for the six-month period ended October 31, 2022. The difference in the amounts is primarily due to timing issues.

 

Investing

 

●

As for our investment activities, the Company purchased $243,000 of property and equipment during the current six-month period. In comparison, $209,000 was spent on purchases of property and equipment during the corresponding six months last year.

 

●

The Company continues to purchase marketable securities, which include municipal bonds and quality stocks. During the six-month period ended October 31, 2023 there was quite a bit of buy/sell activity in the investment accounts. Net cash spent on purchases of marketable securities for the six-month period ended October 31, 2023 was $273,000 compared to $224,000 spent in the prior six-month period. We continue to use “money manager” accounts for most stock transactions. By doing this, the Company gives an independent third-party firm, who are experts in this field, permission to buy and sell stocks at will. The Company pays a quarterly service fee based on the value of the investments.

 

 

Financing

 

●

The Company continues to purchase back its common stock when the opportunity arises. For the six-month period ended October 31, 2023, the Company purchased $41,000 worth of treasury stock, in comparison to $3,000 repurchased in the corresponding six-month period last year.

 

●

The company declared a dividend of $0.65 per share of common stock on September 30, 2023, which was paid out during the second quarter. This is an increase to the dividend of $0.60, which was declared and paid during the second fiscal quarter last year.

 

New Product Development

 

The Company and its engineering department continue to develop enhancements to product lines, develop new products that complement existing products, and look for products that are well suited to our distribution network and manufacturing capabilities. Items currently in various stages of the development process include:

 

●

Explosion proof contacts that will be UL listed for hazardous locations are in development. There has been demand from our customers for this type of high security magnetic reed switch.

 

●

The Company is developing magnetic contacts which are listed under UL 634 Level 2. These sensors are for high security applications such as government buildings, military use, nuclear facilities, and financial institutions.

 

●

Research is being done on updating our small profile glass break detector, in addition to looking at the development of programmable temperature and humidity sensors with built-in hysteresis.

 

●

Wireless technology is a main area of focus for product development. We are considering adding wireless technology to some of our current products. A wireless contact switch is in the final stages of development. Also, we are working on wireless versions of monitoring devices which include glass break detection, tilt sensing and environmental monitoring. A redesign of our brass water valve shut-off system is near completion.

 

Other Information

 

In addition to researching and developing new products, management is always open to the possibility of acquiring a business or product line that would complement our existing operations. Due to the Company’s strong cash position, management believes this could be achieved without the need for outside financing. The intent is to utilize the equipment, marketing techniques and established customers to deliver new products and increase sales and profits.

 

There are no known seasonal trends with any of GRI’s products since we sell to distributors and OEM manufacturers. Our products are tied to the housing industry and will fluctuate with building trends.

 

 

GEORGE RISK INDUSTRIES, INC.

 

PART I. FINANCIAL INFORMATION

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

Not applicable

 

Item 4. Controls and Procedures

 

Our management, under the supervision and with the participation of our chief executive officer (also working as our chief financial officer), evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of October 31, 2023. Based on that evaluation, management concluded that the disclosure controls and procedures employed at the Company were not effective to provide reasonable assurance that the information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

 

In our annual report filed on Report 10-K for the year ended April 30 ,2023, management identified the following material weakness in our internal control over financial reporting:

 

●

The small size of our Company limits our ability to achieve the desired level of separation of duties for proper internal controls and financial reporting, particularly as it relates to financial reporting to assure material disclosures or implementation of newly issued accounting standards are included. A secondary review over annual and quarterly filings does occur with an outside party. A part-time Controller was hired in March 2023, but the current CEO and CFO roles are being fulfilled by the same individual. We do not have an audit committee. We do not believe we have met the full requirement for separation of duties for financial reporting purposes.

 

Despite the material weaknesses in financial reporting noted above, we believe that our financial statements included in this report fairly present our financial position, results of operations and cash flows as of and for the periods presented in all material respects.

 

We are committed to the establishment of effective internal controls over financial reporting and will place emphasis on quarterly and year-end closing procedures, timely documentation, and internal review of accounting and financial reporting consequences of material contracts and agreements, and enhanced review of all schedules and account analyses by experienced accounting department personnel or independent consultants.

 

We will continue to follow the standards for the Public Company Accounting Oversight Board (United States) for internal control over financial reporting to include procedures that:

 

●

Pertain to the maintenance of records in reasonable detail that fairly reflect the transactions and dispositions of the Company’s assets;

 

●

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and the Board of Directors; and

 

●

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

 

Changes in Internal Control over Financial Reporting

 

Other than those mentioned above, there were no changes in our internal control over financial reporting during the fiscal quarter ended October 31, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 

GEORGE RISK INDUSTRIES, INC.

 

Part II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

Not applicable

 

Item 1A. Risk Factors

 

Not applicable.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

The following table provides information relating to the Company’s repurchase and issuance of common stock for the second quarter of fiscal year 2024.

 

Period		Number of shares repurchased/(issued)
August 1, 2023 – August 31, 2023		-0-
September 1, 2023 – September 30, 2023		1,100
October 1, 2023 – October 31, 2023		615

 

Item 3. Defaults upon Senior Securities

 

Not applicable

 

Item 4. Mine Safety Disclosures

 

Not applicable

 

Item 5. Other Information

 

Not applicable

 

Item 6. Exhibits

 

	Exhibit No.		Description
	31.1		Certification of the Chief Executive Officer (Principal Financial and Accounting Officer), as required by Section 302 of the Sarbanes-Oxley Act of 2002.
	32.1		Certification of the Chief Executive Officer (Principal Financial and Accounting Officer), as required by Section 906 of the Sarbanes-Oxley Act of 2002.
	101.		INS Inline XBRL Instance Document
	101.		SCH Inline XBRL Taxonomy Extension Schema Document
	101.		CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document
	101.		DEF Inline XBRL Taxonomy Extension Definition Linkbase Document
	101.		LAB Inline XBRL Taxonomy Extension Label Linkbase Document
	101.		PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document
	104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	George Risk Industries, Inc.
	(Registrant)

 

Date December 15, 2023	By:	/s/ Stephanie M. Risk-McElroy
		Stephanie M. Risk-McElroy
		President, Chief Executive Officer, Chief Financial Officer and Chairman of the Board

 

 

 

Exhibit 31.1

 

CERTIFICATION OF STEPHANIE M. RISK-MCELROY, CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER, PURSUANT TO RULE 13a-14 OF THE SECURITIES EXCHANGE ACT OF 1934SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Stephanie M. Risk-McElroy, certify that:

 

(1) I have reviewed this quarterly report on Form 10-Q of George Risk Industries, Inc.;

 

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

(3) Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

 

(4) The small business issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the small business issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the small business issuer’s internal control over financial reporting that occurred during the small business issuer’s most recent fiscal quarter (the small business issuer’s first fiscal quarter in the case of this quarterly report) that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting; and

 

(5) The small business issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business issuer’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer’s internal control over financial reporting.

 

Date: December 15, 2023
By:	/s/ Stephanie M. Risk-McElroy
	Stephanie M. Risk-McElroy
	Chief Executive Officer and Chief Financial Officer

 

 

 

Exhibit 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE AND FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Stephanie M. Risk-McElroy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report of George Risk Industries, Inc. on Form 10-Q dated October 31, 2023 fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of George Risk Industries, Inc.

 

Date: December 15, 2023	By:	/s/ Stephanie M. Risk-McElroy
		Stephanie M. Risk-McElroy
		President and Chief Executive and Financial
		Officer

 

 

v3.23.3

Cover - shares	6 Months Ended
	Oct. 31, 2023	Dec. 15, 2023
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Oct. 31, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--04-30
Entity File Number	000-05378
Entity Registrant Name	GEORGE RISK INDUSTRIES, INC.
Entity Central Index Key	0000084112
Entity Tax Identification Number	84-0524756
Entity Incorporation, State or Country Code	CO
Entity Address, Address Line One	802 South Elm St.
Entity Address, City or Town	Kimball
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	69145
City Area Code	(308)
Local Phone Number	235-4645
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,900,130
Class A Common Stock, $0.10 par value
Title of 12(b) Security	Class A Common Stock, $0.10 par value
Trading Symbol	RSKIA
Convertible Preferred Stock, $20 stated value
Title of 12(b) Security	Convertible Preferred Stock, $20 stated value
Trading Symbol	RSKIA

v3.23.3

Condensed Balance Sheets - USD ($)	Oct. 31, 2023	Apr. 30, 2023
Current Assets:
Cash and cash equivalents	$ 3,562,000	$ 4,943,000
Investments and securities, at fair value	29,986,000	31,363,000
Accounts receivable:
Trade, net of allowance for credit losses of $9,767 and $17,922	4,064,000	3,503,000
Other	24,000	59,000
Income tax overpayment	378,000	403,000
Inventories, net	12,608,000	11,443,000
Prepaid expenses	126,000	651,000
Total Current Assets	50,748,000	52,365,000
Property and Equipment, net, at cost	2,060,000	1,997,000
Other Assets
Investment in Limited Land Partnership, at cost	344,000	344,000
Projects in process	13,000	83,000
Other		13,000
Total Other Assets	357,000	440,000
Intangible Assets, net	1,089,000	1,149,000
TOTAL ASSETS	54,254,000	55,951,000
Current Liabilities
Accounts payable, trade	223,000	546,000
Dividends payable	2,854,000	2,565,000
Deferred income	17,000	43,000
Accrued expenses:
Payroll expense	375,000	421,000
Total Current Liabilities	3,469,000	3,575,000
Long-Term Liabilities
Deferred income taxes	1,291,000	1,727,000
Total Long-Term Liabilities	1,291,000	1,727,000
Total Liabilities	4,760,000	5,302,000
Commitments and Contingencies
Stockholders’ Equity
Convertible preferred stock, 1,000,000 shares authorized, Series 1—noncumulative, $20 stated value, 25,000 shares authorized, 4,100 issued and outstanding	99,000	99,000
Common stock, Class A, $.10 par value, 10,000,000 shares authorized, 8,502,881 shares issued and outstanding	850,000	850,000
Additional paid-in capital	1,934,000	1,934,000
Accumulated other comprehensive income	(391,000)	(161,000)
Retained earnings	51,597,000	52,481,000
Less: treasury stock, 3,576,088 and 3,572,338 shares, at cost	(4,595,000)	(4,554,000)
Total Stockholders’ Equity	49,494,000	50,649,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 54,254,000	$ 55,951,000

v3.23.3

Condensed Balance Sheets (Parenthetical) - USD ($)	Oct. 31, 2023	Apr. 30, 2023
Accounts receivable, allowance for credit loss, current	$ 9,767	$ 17,922
Convertible preferred stock, shares authorized	1,000,000	1,000,000
Class A common stock, par value	$ 0.10	$ 0.10
Class A common stock, shares authorized	10,000,000	10,000,000
Class A common stock, shares issued	8,502,881	8,502,881
Class A common stock, shares outstanding	8,502,881	8,502,881
Treasury stock, shares	3,576,088	3,572,338
Noncumulative Preferred Stock [Member]
Convertible preferred stock, shares authorized	25,000	25,000
Convertible preferred stock, stated value	$ 20	$ 20
Convertible preferred stock, shares issued	4,100	4,100
Convertible preferred stock, shares outstanding	4,100	4,100

v3.23.3

Condensed Income (Loss) Statements (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Income Statement [Abstract]
Net Sales	$ 6,053,000	$ 5,617,000	$ 10,781,000	$ 10,827,000
Less: Cost of Goods Sold	(2,949,000)	(2,974,000)	(5,411,000)	(5,631,000)
Gross Profit	3,104,000	2,643,000	5,370,000	5,196,000
Operating Expenses
General and Administrative	333,000	357,000	702,000	688,000
Sales	787,000	753,000	1,476,000	1,488,000
Engineering	16,000	20,000	37,000	41,000
Total Operating Expenses	1,136,000	1,130,000	2,215,000	2,217,000
Income From Operations	1,968,000	1,513,000	3,155,000	2,979,000
Other (Expense)
Other	2,000	2,000	9,000	4,000
Dividend and Interest Income	217,000	181,000	458,000	365,000
Unrealized (Loss) on Equity Securities	(2,368,000)	(1,008,000)	(734,000)	(1,197,000)
Gain (Loss) on Investments	46,000	(110,000)	(71,000)	(209,000)
Gain on Sale of Assets			8,000
Total Other Income (Loss)	(2,103,000)	(935,000)	(330,000)	(1,037,000)
Income (Loss) Before Provisions for Income Taxes	(135,000)	578,000	2,825,000	1,942,000
Provisions for Income Taxes:
Current Expense	543,000	273,000	853,000	687,000
Deferred Tax (Benefit) Expense	(623,000)	(302,000)	(347,000)	(404,000)
Total Income Tax Expense (Benefit)	(80,000)	(29,000)	506,000	283,000
Net Income (Loss)	$ (55,000)	$ 607,000	$ 2,319,000	$ 1,659,000
Income Per Share of Common Stock
Basic	$ (0.01)	$ 0.12	$ 0.47	$ 0.34
Diluted	$ (0.01)	$ 0.12	$ 0.47	$ 0.34
Weighted Average Number of Common Shares Outstanding
Basic	4,927,571	4,930,964	4,928,273	4,930,993
Diluted	4,927,571	4,951,464	4,948,773	4,951,493

v3.23.3

Condensed Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Income Statement [Abstract]
Net Income (Loss)	$ (55,000)	$ 607,000	$ 2,319,000	$ 1,659,000
Unrealized (loss) on debt securities:
Unrealized holding (losses) arising during period	(289,000)	(203,000)	(320,000)	(175,000)
Income tax benefit related to other comprehensive income	82,000	57,000	90,000	49,000
Other Comprehensive (Loss)	(207,000)	(146,000)	(230,000)	(126,000)
Comprehensive Income (Loss)	$ (262,000)	$ 461,000	$ 2,089,000	$ 1,533,000

v3.23.3

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock Class A [Member]	Additional Paid-in Capital [Member]	Treasury Stock (Common Class A) [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Apr. 30, 2022	$ 99,000	$ 850,000	$ 1,934,000	$ (4,547,000)	$ (137,000)	$ 50,843,000	$ 49,042,000
Beginning balance, shares at Apr. 30, 2022	4,100	8,502,881		3,571,693
Purchases of common stock				$ (3,000)			(3,000)
Purchases of common stock, shares				270
Dividend declared at $0.65 per common share outstanding						(2,959,000)	(2,959,000)
Unrealized (loss), net of tax effect					(126,000)		(126,000)
Net Income						1,659,000	1,659,000
Prior period adjustment for provisions related to depreciation						(161,000)	(161,000)
Ending balance, value at Oct. 31, 2022	$ 99,000	$ 850,000	1,934,000	$ (4,550,000)	(263,000)	49,382,000	47,452,000
Ending balance, shares at Oct. 31, 2022	4,100	8,502,881		3,571,963
Beginning balance, value at Jul. 31, 2022	$ 99,000	$ 850,000	1,934,000	$ (4,549,000)	(117,000)	51,733,000	49,950,000
Beginning balance, shares at Jul. 31, 2022	4,100	8,502,881		3,571,893
Purchases of common stock				$ (1,000)			(1,000)
Purchases of common stock, shares				70
Dividend declared at $0.65 per common share outstanding						(2,958,000)	(2,958,000)
Unrealized (loss), net of tax effect					(146,000)		(146,000)
Net Income						607,000	607,000
Ending balance, value at Oct. 31, 2022	$ 99,000	$ 850,000	1,934,000	$ (4,550,000)	(263,000)	49,382,000	47,452,000
Ending balance, shares at Oct. 31, 2022	4,100	8,502,881		3,571,963
Beginning balance, value at Apr. 30, 2023	$ 99,000	$ 850,000	1,934,000	$ (4,554,000)	(161,000)	52,481,000	50,649,000
Beginning balance, shares at Apr. 30, 2023	4,100	8,502,881		3,572,338
Purchases of common stock				$ (41,000)			(41,000)
Purchases of common stock, shares				3,750
Dividend declared at $0.65 per common share outstanding						(3,203,000)	(3,203,000)
Unrealized (loss), net of tax effect					(230,000)		(230,000)
Net Income						2,319,000	2,319,000
Ending balance, value at Oct. 31, 2023	$ 99,000	$ 850,000	1,934,000	$ (4,595,000)	(391,000)	51,597,000	49,494,000
Ending balance, shares at Oct. 31, 2023	4,100	8,502,881		3,576,088
Beginning balance, value at Jul. 31, 2023	$ 99,000	$ 850,000	1,934,000	$ (4,576,000)	(184,000)	54,855,000	52,978,000
Beginning balance, shares at Jul. 31, 2023	4,100	8,502,881		3,574,373
Purchases of common stock				$ (19,000)			(19,000)
Purchases of common stock, shares				1,715
Dividend declared at $0.65 per common share outstanding						(3,203,000)	(3,203,000)
Unrealized (loss), net of tax effect					(207,000)		(207,000)
Net Income						(55,000)	(55,000)
Ending balance, value at Oct. 31, 2023	$ 99,000	$ 850,000	$ 1,934,000	$ (4,595,000)	$ (391,000)	$ 51,597,000	$ 49,494,000
Ending balance, shares at Oct. 31, 2023	4,100	8,502,881		3,576,088

v3.23.3

Condensed Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividend declared for per common share outstanding	$ 0.65	$ 0.60	$ 0.65	$ 0.60

v3.23.3

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 2,319,000	$ 1,659,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	241,000	219,000
Loss on sale of investments	49,000	209,000
Impairments of investments	22,000
Unrealized loss on equity securities	734,000	1,197,000
Provision for credit losses on accounts receivable	(8,000)	(9,000)
Reserve for obsolete inventory	(61,000)	52,000
Deferred income taxes	(347,000)	(405,000)
(Gain) on sale of assets	(8,000)
(Increase) decrease in:
Accounts receivable	(553,000)	75,000
Inventories	(1,103,000)	(1,755,000)
Prepaid expenses and projects in process	608,000	798,000
Other receivables	35,000	(18,000)
Income tax overpayment	25,000	(364,000)
Increase (decrease) in:
Accounts payable	(323,000)	(80,000)
Accrued expenses	(72,000)	48,000
Net cash from operating activities	1,558,000	1,626,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of assets	8,000
(Purchase) of property and equipment	(243,000)	(209,000)
Proceeds from sale of marketable securities	524,000	14,000
(Purchase) of marketable securities	(273,000)	(224,000)
Net cash from investing activities	16,000	(419,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Purchase) of treasury stock	(41,000)	(3,000)
Dividends paid	(2,914,000)	(2,689,000)
Net cash from financing activities	(2,955,000)	(2,692,000)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(1,381,000)	(1,485,000)
Cash and Cash Equivalents, beginning of period	4,943,000	6,078,000
Cash and Cash Equivalents, end of period	3,562,000	4,593,000
Supplemental Disclosure for Cash Flow Information:
Income taxes	820,000	1,165,000
Interest paid
Cash receipts for:
Income taxes		$ 118,000

v3.23.3

Unaudited Interim Financial Statements	6 Months Ended
	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unaudited Interim Financial Statements	Note 1 Unaudited Interim Financial Statements   The accompanying financial statements have been prepared in accordance with the instructions for Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s April 30, 2023 annual report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for any quarter are not necessarily indicative of the results for any other quarter or for the full year.   Accounting Estimates—The preparation of these financial statements requires the use of estimates and assumptions including the carrying value of assets. The estimates and assumptions result in approximate rather than exact amounts.   Significant Accounting Policies — The significant accounting policies used in preparation of these condensed consolidated financial statements are disclosed in our Annual Report, and there have been no changes to the Company’s significant accounting policies during the six months ended October 31, 2023.   Recently Issued Accounting Pronouncements — In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements. The new guidance clarifies or improves disclosure and presentation requirements on a variety of topics in the codification. The amendments will align the requirements in the FASB Accounting Standard Codification with the SEC’s regulations. The amendments are effective prospectively on the date each individual amendment is effectively removed from Regulation S-X or Regulation S-K. The Company is in the process of evaluating the impact that the adoption of this ASU will have on the financial statements and related disclosures, which is not expected to be material.   In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic280): Improvements to Reportable Segment Disclosures. The new guidance is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the impact that the adoption of this ASU will have to the financial statements and related disclosures, which is not expected to be material.

v3.23.3

Investments	6 Months Ended
	Oct. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Note 2 Investments   The Company has investments in publicly traded equity securities, state and municipal debt securities, real estate investment trusts, and money markets. The investments in debt securities, which include municipal bonds and bond funds, mature between February 2024 and July 2041. The Company uses the average cost method to determine the cost of equity securities sold with any unrealized gains or losses reported in the respective period’s earnings. Unrealized gains and losses on debt securities are excluded from earnings and reported separately as a component of stockholder’s equity. Dividend and interest income are reported as earned.   As of October 31, 2023 and April 30, 2023, investments consisted of the following: Schedule of Investments            Gross     Gross         Investments at   Cost     Unrealized     Unrealized     Fair   October 31, 2023   Basis     Gains     Losses     Value   Municipal bonds   $ 5,357,000     $ 21,000     $ (372,000 )   $ 5,006,000   REITs     79,000       —       (12,000 )     67,000   Equity securities     18,810,000       6,321,000       (803,000 )     24,328,000   Money markets and CDs     585,000       —       —       585,000   Total   $ 24,831,000     $ 6,342,000     $ (1,187,000 )   $ 29,986,000               Gross     Gross         Investments at   Cost     Unrealized     Unrealized     Fair   April 30, 2023   Basis     Gains     Losses     Value   Municipal bonds   $ 5,396,000     $ 46,000     $ (230,000 )   $ 5,212,000   REITs     93,000       —       (22,000 )     71,000   Equity securities     18,605,000       6,915,000       (501,000 )     25,019,000   Money markets and CDs     1,060,000       1,000       —       1,061,000   Total   $ 25,154,000     $ 6,962,000     $ (753,000 )   $ 31,363,000     Marketable securities that are classified as equity securities are carried at fair value on the balance sheets with changes in fair value recorded as an unrealized gain or (loss) in the statements of income in the period of the change. Upon the disposition of a marketable security, the Company records a realized gain or (loss) on the Company’s statements of income.   The Company evaluates all marketable securities for other-than-temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. As a result of this standard, management recorded an impairment loss of $22,000 for the quarter and six-month period ended October 31, 2023, while there were no impairment losses recorded for either of the quarter or the six months ended October 31, 2022.     The Company’s investments are actively traded in the stock and bond markets. Therefore, either a realized gain or loss is recorded when a sale happens. For the quarter ended October 31, 2023 the Company had sales of equity securities which yielded gross realized gains of $108,000 and gross realized losses of $60,000. For the same period, sales of debt securities did not yield any gross realized gains, but gross realized losses of $2,000 were recorded. As for the six-months ended October 31, 2023 the Company had sales of equity securities which yielded gross realized gains of $214,000 and gross realized losses of $278,000. For the same six-month period, sales of debt securities did not yield any gross realized gains, but gross realized losses of $7,000 were recorded. During the quarter ending October 31, 2022, the Company recorded gross realized gains and losses on equity securities of $89,000 and $187,000, respectively, while sales of debt securities did not yield any gross realized gains, but gross realized losses of $12,000 were recorded. During the six-months ending October 31, 2022, the Company recorded gross realized gains and losses on equity securities of $285,000 and $453,000, respectively, while sales of debt securities did not yield any gross realized gains, but gross realized losses of $41,000 were recorded. The gross realized loss numbers include the impaired figures listed in the previous paragraph.   The following table shows the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at October 31, 2023 and April 30, 2023, respectively.   Unrealized Loss Breakdown by Investment Type at October 31, 2023 Schedule of Unrealized Loss Breakdown by Investment                                            Less than 12 months     12 months or greater     Total   Description   Fair Value     Unrealized Loss     Fair Value     Unrealized Loss     Fair Value     Unrealized Loss   Municipal bonds   $ 1,389,000     $ (71,000 )   $ 3,453,000     $ (301,000 )   $ 4,842,000     $ (372,000 ) REITs     —       —       61,000       (12,000 )     61,000       (12,000 ) Equity securities     4,395,000       (350,000 )     2,806,000       (453,000 )     7,201,000       (803,000 ) Total   $ 5,784,000     $ (421,000 )   $ 6,320,000     $ (766,000 )   $ 12,104,000     $ (1,187,000 )   Unrealized Loss Breakdown by Investment Type at April 30, 2023                                             Less than 12 months     12 months or greater     Total   Description   Fair Value     Unrealized Loss     Fair Value     Unrealized Loss     Fair Value     Unrealized Loss   Municipal bonds   $ 868,000     $ (6,000 )   $ 3,769,000     $ (224,000 )   $ 4,637,000     $ (230,000 ) REITs     36,000       (9,000 )     35,000       (13,000 )     71,000       (22,000 ) Equity securities     3,048,000       (140,000 )     2,209,000       (361,000 )     5,257,000       (501,000 ) Total   $ 3,952,000     $ (155,000 )   $ 6,013,000     $ (598,000 )   $ 9,965,000     $ (753,000 )   Municipal Bonds   The unrealized losses on the Company’s investments in municipal bonds were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the Company has the ability to hold these investments until a recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at October 31, 2023 and April 30, 2023.   Marketable Equity Securities and REITs   The Company’s investments in marketable equity securities and REITs consist of a wide variety of companies. Investments in these companies include growth, growth income, and foreign investment objectives. The individual holdings have been evaluated, and due to management’s plan to hold on to these investments for an extended period, the Company does not consider these investments to be other-than-temporarily impaired at October 31, 2023 and April 30, 2023.

v3.23.3

Inventories	6 Months Ended
	Oct. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Note 3 Inventories   Inventories at October 31, 2023 and April 30, 2023 consisted of the following: Schedule of Inventories      October 31,     April 30,       2023     2023                 Raw materials   $ 11,161,000     $ 9,886,000   Work in process     719,000       678,000   Finished Goods     1,055,000       1,267,000   Inventory gross     12,935,000       11,831,000   Less: allowance for obsolete inventory     (327,000 )     (388,000 ) Inventories, net   $ 12,608,000     $ 11,443,000

v3.23.3

Business Segments	6 Months Ended
	Oct. 31, 2023
Segment Reporting [Abstract]
Business Segments	Note 4 Business Segments   The following is financial information relating to industry segments: Schedule of Financial Information Relating to Industry Segments      Three months     Three months     Six months     Six months       ended     ended     ended     ended       Oct 31, 2023     Oct 31, 2022     Oct 31, 2023     Oct 31, 2022   Net revenue:                                 Security alarm products   $ 5,445,000     $ 4,864,000     $ 9,687,000     $ 9,367,000   Cable & wiring tools     457,000       591,000       785,000       1,074,000   Other products     151,000       162,000       309,000       386,000   Total net revenue   $ 6,053,000     $ 5,617,000     $ 10,781,000     $ 10,827,000                                     Income from operations:                                 Security alarm products   $ 1,769,000     $ 1,309,000     $ 2,835,000     $ 2,577,000   Cable & wiring tools     143,000       150,000       230,000       296,000   Other products     56,000       54,000       90,000       106,000   Total income from operations   $ 1,968,000     $ 1,513,000     $ 3,155,000     $ 2,979,000                                     Depreciation and amortization:                                 Security alarm products   $ 42,000     $ 47,000     $ 91,000     $ 95,000   Cable & wiring tools     30,000       31,000       60,000       62,000   Other products     13,000       18,000       37,000       36,000   Corporate general     39,000       15,000       53,000       26,000   Total depreciation and amortization   $ 124,000     $ 111,000     $ 241,000     $ 219,000                                     Capital expenditures:                                 Security alarm products   $ 23,000     $ —     $ 224,000     $ 74,000   Cable & wiring tools     —       —       —       —   Other products     —       135,000       —       135,000   Corporate general     19,000       —       19,000       —   Total capital expenditures   $ 42,000     $ 135,000     $ 243,000     $ 209,000         October 31, 2023     April 30, 2023   Identifiable assets:                 Security alarm products   $ 16,314,000     $ 14,251,000   Cable & wiring tools     2,302,000       2,548,000   Other products     900,000       981,000   Corporate general     34,738,000       38,171,000   Total assets   $ 54,254,000     $ 55,951,000

v3.23.3

Earnings per Share	6 Months Ended
	Oct. 31, 2023
Income Per Share of Common Stock
Earnings per Share	Note 5 Earnings per Share   Net Income (Loss) Per Share   Basic income (loss) per share of common stock attributable to common stockholders is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income (loss) per share of common stock attributable to common stockholders when their effect is dilutive. The dilutive common shares for the three months ended October 31, 2023 are not included in the computation of diluted earnings per share because to do so would be anti-dilutive. As of October 31, 2023 there were 20,500 potentially dilutive shares.   Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented, are: Schedule of Basic and Diluted Earnings Per Share      For the three months ended October 31, 2023       Income     Shares     Per-Share       (Numerator)     (Denominator)     Amount   Net income   $ (55,000 )                 Basic EPS   $ (55,000 )     4,927,571     $ (.01 ) Diluted EPS   $ (55,000 )     4,927,571     $ (.01 )       For the three months ended October 31, 2022       Income     Shares     Per-Share       (Numerator)     (Denominator)     Amount   Net income   $ 607,000                   Basic EPS   $ 607,000       4,930,964     $ .12   Effect of dilutive Convertible Preferred Stock     —       20,500       —   Diluted EPS   $ 607,000       4,951,464     $ .12         For the six months ended October 31, 2023       Income     Shares     Per-Share       (Numerator)     (Denominator)     Amount   Net income   $ 2,319,000                   Basic EPS   $ 2,319,000       4,928,273     $ .47   Effect of dilutive Convertible Preferred Stock     —       20,500       —   Diluted EPS   $ 2,319,000       4,948,773     $ .47         For the six months ended October 31, 2022       Income     Shares     Per-Share       (Numerator)     (Denominator)     Amount   Net income   $ 1,659,000                 Basic EPS   $ 1,659,000       4,930,993     $ .34   Effect of dilutive Convertible Preferred Stock     —       20,500       —   Diluted EPS   $ 1,659,000       4,951,493     $ .34

v3.23.3

Retirement Benefit Plan	6 Months Ended
	Oct. 31, 2023
Retirement Benefits [Abstract]
Retirement Benefit Plan	Note 6 Retirement Benefit Plan   On January 1, 1998, the Company adopted the George Risk Industries, Inc. Retirement Savings Plan (the “Plan”). The Plan is a defined contribution savings plan designed to provide retirement income to eligible employees of the Company. The Plan is intended to be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. It is funded by voluntary pre-tax and Roth (taxable) contributions from eligible employees who may contribute a percentage of their eligible compensation, limited and subject to statutory limits. Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company. Upon leaving the Company, each participant is 100% vested with respect to the participants’ contributions while the Company’s matching contributions are vested over a six-year period in accordance with the Plan document. Contributions are invested, as directed by the participant, in investment funds available under the Plan. Matching contributions by the Company of approximately $14,000 and $13,000 were paid during each quarter ending October 31, 2023 and 2022, respectively. Likewise, the Company paid matching contributions of approximately $29,000 during each of six-month periods ending October 31, 2023 and 2022.

v3.23.3

Fair Value Measurements	6 Months Ended
	Oct. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7 Fair Value Measurements   The carrying value of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short-term nature. The fair value of our investments is determined utilizing market-based information. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.   US GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The levels of the fair value hierarchy under US GAAP are described below:   Level 1   Valuation is based upon quoted prices for identical instruments traded in active markets.     Level 2   Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.       Level 3   Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.   Investments and Marketable Securities   As of October 31, 2023 and April 30, 2023, our investments consisted of money markets, publicly traded equity securities, real estate investment trusts (REITs) as well as certain state and municipal debt securities. The marketable securities are valued using third-party broker statements. The value of the majority of securities is derived from quoted market information. The inputs to the valuation are generally classified as Level 1 given the active market for these securities, however, if an active market does not exist, which is the case for municipal bonds and REITs, the inputs are recorded as Level 2.   Fair Value Hierarchy   The following table sets forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Schedule of Assets Measured at Fair Value on Recurring Basis      Level 1     Level 2     Level 3     Total       Assets Measured at Fair Value on a Recurring Basis as of October 31, 2023       Level 1     Level 2     Level 3     Total   Assets:                         Municipal Bonds   $ —     $ 5,006,000     $ —     $ 5,006,000   REITs     —       67,000       —       67,000   Equity Securities     24,328,000       —       —       24,328,000   Money Markets and CDs     585,000       —       —       585,000   Total fair value of assets measured on a recurring basis   $ 24,913,000     $ 5,073,000     $ —     $ 29,986,000         Level 1     Level 2     Level 3     Total       Assets Measured at Fair Value on a Recurring Basis as of April 30, 2023       Level 1     Level 2     Level 3     Total   Assets:                         Municipal Bonds   $ —     $ 5,212,000     $ —     $ 5,212,000   REITs     —       71,000       —       71,000   Equity Securities     25,019,000       —       —       25,019,000   Money Markets and CDs     1,061,000       —       —       1,061,000   Total fair value of assets measured on a recurring basis   $ 26,080,000     $ 5,283,000     $ —     $ 31,363,000

v3.23.3

Subsequent Events	6 Months Ended
	Oct. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 8 Subsequent Events   None

v3.23.3

Unaudited Interim Financial Statements (Policies)	6 Months Ended
	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Estimates	Accounting Estimates—The preparation of these financial statements requires the use of estimates and assumptions including the carrying value of assets. The estimates and assumptions result in approximate rather than exact amounts.
Significant Accounting Policies	Significant Accounting Policies — The significant accounting policies used in preparation of these condensed consolidated financial statements are disclosed in our Annual Report, and there have been no changes to the Company’s significant accounting policies during the six months ended October 31, 2023.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements — In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements. The new guidance clarifies or improves disclosure and presentation requirements on a variety of topics in the codification. The amendments will align the requirements in the FASB Accounting Standard Codification with the SEC’s regulations. The amendments are effective prospectively on the date each individual amendment is effectively removed from Regulation S-X or Regulation S-K. The Company is in the process of evaluating the impact that the adoption of this ASU will have on the financial statements and related disclosures, which is not expected to be material.   In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic280): Improvements to Reportable Segment Disclosures. The new guidance is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the impact that the adoption of this ASU will have to the financial statements and related disclosures, which is not expected to be material.

v3.23.3

Investments (Tables)	6 Months Ended
	Oct. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments	As of October 31, 2023 and April 30, 2023, investments consisted of the following: Schedule of Investments            Gross     Gross         Investments at   Cost     Unrealized     Unrealized     Fair   October 31, 2023   Basis     Gains     Losses     Value   Municipal bonds   $ 5,357,000     $ 21,000     $ (372,000 )   $ 5,006,000   REITs     79,000       —       (12,000 )     67,000   Equity securities     18,810,000       6,321,000       (803,000 )     24,328,000   Money markets and CDs     585,000       —       —       585,000   Total   $ 24,831,000     $ 6,342,000     $ (1,187,000 )   $ 29,986,000               Gross     Gross         Investments at   Cost     Unrealized     Unrealized     Fair   April 30, 2023   Basis     Gains     Losses     Value   Municipal bonds   $ 5,396,000     $ 46,000     $ (230,000 )   $ 5,212,000   REITs     93,000       —       (22,000 )     71,000   Equity securities     18,605,000       6,915,000       (501,000 )     25,019,000   Money markets and CDs     1,060,000       1,000       —       1,061,000   Total   $ 25,154,000     $ 6,962,000     $ (753,000 )   $ 31,363,000
Schedule of Unrealized Loss Breakdown by Investment	Unrealized Loss Breakdown by Investment Type at October 31, 2023 Schedule of Unrealized Loss Breakdown by Investment                                            Less than 12 months     12 months or greater     Total   Description   Fair Value     Unrealized Loss     Fair Value     Unrealized Loss     Fair Value     Unrealized Loss   Municipal bonds   $ 1,389,000     $ (71,000 )   $ 3,453,000     $ (301,000 )   $ 4,842,000     $ (372,000 ) REITs     —       —       61,000       (12,000 )     61,000       (12,000 ) Equity securities     4,395,000       (350,000 )     2,806,000       (453,000 )     7,201,000       (803,000 ) Total   $ 5,784,000     $ (421,000 )   $ 6,320,000     $ (766,000 )   $ 12,104,000     $ (1,187,000 )   Unrealized Loss Breakdown by Investment Type at April 30, 2023                                             Less than 12 months     12 months or greater     Total   Description   Fair Value     Unrealized Loss     Fair Value     Unrealized Loss     Fair Value     Unrealized Loss   Municipal bonds   $ 868,000     $ (6,000 )   $ 3,769,000     $ (224,000 )   $ 4,637,000     $ (230,000 ) REITs     36,000       (9,000 )     35,000       (13,000 )     71,000       (22,000 ) Equity securities     3,048,000       (140,000 )     2,209,000       (361,000 )     5,257,000       (501,000 ) Total   $ 3,952,000     $ (155,000 )   $ 6,013,000     $ (598,000 )   $ 9,965,000     $ (753,000 )

v3.23.3

Inventories (Tables)	6 Months Ended
	Oct. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories at October 31, 2023 and April 30, 2023 consisted of the following: Schedule of Inventories      October 31,     April 30,       2023     2023                 Raw materials   $ 11,161,000     $ 9,886,000   Work in process     719,000       678,000   Finished Goods     1,055,000       1,267,000   Inventory gross     12,935,000       11,831,000   Less: allowance for obsolete inventory     (327,000 )     (388,000 ) Inventories, net   $ 12,608,000     $ 11,443,000

v3.23.3

Business Segments (Tables)	6 Months Ended
	Oct. 31, 2023
Segment Reporting [Abstract]
Schedule of Financial Information Relating to Industry Segments	The following is financial information relating to industry segments: Schedule of Financial Information Relating to Industry Segments      Three months     Three months     Six months     Six months       ended     ended     ended     ended       Oct 31, 2023     Oct 31, 2022     Oct 31, 2023     Oct 31, 2022   Net revenue:                                 Security alarm products   $ 5,445,000     $ 4,864,000     $ 9,687,000     $ 9,367,000   Cable & wiring tools     457,000       591,000       785,000       1,074,000   Other products     151,000       162,000       309,000       386,000   Total net revenue   $ 6,053,000     $ 5,617,000     $ 10,781,000     $ 10,827,000                                     Income from operations:                                 Security alarm products   $ 1,769,000     $ 1,309,000     $ 2,835,000     $ 2,577,000   Cable & wiring tools     143,000       150,000       230,000       296,000   Other products     56,000       54,000       90,000       106,000   Total income from operations   $ 1,968,000     $ 1,513,000     $ 3,155,000     $ 2,979,000                                     Depreciation and amortization:                                 Security alarm products   $ 42,000     $ 47,000     $ 91,000     $ 95,000   Cable & wiring tools     30,000       31,000       60,000       62,000   Other products     13,000       18,000       37,000       36,000   Corporate general     39,000       15,000       53,000       26,000   Total depreciation and amortization   $ 124,000     $ 111,000     $ 241,000     $ 219,000                                     Capital expenditures:                                 Security alarm products   $ 23,000     $ —     $ 224,000     $ 74,000   Cable & wiring tools     —       —       —       —   Other products     —       135,000       —       135,000   Corporate general     19,000       —       19,000       —   Total capital expenditures   $ 42,000     $ 135,000     $ 243,000     $ 209,000         October 31, 2023     April 30, 2023   Identifiable assets:                 Security alarm products   $ 16,314,000     $ 14,251,000   Cable & wiring tools     2,302,000       2,548,000   Other products     900,000       981,000   Corporate general     34,738,000       38,171,000   Total assets   $ 54,254,000     $ 55,951,000

v3.23.3

Earnings per Share (Tables)	6 Months Ended
	Oct. 31, 2023
Income Per Share of Common Stock
Schedule of Basic and Diluted Earnings Per Share	Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented, are: Schedule of Basic and Diluted Earnings Per Share      For the three months ended October 31, 2023       Income     Shares     Per-Share       (Numerator)     (Denominator)     Amount   Net income   $ (55,000 )                 Basic EPS   $ (55,000 )     4,927,571     $ (.01 ) Diluted EPS   $ (55,000 )     4,927,571     $ (.01 )       For the three months ended October 31, 2022       Income     Shares     Per-Share       (Numerator)     (Denominator)     Amount   Net income   $ 607,000                   Basic EPS   $ 607,000       4,930,964     $ .12   Effect of dilutive Convertible Preferred Stock     —       20,500       —   Diluted EPS   $ 607,000       4,951,464     $ .12         For the six months ended October 31, 2023       Income     Shares     Per-Share       (Numerator)     (Denominator)     Amount   Net income   $ 2,319,000                   Basic EPS   $ 2,319,000       4,928,273     $ .47   Effect of dilutive Convertible Preferred Stock     —       20,500       —   Diluted EPS   $ 2,319,000       4,948,773     $ .47         For the six months ended October 31, 2022       Income     Shares     Per-Share       (Numerator)     (Denominator)     Amount   Net income   $ 1,659,000                 Basic EPS   $ 1,659,000       4,930,993     $ .34   Effect of dilutive Convertible Preferred Stock     —       20,500       —   Diluted EPS   $ 1,659,000       4,951,493     $ .34

v3.23.3

Fair Value Measurements (Tables)	6 Months Ended
	Oct. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring Basis	The following table sets forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Schedule of Assets Measured at Fair Value on Recurring Basis      Level 1     Level 2     Level 3     Total       Assets Measured at Fair Value on a Recurring Basis as of October 31, 2023       Level 1     Level 2     Level 3     Total   Assets:                         Municipal Bonds   $ —     $ 5,006,000     $ —     $ 5,006,000   REITs     —       67,000       —       67,000   Equity Securities     24,328,000       —       —       24,328,000   Money Markets and CDs     585,000       —       —       585,000   Total fair value of assets measured on a recurring basis   $ 24,913,000     $ 5,073,000     $ —     $ 29,986,000         Level 1     Level 2     Level 3     Total       Assets Measured at Fair Value on a Recurring Basis as of April 30, 2023       Level 1     Level 2     Level 3     Total   Assets:                         Municipal Bonds   $ —     $ 5,212,000     $ —     $ 5,212,000   REITs     —       71,000       —       71,000   Equity Securities     25,019,000       —       —       25,019,000   Money Markets and CDs     1,061,000       —       —       1,061,000   Total fair value of assets measured on a recurring basis   $ 26,080,000     $ 5,283,000     $ —     $ 31,363,000

v3.23.3

Schedule of Investments (Details) - USD ($)	6 Months Ended	12 Months Ended
	Oct. 31, 2023	Apr. 30, 2023
Marketable Securities [Line Items]
Cost Basis	$ 24,831,000	$ 25,154,000
Gross Unrealized Gains	6,342,000	6,962,000
Gross Unrealized Losses	(1,187,000)	(753,000)
Fair Value	29,986,000	31,363,000
Municipal Bonds [Member]
Marketable Securities [Line Items]
Cost Basis	5,357,000	5,396,000
Gross Unrealized Gains	21,000	46,000
Gross Unrealized Losses	(372,000)	(230,000)
Fair Value	5,006,000	5,212,000
Real Estate Investment [Member]
Marketable Securities [Line Items]
Cost Basis	79,000	93,000
Gross Unrealized Gains
Gross Unrealized Losses	(12,000)	(22,000)
Fair Value	67,000	71,000
Equity Securities [Member]
Marketable Securities [Line Items]
Cost Basis	18,810,000	18,605,000
Gross Unrealized Gains	6,321,000	6,915,000
Gross Unrealized Losses	(803,000)	(501,000)
Fair Value	24,328,000	25,019,000
Money Markets and CDs [Member]
Marketable Securities [Line Items]
Cost Basis	585,000	1,060,000
Gross Unrealized Gains		1,000
Gross Unrealized Losses
Fair Value	$ 585,000	$ 1,061,000

v3.23.3

Schedule of Unrealized Loss Breakdown by Investment (Details) - USD ($)	Oct. 31, 2023	Apr. 30, 2023
Marketable Securities [Line Items]
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months	$ 5,784,000	$ 3,952,000
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss	(421,000)	(155,000)
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	6,320,000	6,013,000
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss	(766,000)	(598,000)
Debt securities, available-for-sale, unrealized loss position	12,104,000	9,965,000
Debt securities, available-for-sale, unrealized loss position, accumulated loss	(1,187,000)	(753,000)
Municipal Bonds [Member]
Marketable Securities [Line Items]
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months	1,389,000	868,000
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss	(71,000)	(6,000)
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	3,453,000	3,769,000
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss	(301,000)	(224,000)
Debt securities, available-for-sale, unrealized loss position	4,842,000	4,637,000
Debt securities, available-for-sale, unrealized loss position, accumulated loss	(372,000)	(230,000)
Real Estate Investment [Member]
Marketable Securities [Line Items]
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months		36,000
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss		(9,000)
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	61,000	35,000
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss	(12,000)	(13,000)
Debt securities, available-for-sale, unrealized loss position	61,000	71,000
Debt securities, available-for-sale, unrealized loss position, accumulated loss	(12,000)	(22,000)
Equity Securities [Member]
Marketable Securities [Line Items]
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months	4,395,000	3,048,000
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss	(350,000)	(140,000)
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	2,806,000	2,209,000
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss	(453,000)	(361,000)
Debt securities, available-for-sale, unrealized loss position	7,201,000	5,257,000
Debt securities, available-for-sale, unrealized loss position, accumulated loss	$ (803,000)	$ (501,000)

v3.23.3

Investments (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Debt securities maturity description			The investments in debt securities, which include municipal bonds and bond funds, mature between February 2024 and July 2041
Impairment loss	$ 22,000		$ 22,000
Gross realized gain	108,000	$ 89,000	214,000	285,000
Gross realized losses	60,000	187,000	278,000	453,000
Gross realized loss debt	$ 2,000	$ 12,000	$ 7,000	$ 41,000

v3.23.3

Schedule of Inventories (Details) - USD ($)	Oct. 31, 2023	Apr. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 11,161,000	$ 9,886,000
Work in process	719,000	678,000
Finished Goods	1,055,000	1,267,000
Inventory gross	12,935,000	11,831,000
Less: allowance for obsolete inventory	(327,000)	(388,000)
Inventories, net	$ 12,608,000	$ 11,443,000

v3.23.3

Schedule of Financial Information Relating to Industry Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Apr. 30, 2023
Segment Reporting Information [Line Items]
Total net revenue	$ 6,053,000	$ 5,617,000	$ 10,781,000	$ 10,827,000
Total income from operations	1,968,000	1,513,000	3,155,000	2,979,000
Total depreciation and amortization	124,000	111,000	241,000	219,000
Total capital expenditures	42,000	135,000	243,000	209,000
Total assets	54,254,000		54,254,000		$ 55,951,000
Security Alarm Products [Member]
Segment Reporting Information [Line Items]
Total net revenue	5,445,000	4,864,000	9,687,000	9,367,000
Total income from operations	1,769,000	1,309,000	2,835,000	2,577,000
Total depreciation and amortization	42,000	47,000	91,000	95,000
Total capital expenditures	23,000		224,000	74,000
Total assets	16,314,000		16,314,000		14,251,000
Cable And Wiring Tools [Member]
Segment Reporting Information [Line Items]
Total net revenue	457,000	591,000	785,000	1,074,000
Total income from operations	143,000	150,000	230,000	296,000
Total depreciation and amortization	30,000	31,000	60,000	62,000
Total capital expenditures
Total assets	2,302,000		2,302,000		2,548,000
Other Products [Member]
Segment Reporting Information [Line Items]
Total net revenue	151,000	162,000	309,000	386,000
Total income from operations	56,000	54,000	90,000	106,000
Total depreciation and amortization	13,000	18,000	37,000	36,000
Total capital expenditures		135,000		135,000
Total assets	900,000		900,000		981,000
Corporate General [Member]
Segment Reporting Information [Line Items]
Total depreciation and amortization	39,000	15,000	53,000	26,000
Total capital expenditures	19,000		19,000
Total assets	$ 34,738,000		$ 34,738,000		$ 38,171,000

v3.23.3

Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Income Per Share of Common Stock
Net income	$ (55,000)	$ 607,000	$ 2,319,000	$ 1,659,000
Basic EPS, Income	$ (55,000)	$ 607,000	$ 2,319,000	$ 1,659,000
Basic EPS, Shares	4,927,571	4,930,964	4,928,273	4,930,993
Basic EPS, Per-Share Amount	$ (0.01)	$ 0.12	$ 0.47	$ 0.34
Diluted EPS, Income	$ (55,000)	$ 607,000	$ 2,319,000	$ 1,659,000
Diluted EPS, Shares	4,927,571	4,951,464	4,948,773	4,951,493
Diluted EPS, Per-Share Amount	$ (0.01)	$ 0.12	$ 0.47	$ 0.34
Effect of dilutive Convertible Preferred Stock, Income
Effect of dilutive Convertible Preferred Stock, Shares		20,500	20,500	20,500
Effect of dilutive Convertible Preferred Stock, Per-Share Amount

v3.23.3

Earnings per Share (Details Narrative) - shares	3 Months Ended	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Income Per Share of Common Stock
Potentially dilutive shares	20,500	20,500	20,500

v3.23.3

Retirement Benefit Plan (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 01, 1998	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Retirement Benefits [Abstract]
Description of employees eligibility	Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company
Employees vesting percentage	100.00%
Employer matching contribution vesting period	6 years
Employees matching contributions		$ 14,000	$ 13,000	$ 29,000	$ 29,000

v3.23.3

Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Oct. 31, 2023	Apr. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	$ 29,986,000	$ 31,363,000
Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	5,006,000	5,212,000
Real Estate Investment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	67,000	71,000
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	24,328,000	25,019,000
Money Markets and CDs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	585,000	1,061,000
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	24,913,000	26,080,000
Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 1 [Member] | Real Estate Investment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	24,328,000	25,019,000
Fair Value, Inputs, Level 1 [Member] | Money Markets and CDs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	585,000	1,061,000
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	5,073,000	5,283,000
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	5,006,000	5,212,000
Fair Value, Inputs, Level 2 [Member] | Real Estate Investment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	67,000	71,000
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 2 [Member] | Money Markets and CDs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 3 [Member] | Real Estate Investment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 3 [Member] | Money Markets and CDs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis

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