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 July 31, 2024

 

☐ 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 September 16, 2024 was 4,896,730.

 

 

 

GEORGE RISK INDUSTRIES, INC.

 

PART I. FINANCIAL INFORMATION

 

ITEM 1:

Financial Statements

 

The unaudited financial statements for the three-month period ended July 31, 2024 are attached hereto.

 

 

GEORGE RISK INDUSTRIES, INC.

CONDENSED BALANCE SHEETS

 

		July 31, 2024				April 30, 2024
		(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents		$	9,367,000			$	7,112,000
Investments and securities, at fair value			36,499,000				34,488,000
Accounts receivable:
Trade, net of allowance for credit losses of $21,027 and $34,256			4,171,000				3,903,000
Other			19,000				66,000
Inventories, net			11,241,000				11,558,000
Prepaid expenses			419,000				315,000
Total Current Assets			61,716,000				57,442,000
Property and Equipment, net, at cost			2,011,000				2,003,000
Other Assets
Investment in Limited Land Partnership, at cost			25,000				294,000
Projects in process			13,000				13,000
Total Other Assets			38,000				307,000
Intangible assets, net			998,000				1,028,000
TOTAL ASSETS		$	64,763,000			$	60,780,000

 

See accompanying notes to the condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

CONDENSED BALANCE SHEETS

(continued)

 

		July 31, 2024				April 30, 2024
		(unaudited)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable, trade		$	261,000			$	291,000
Dividends payable			2,853,000				2,853,000
Deferred income			48,000				23,000
Accrued expenses			582,000				483,000
Income tax payable			803,000				105,000
Total Current Liabilities			4,547,000				3,755,000
Long-Term Liabilities
Deferred income taxes			2,697,000				2,388,000
Total Long-Term Liabilities			2,697,000				2,388,000
Total Liabilities			7,244,000				6,143,000
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			40,000				(137,000	)
Retained earnings			59,541,000				56,836,000
Less: treasury stock, 3,606,151 and 3,606,151 shares, at cost			(4,945,000	)			(4,945,000	)
Total Stockholders’ Equity			57,519,000				54,637,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	64,763,000			$	60,780,000

 

See accompanying notes to the condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

CONDENSED INCOME STATEMENTS

FOR THE THREE MONTHS ENDED JULY 31, 2024 AND 2023

(Unaudited)

 

		July 31, 2024				July 31, 2023
Net Sales		$	5,780,000			$	4,728,000
Less: Cost of Goods Sold			(2,835,000	)			(2,462,000	)
Gross Profit			2,945,000				2,266,000
Operating Expenses:
General and Administrative			337,000				368,000
Sales			807,000				689,000
Engineering			27,000				22,000
Total Operating Expenses			1,171,000				1,079,000
Income From Operations			1,774,000				1,187,000
Other Income (Expense)
Other			2,000				8,000
Interest Expense			(1,000	)			—
Dividend and Interest Income			317,000				241,000
Unrealized Gain on Equity Securities			1,346,000				1,634,000
Gain (Loss) on Sale of Assets			(2,000	)			8,000
Gain (Loss) on Sale of Investments			213,000				(118,000	)
Total Other Income (Expense)			1,875,000				1,773,000
Income Before Provisions for Income Taxes			3,649,000				2,960,000
Provisions for Income Taxes
Current Expense			705,000				310,000
Deferred tax (benefit) expense			239,000				276,000
Total Income Tax Expense			944,000				586,000
Net Income		$	2,705,000			$	2,374,000
Basic Earnings Per Share of Common Stock		$	0.55			$	0.48
Diluted Earnings Per Share of Common Stock		$	0.55			$	0.48
Weighted Average Number of Common Shares Outstanding			4,896,730				4,928,974
Weighted Average Number of Shares Outstanding (Diluted)			4,917,230				4,949,474

 

See accompanying notes to the condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED JULY 31, 2024 AND 2023

(Unaudited)

 

		July 31, 2024				July 31, 2023
Net Income		$	2,705,000			$	2,374,000
Other Comprehensive Income, Net of Tax
Unrealized gain on debt securities:
Unrealized holding gains (losses) arising during period			247,000				(31,000	)
Income tax (expense) benefit related to other comprehensive income			(70,000	)			8,000
Other Comprehensive Income			177,000				(23,000	)
Comprehensive Income		$	2,882,000			$	2,351,000

 

See accompanying notes to the condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED JULY 31, 2024 and 2023

(Unaudited)

 

		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			—				—				—				—
Unrealized gain, net of tax effect			—				—				—				—
Net Income			—				—				—				—
Balances, July 31, 2023			4,100			$	99,000				8,502,881			$	850,000

 

		Preferred Stock								Common Stock Class A
		Shares				Amount				Shares				Amount
Balances, April 30, 2024			4,100			$	99,000				8,502,881			$	850,000
Unrealized gain, net of tax effect			—				—				—				—
Net Income			—				—				—				—
Balances, July 31, 2024			4,100			$	99,000				8,502,881			$	850,000

 

See accompanying notes to the condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

STATEMENTS OF STOCKHOLDERS’ EQUITIY

FOR THE THREE MONTHS ENDED JULY 31, 2024 and 2023

(Unaudited)

 

	Capital				Shares				Amount				Income				Earnings				Total
													Accumulated
					Treasury Stock								Other
	Paid-In				(Common Class A)								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		—				2,035				(22,000	)			—				—				(22,000	)
Unrealized gain, net of tax effect		—				—				—				(23,000	)			—				(23,000	)
Net Income		—				—				—				—				2,374,000				2,374,000
Balances, July 31, 2023	$	1,934,000				3,574,373			$	(4,576,000	)		$	(184,000	)		$	54,855,000			$	52,978,000

 

													Accumulated
					Treasury Stock								Other
	Paid-In				(Common Class A)								Comprehensive				Retained
	Capital				Shares				Amount				Income				Earnings				Total
Balances, April 30, 2024	$	1,934,000				3,606,151			$	(4,945,000	)		$	(137,000	)		$	56,836,000			$	54,637,000
Balance	$	1,934,000				3,606,151			$	(4,945,000	)		$	(137,000	)		$	56,836,000			$	54,637,000
Unrealized gain, net of tax effect		—				—				—				177,000				—				177,000
Net Income		—				—				—				—				2,705,000				2,705,000
Balances, July 31, 2024	$	1,934,000				3,606,151			$	(4,945,000	)		$	40,000			$	59,541,000			$	57,519,000
Balance	$	1,934,000				3,606,151			$	(4,945,000	)		$	40,000			$	59,541,000			$	57,519,000

 

See accompanying notes to the condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED JULY 31, 2024 AND 2023

(Unaudited)

 

		July 31, 2024				July 31, 2023
Cash Flows from Operating Activities:
Net Income		$	2,705,000			$	2,374,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			125,000				117,000
(Gain) loss on sale of investments			(213,000	)			118,000
Unrealized (gain) loss on equity securities			(1,346,000	)			(1,634,000	)
Provision for credit losses on accounts receivable			(13,000	)			4,000
Reserve for obsolete inventory			4,000				—
Deferred income taxes			239,000				276,000
(Gain) on sale of assets			2,000				(8,000	)
Changes in assets and liabilities:
(Increase) decrease in:
Accounts receivable			(255,000	)			431,000
Inventories			313,000				(521,000	)
Prepaid expenses and other current assets			(104,000	)			(482,000	)
Other receivables			46,000				40,000
Income tax overpayment			—				304,000
Increase (decrease) in:
Accounts payable			(30,000	)			(50,000	)
Accrued expenses and other current liabilities			125,000				2,000
Income tax payable			697,000				—
Net cash from operating activities			2,295,000				971,000
Cash Flows From Investing Activities:
Proceeds from sale of assets			—				8,000
(Purchase) of property and equipment			(105,000	)			(201,000	)
Proceeds from sale of marketable securities			8,000				7,000
(Purchase) of marketable securities			(212,000	)			(150,000	)
Distribution from investment in limited land partnership			269,000				—
Net cash from investing activities			(40,000	)			(336,000	)
Cash Flows From Financing Activities:
(Purchase) of treasury stock			—				(22,000	)
Dividends paid			—				(2,000	)
Net cash from financing activities			—				(24,000	)
Net Change in Cash and Cash Equivalents		$	2,255,000			$	611,000
Cash and Cash Equivalents, beginning of period		$	7,112,000			$	4,943,000
Cash and Cash Equivalents, end of period		$	9,367,000			$	5,554,000
Supplemental Disclosure for Cash Flow Information:
Cash payments for:
Income taxes paid		$	0			$	0
Interest paid		$	1,000			$	0

 

See accompanying notes to the condensed financial statements

 

 

GEORGE RISK INDUSTRIES, INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JULY 31, 2024

 

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, 2024 annual report on Form 10-K (the “Annual Report”). 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 financial statements are disclosed in our Annual Report, and there have been no changes to the Company’s significant accounting policies during the three months ended July 31, 2024.

 

Recently Issued Accounting Pronouncements — 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.

 

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Tax Disclosures (Topic 740), to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. This guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this new accounting guidance on its Financial Statements.

 

10

 

 

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 December 2024 and December 2050. 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 July 31, 2024 and April 30, 2024, investments consisted of the following:

 Schedule of Investments

						Gross				Gross
Investments at		Cost				Unrealized				Unrealized				Fair
July 31, 2024		Basis				Gains				Losses				Value
Municipal bonds		$	7,332,000			$	189,000			$	(81,000	)		$	7,440,000
REITs			74,000				1,000				(6,000	)			69,000
Equity securities			17,278,000				10,652,000				(148,000	)			27,782,000
Money markets and CDs			1,208,000				—				—				1,208,000
Total		$	25,892,000			$	10,842,000			$	(235,000	)		$	36,499,000

 

						Gross				Gross
Investments at		Cost				Unrealized				Unrealized				Fair
April 30, 2024		Basis				Gains				Losses				Value
Municipal bonds		$	7,057,000			$	28,000			$	(100,000	)		$	6,985,000
REITs			74,000				—				(8,000	)			66,000
Equity securities			17,408,000				9,303,000				(209,000	)			26,502,000
Money markets and CDs			935,000				—				—				935,000
Total		$	25,474,000			$	9,331,000			$	(317,000	)		$	34,488,000

 

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, no impairment loss was recorded for the quarters ended July 31, 2024 and 2023, respectively.

 

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 July 31, 2024, the Company had sales of equity securities which yielded gross realized gains of $268,000 and gross realized losses of $48,000. For the same 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 July 31, 2023, the Company recorded gross realized gains and losses on equity securities of $105,000 and $218,000, respectively, while sales of debt securities did not yield any gross realized gains, but gross realized losses of $5,000 were recorded. The gross realized loss numbers include would include the impaired figures listed in the previous paragraph if there happened to be any.

 

11

 

 

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 July 31, 2024 and April 30, 2024, respectively.

 

Unrealized Loss Breakdown by Investment Type at July 31, 2024

 Schedule of Unrealized Loss Breakdown by Investment Type

Description		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
		Less than 12 months								12 months or greater								Total
Description		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Municipal bonds		$	439,000			$	(7,000	)		$	743,000			$	(74,000	)		$	1,182,000			$	(81,000	)
REITs			—				—				40,000				(6,000	)			40,000				(6,000	)
Equity securities			472,000				(47,000	)			595,000				(101,000	)			1,067,000				(148,000	)
Total		$	911,000			$	(54,000	)		$	1,378,000			$	(181,000	)		$	9,706,000			$	(235,000	)

 

Unrealized Loss Breakdown by Investment Type at April 30, 2024

 

Description		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
		Less than 12 months								12 months or greater								Total
Description		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Municipal bonds		$	5,897,000			$	(20,000	)		$	773,000			$	(80,000	)		$	6,670,000			$	(100,000	)
REITs			—				—				66,000				(8,000	)			66,000				(8,000	)
Equity securities			2,255,000				(72,000	)			766,000				(137,000	)			3,021,000				(209,000	)
Total		$	8,152,000			$	(92,000	)		$	1,605,000			$	(225,000	)		$	9,757,000			$	(317,000	)

 

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 July 31, 2024 and April 31, 2024.

 

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 July 31, 2024 and April 30, 2024.

 

12

 

 

Note 3: Inventories

 

Inventories at July 31, 2024 and April 30, 2024 consisted of the following:

 Schedule of Inventories

		July 31,				April 30,
		2024				2024
Raw materials		$	9,698,000			$	10,130,000
Work in process			796,000				753,000
Finished goods			1,118,000				1,042,000
Inventory, gross			11,612,000				11,925,000
Less: allowance for obsolete inventory			(371,000	)			(367,000	)
Inventories, net		$	11,241,000			$	11,558,000

 

Note 4: Business Segments

 

The following is financial information relating to industry segments:

 Schedule of Financial Information Relating to Industry Segments

		2024				2023
		July 31,
		2024				2023
Net revenue:
Security alarm products		$	5,185,000			$	4,241,000
Cable & wiring tools			372,000				328,000
Other products			223,000				159,000
Total net revenue		$	5,780,000			$	4,728,000
Income from operations:
Security alarm products		$	1,591,000			$	1,065,000
Cable & wiring tools			114,000				82,000
Other products			69,000				40,000
Total income from operations		$	1,774,000			$	1,187,000
Depreciation and amortization:
Security alarm products		$	58,000			$	49,000
Cable & wiring tools			30,000				30,000
Other products			24,000				24,000
Corporate general			13,000				14,000
Total depreciation and amortization		$	125,000			$	117,000
Capital expenditures:
Security alarm products		$	100,000			$	201,000
Cable & wiring tools			—				—
Other products			5,000				—
Corporate general			—				—
Total capital expenditures		$	105,000			$	201,000

 

		July 31, 2024				April 30, 2024
Identifiable assets:
Security alarm products		$	15,205,000			$	15,263,000
Cable & wiring tools			1,989,000				2,082,000
Other products			973,000				859,000
Corporate general			46,596,000				42,576,000
Total assets		$	64,763,000			$	60,780,000

 

13

 

 

Note 5: 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 July 31, 2024
		Income				Shares				Per-Share
		(Numerator)				(Denominator)				Amount
Net income		$	2,705,000
Basic EPS		$	2,705,000				4,896,730			$	.55
Effect of dilutive Convertible Preferred Stock			—				20,500				—
Diluted EPS		$	2,705,000				4,917,230			$	.55

 

		For the three months ended July 31, 2023
		Income				Shares				Per-Share
		(Numerator)				(Denominator)				Amount
Net income		$	2,374,000
Basic EPS		$	2,374,000				4,928,974			$	.48
Effect of dilutive Convertible Preferred Stock			—				20,500				—
Diluted EPS		$	2,374,000				4,949,474			$	.48

 

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 of approximately $16,000 were paid in each of the quarters ending July 31, 2024 and 2023, respectively.

 

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.

 

14

 

 

Investments and Marketable Securities

 

As of July 31, 2024 and April 30, 2024, 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 July 31, 2024
		Level 1				Level 2				Level 3				Total
Assets:
Municipal Bonds		$	—			$	7,440,000			$	—			$	7,440,000
REITs			—				69,000				—				69,000
Equity Securities			27,782,000				—				—				27,782,000
Money Markets and CDs			1,208,000				—				—				1,208,000
Total fair value of assets measured on a recurring basis		$	28,990,000			$	7,509,000			$	—			$	36,499,000

 

		Level 1				Level 2				Level 3				Total
		Assets Measured at Fair Value on a Recurring Basis as of April 30, 2024
		Level 1				Level 2				Level 3				Total
Assets:
Municipal Bonds		$	—			$	6,985,000			$	—			$	6,985,000
REITs			—				66,000				—				66,000
Equity Securities			26,502,000				—				—				26,502,000
Money Markets and CDs			935,000				—				—				935,000
Total fair value of assets measured on a recurring basis		$	27,437,000			$	7,051,000			$	—			$	34,488,000

 

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 current 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, 2024.

 

Executive Summary

 

The Company’s performance improved during the quarter ended July 31, 2024 as compared to the quarter ended July 31, 2023. Sales, income from operations, and overall net income have increased when comparing these figures to the same quarter last year The Company still has a sizable back-order log and there have still been times that certain raw materials have not been available. Overall, during this current quarter, the economy has strengthened and inflation levels have leveled out, which has helped shape our profitable numbers. Opportunities include focusing on ramping up production to meet customer’s needs to get product to them in a timely manner, which includes looking into more automation, and to continue looking at businesses that might be a good fit to purchase. We also continue to work on new products that will be a good fit for our industry and business. Challenges in the coming months include continuing to get product out to customers in a timely manner and dealing with the ongoing effects of inflation. Management continues to work at keeping operations flowing as efficiently as possible with the hopes of getting the facilities running leaner and more profitable than ever before.

 

Results of Operations

 

	●	Net sales for the quarter ended July 31, 2024 showed a 22.25% increase over the same period in the prior year. The Company saw increased sales resulting primarily from a strengthened economy, which has helped improve growth in the housing market. Management also believes that sales stay strong due to our ongoing commitment to outstanding customer service and our ability to customize products.
	●	The cost of goods sold percentage decreased from 52.07% of sales during the quarter last year, to 49.05% for the current quarter, which is right at Management’s goal to keep labor and other manufacturing expenses below 50%. The decreased cost of goods sold percentage is a result of a steadier economy. Management strives to be as efficient as possible as material costs continue to increase. Wages also continue to increase in order to remain competitive in the job market.

 

 

	●	Operating expenses increased by $92,000 when comparing the current year quarter to the same quarter for the prior year. When comparing percentages in relation to net sales, the operating expenses decreased to 20.26% for the quarter ended July 31, 2024 as compared to 22.82% for the corresponding quarter last year. The dollar amount increase is primarily the result of increased sales commissions. The Company maintained the ratio of operating expenses to net sales at less than 30%, which is in line with historical ratios.
	●	Income from operations for the quarter ended July 31, 2024 was at $1,774,000, which is a 49.45% increase from the corresponding quarter last year, which had income from operations of $1,187,000.
	●	Other income and expenses showed a $1,875,000 gain for the quarter ended July 31, 2024 as compared to a $1,773,000 gain for the quarter ended July 31, 2023. For the three months ended July 31, 2024, $1,346,000 of unrealized gains from equity securities were recorded, compared to $1,634,000 of unrealized losses from equity securities recorded for the three months ended July 31, 2023. The remainder of the increase is primarily due to dividend and interest income paid on investments and gains on sales of investments.
	●	The Company’s provision for income taxes showed an increase of $358,000 from $586,000 in the quarter ended July 31, 2023 to $944,000 for the quarter ended July 31, 2024. This increase is primarily due to increased income. Income before provisions for income tax is up $689,000 when comparing the current quarter ending July 31, 2024 to the same quarter the prior year.
	●	In turn, net income for the quarter ended July 31, 2024 was $2,705,000, a 13.94% increase from the corresponding quarter last year, which showed net income of $2,374,000.
	●	Earnings per share for the quarter ended July 31, 2024 were $0.55 per common share and $0.48 per common share for the quarter ended July 31, 2023.

 

Liquidity and capital resources

 

		Operating
	●	Net cash increased $2,255,000 during the quarter ended July 31, 2024 as compared to an increase of $611,000 during the corresponding quarter last year. The details are listed below.
	●	Accounts receivable, net increased $255,000 for the quarter ending July 31, 2024 compared with a $431,000 decrease for the same quarter last year. The increase in cash flow from accounts receivable is directly attributable to the increase in sales and customers being able to pay in a slightly timelier manner. Management is always working with customers to collect on accounts and to keep past due accounts to a minimum. An analysis of accounts receivable shows that 4.76% of the balance was over 90 days at July 31, 2024.
	●	Inventories, net decreased $313,000 during the current quarter as compared to a $521,000 increase last year. The current period decrease is primarily due to the fact that the Company has increased sales and using inventory faster than it is being replenished.

 

	●	For the quarter ended July 31, 2024, there was a $104,000 increase in prepaid expenses and other current assets compared to an increase of $482,000 for the quarter ended July 31, 2023. The current increase is due to having to prepay for inventory during the quarter; therefore, having more money in prepayments of raw materials on the books.
	●	Accounts payable shows a decrease of $30,000 for the quarter ended July 31, 2024 compared to a decrease of $50,000 for the same quarter the year before. The variance is primarily due to timing differences of when product is received. Management strives to pay all payables within terms, unless there is a problem with the merchandise.
	●	Accrued expenses and other current liabilities increased $125,000 for the current quarter as compared to a $2,000 increase for the quarter ended July 31, 2023. The difference in the amounts is primarily due to the timing of when payroll periods end and increases in sales commissions.
	●	Income tax payable for the quarter ended July 31, 2024 increased $697,000, compared to a $304,000 decrease in income tax receivable for the quarter ended July 31, 2023. The current year income tax payable increase is a result of increased income.

 

 

		Investing
	●	The Company purchased $105,000 of property and equipment during the current fiscal quarter. In comparison, $201,000 was spent on purchases of property and equipment during the corresponding quarter last year.
	●	The Company continues to purchase marketable securities, which include municipal bonds and quality stocks. Cash spent on purchases of marketable securities for the quarter ended July 31, 2024 was $212,000 compared to $150,000 spent during the quarter ended July 31, 2023. 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 quarterly service fees based on the value of the investments.   The Company received a cash distribution of $269,000 from the investment in the limited land partnership during the quarter ending July 31, 2024. This was the second distribution received from the sale of the limited land partnership and the rest of the proceeds are contingent on finishing wetland restoration of the land.
		Financing
	●	The Company continues to repurchase common stock when the opportunity arises. For the quarter ended July 31, 2024 the Company did not buy back any treasury stock but $22,000 was bought back during the quarter ended July 31, 2023.

 

New Product Development

 

The Company and its’ engineering department perpetually work to develop enhancements to current product lines, develop new products which 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. An expansion of the GR3045 panic switch is in the works to include single pull, double throw (SPDT) versions, latching, and non-latching with LED indicator lights. A miniature profile overhead door contact based on the popular 4532 is also in development.
	●	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

 

This disclosure does not apply.

 

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 July 31, 2024. 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, 2024, management identified the following significant deficiency 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. We have hired a Controller, and a secondary review of annual and quarterly filings does occur with an outside CPA. However, the current CEO and CFO roles are being fulfilled by the same individual and 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 significant deficiency 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 July 31, 2024 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 of common stock for the first quarter of fiscal year 2025.

 

Period		Number of shares repurchased
May 1, 2024 – May 31, 2024		-0-
June 1, 2024 – June 30, 2024		-0-
July 1, 2024 – July 31, 2024		-0-

 

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 September 16, 2024	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 1934 SECTION 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: September 16, 2024

 

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 July 31, 2024 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: September 16, 2024	By:	/s/ Stephanie M. Risk-McElroy
		Stephanie M. Risk-McElroy
		President and Chief Executive and Financial Officer

 

 

v3.24.3

Cover - shares	3 Months Ended
	Jul. 31, 2024	Sep. 16, 2024
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
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		4,896,730
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

v3.24.3

Condensed Balance Sheets - USD ($)	Jul. 31, 2024	Apr. 30, 2024
Current Assets:
Cash and cash equivalents	$ 9,367,000	$ 7,112,000
Investments and securities, at fair value	36,499,000	34,488,000
Accounts receivable:
Trade, net of allowance for credit losses of $21,027 and $34,256	4,171,000	3,903,000
Other	19,000	66,000
Inventories, net	11,241,000	11,558,000
Prepaid expenses	419,000	315,000
Total Current Assets	61,716,000	57,442,000
Property and Equipment, net, at cost	2,011,000	2,003,000
Other Assets
Investment in Limited Land Partnership, at cost	25,000	294,000
Projects in process	13,000	13,000
Total Other Assets	38,000	307,000
Intangible assets, net	998,000	1,028,000
TOTAL ASSETS	64,763,000	60,780,000
Current Liabilities
Accounts payable, trade	261,000	291,000
Dividends payable	2,853,000	2,853,000
Deferred income	48,000	23,000
Accrued expenses	582,000	483,000
Income tax payable	803,000	105,000
Total Current Liabilities	4,547,000	3,755,000
Long-Term Liabilities
Deferred income taxes	2,697,000	2,388,000
Total Long-Term Liabilities	2,697,000	2,388,000
Total Liabilities	7,244,000	6,143,000
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	40,000	(137,000)
Retained earnings	59,541,000	56,836,000
Less: treasury stock, 3,606,151 and 3,606,151 shares, at cost	(4,945,000)	(4,945,000)
Total Stockholders’ Equity	57,519,000	54,637,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 64,763,000	$ 60,780,000

v3.24.3

Condensed Balance Sheets (Parenthetical) - USD ($)	Jul. 31, 2024	Apr. 30, 2024
Trade, allowance for credit loss, current	$ 21,027	$ 34,256
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	3,606,151	3,606,151
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

v3.24.3

Condensed Income Statements (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Income Statement [Abstract]
Net Sales	$ 5,780,000	$ 4,728,000
Less: Cost of Goods Sold	(2,835,000)	(2,462,000)
Gross Profit	2,945,000	2,266,000
Operating Expenses:
General and Administrative	337,000	368,000
Sales	807,000	689,000
Engineering	27,000	22,000
Total Operating Expenses	1,171,000	1,079,000
Income From Operations	1,774,000	1,187,000
Other Income (Expense)
Other	2,000	8,000
Interest Expense	(1,000)
Dividend and Interest Income	317,000	241,000
Unrealized Gain on Equity Securities	1,346,000	1,634,000
Gain (Loss) on Sale of Assets	(2,000)	8,000
Gain (Loss) on Sale of Investments	213,000	(118,000)
Total Other Income (Expense)	1,875,000	1,773,000
Income Before Provisions for Income Taxes	3,649,000	2,960,000
Provisions for Income Taxes
Current Expense	705,000	310,000
Deferred tax (benefit) expense	239,000	276,000
Total Income Tax Expense	944,000	586,000
Net Income	$ 2,705,000	$ 2,374,000
Basic Earnings Per Share of Common Stock	$ 0.55	$ 0.48
Diluted Earnings Per Share of Common Stock	$ 0.55	$ 0.48
Weighted Average Number of Common Shares Outstanding	4,896,730	4,928,974
Weighted Average Number of Shares Outstanding (Diluted)	4,917,230	4,949,474

v3.24.3

Condensed Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Income Statement [Abstract]
Net Income	$ 2,705,000	$ 2,374,000
Unrealized gain on debt securities:
Unrealized holding gains (losses) arising during period	247,000	(31,000)
Income tax (expense) benefit related to other comprehensive income	(70,000)	8,000
Other Comprehensive Income	177,000	(23,000)
Comprehensive Income	$ 2,882,000	$ 2,351,000

v3.24.3

Statements of Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock Class A [Member]	Additional Paid-in Capital [Member]	Treasury Stock Common ClassA (Member)	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Apr. 30, 2023	$ 99,000	$ 850,000	$ 1,934,000	$ (4,554,000)	$ (161,000)	$ 52,481,000	$ 50,649,000
Balance, shares at Apr. 30, 2023	4,100	8,502,881		3,572,338
Purchases of common stock				$ (22,000)			(22,000)
Purchases of common stock, shares				2,035
Unrealized gain, net of tax effect					(23,000)		(23,000)
Net Income						2,374,000	2,374,000
Balance at Jul. 31, 2023	$ 99,000	$ 850,000	1,934,000	$ (4,576,000)	(184,000)	54,855,000	52,978,000
Balance, shares at Jul. 31, 2023	4,100	8,502,881		3,574,373
Balance at Apr. 30, 2024	$ 99,000	$ 850,000	1,934,000	$ (4,945,000)	(137,000)	56,836,000	54,637,000
Balance, shares at Apr. 30, 2024	4,100	8,502,881		3,606,151
Unrealized gain, net of tax effect					177,000		177,000
Net Income						2,705,000	2,705,000
Balance at Jul. 31, 2024	$ 99,000	$ 850,000	$ 1,934,000	$ (4,945,000)	$ 40,000	$ 59,541,000	$ 57,519,000
Balance, shares at Jul. 31, 2024	4,100	8,502,881		3,606,151

v3.24.3

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Cash Flows from Operating Activities:
Net Income	$ 2,705,000	$ 2,374,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	125,000	117,000
(Gain) loss on sale of investments	(213,000)	118,000
Unrealized (gain) loss on equity securities	(1,346,000)	(1,634,000)
Provision for credit losses on accounts receivable	(13,000)	4,000
Reserve for obsolete inventory	4,000
Deferred income taxes	239,000	276,000
(Gain) on sale of assets	2,000	(8,000)
(Increase) decrease in:
Accounts receivable	(255,000)	431,000
Inventories	313,000	(521,000)
Prepaid expenses and other current assets	(104,000)	(482,000)
Other receivables	46,000	40,000
Income tax overpayment		304,000
Increase (decrease) in:
Accounts payable	(30,000)	(50,000)
Accrued expenses and other current liabilities	125,000	2,000
Income tax payable	697,000
Net cash from operating activities	2,295,000	971,000
Cash Flows From Investing Activities:
Proceeds from sale of assets		8,000
(Purchase) of property and equipment	(105,000)	(201,000)
Proceeds from sale of marketable securities	8,000	7,000
(Purchase) of marketable securities	(212,000)	(150,000)
Distribution from investment in limited land partnership	269,000
Net cash from investing activities	(40,000)	(336,000)
Cash Flows From Financing Activities:
(Purchase) of treasury stock		(22,000)
Dividends paid		(2,000)
Net cash from financing activities		(24,000)
Net Change in Cash and Cash Equivalents	2,255,000	611,000
Cash and Cash Equivalents, beginning of period	7,112,000	4,943,000
Cash and Cash Equivalents, end of period	9,367,000	5,554,000
Supplemental Disclosure for Cash Flow Information:
Income taxes paid	0	0
Interest paid	$ 1,000	$ 0

v3.24.3

Unaudited Interim Financial Statements	3 Months Ended
	Jul. 31, 2024
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, 2024 annual report on Form 10-K (the “Annual Report”). 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 financial statements are disclosed in our Annual Report, and there have been no changes to the Company’s significant accounting policies during the three months ended July 31, 2024.   Recently Issued Accounting Pronouncements — 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.   In December 2023, the FASB issued ASU No. 2023-09, Improvements to Tax Disclosures (Topic 740), to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. This guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this new accounting guidance on its Financial Statements.

v3.24.3

Investments	3 Months Ended
	Jul. 31, 2024
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 December 2024 and December 2050. 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 July 31, 2024 and April 30, 2024, investments consisted of the following:  Schedule of Investments           Gross     Gross         Investments at   Cost     Unrealized     Unrealized     Fair   July 31, 2024   Basis     Gains     Losses     Value   Municipal bonds   $ 7,332,000     $ 189,000     $ (81,000 )   $ 7,440,000   REITs     74,000       1,000       (6,000 )     69,000   Equity securities     17,278,000       10,652,000       (148,000 )     27,782,000   Money markets and CDs     1,208,000       —       —       1,208,000   Total   $ 25,892,000     $ 10,842,000     $ (235,000 )   $ 36,499,000               Gross     Gross         Investments at   Cost     Unrealized     Unrealized     Fair   April 30, 2024   Basis     Gains     Losses     Value   Municipal bonds   $ 7,057,000     $ 28,000     $ (100,000 )   $ 6,985,000   REITs     74,000       —       (8,000 )     66,000   Equity securities     17,408,000       9,303,000       (209,000 )     26,502,000   Money markets and CDs     935,000       —       —       935,000   Total   $ 25,474,000     $ 9,331,000     $ (317,000 )   $ 34,488,000     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, no impairment loss was recorded for the quarters ended July 31, 2024 and 2023, respectively.   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 July 31, 2024, the Company had sales of equity securities which yielded gross realized gains of $268,000 and gross realized losses of $48,000. For the same 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 July 31, 2023, the Company recorded gross realized gains and losses on equity securities of $105,000 and $218,000, respectively, while sales of debt securities did not yield any gross realized gains, but gross realized losses of $5,000 were recorded. The gross realized loss numbers include would include the impaired figures listed in the previous paragraph if there happened to be any.     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 July 31, 2024 and April 30, 2024, respectively.   Unrealized Loss Breakdown by Investment Type at July 31, 2024  Schedule of Unrealized Loss Breakdown by Investment Type Description   Fair Value     Unrealized Loss     Fair Value     Unrealized Loss     Fair Value     Unrealized Loss       Less than 12 months     12 months or greater     Total   Description   Fair Value     Unrealized Loss     Fair Value     Unrealized Loss     Fair Value     Unrealized Loss   Municipal bonds   $ 439,000     $ (7,000 )   $ 743,000     $ (74,000 )   $ 1,182,000     $ (81,000 ) REITs     —       —       40,000       (6,000 )     40,000       (6,000 ) Equity securities     472,000       (47,000 )     595,000       (101,000 )     1,067,000       (148,000 ) Total   $ 911,000     $ (54,000 )   $ 1,378,000     $ (181,000 )   $ 9,706,000     $ (235,000 )   Unrealized Loss Breakdown by Investment Type at April 30, 2024   Description   Fair Value     Unrealized Loss     Fair Value     Unrealized Loss     Fair Value     Unrealized Loss       Less than 12 months     12 months or greater     Total   Description   Fair Value     Unrealized Loss     Fair Value     Unrealized Loss     Fair Value     Unrealized Loss   Municipal bonds   $ 5,897,000     $ (20,000 )   $ 773,000     $ (80,000 )   $ 6,670,000     $ (100,000 ) REITs     —       —       66,000       (8,000 )     66,000       (8,000 ) Equity securities     2,255,000       (72,000 )     766,000       (137,000 )     3,021,000       (209,000 ) Total   $ 8,152,000     $ (92,000 )   $ 1,605,000     $ (225,000 )   $ 9,757,000     $ (317,000 )   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 July 31, 2024 and April 31, 2024.   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 July 31, 2024 and April 30, 2024.

v3.24.3

Inventories	3 Months Ended
	Jul. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Note 3: Inventories   Inventories at July 31, 2024 and April 30, 2024 consisted of the following:  Schedule of Inventories     July 31,     April 30,       2024     2024                 Raw materials   $ 9,698,000     $ 10,130,000   Work in process     796,000       753,000   Finished goods     1,118,000       1,042,000   Inventory, gross     11,612,000       11,925,000   Less: allowance for obsolete inventory     (371,000 )     (367,000 ) Inventories, net   $ 11,241,000     $ 11,558,000

v3.24.3

Business Segments	3 Months Ended
	Jul. 31, 2024
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     2024     2023       July 31,       2024     2023   Net revenue:                 Security alarm products   $ 5,185,000     $ 4,241,000   Cable & wiring tools     372,000       328,000   Other products     223,000       159,000   Total net revenue   $ 5,780,000     $ 4,728,000                     Income from operations:                 Security alarm products   $ 1,591,000     $ 1,065,000   Cable & wiring tools     114,000       82,000   Other products     69,000       40,000   Total income from operations   $ 1,774,000     $ 1,187,000                     Depreciation and amortization:                 Security alarm products   $ 58,000     $ 49,000   Cable & wiring tools     30,000       30,000   Other products     24,000       24,000   Corporate general     13,000       14,000   Total depreciation and amortization   $ 125,000     $ 117,000                     Capital expenditures:                 Security alarm products   $ 100,000     $ 201,000   Cable & wiring tools     —       —   Other products     5,000       —   Corporate general     —       —   Total capital expenditures   $ 105,000     $ 201,000         July 31, 2024     April 30, 2024   Identifiable assets:                 Security alarm products   $ 15,205,000     $ 15,263,000   Cable & wiring tools     1,989,000       2,082,000   Other products     973,000       859,000   Corporate general     46,596,000       42,576,000   Total assets   $ 64,763,000     $ 60,780,000

v3.24.3

Earnings per Share	3 Months Ended
	Jul. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	Note 5: 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 July 31, 2024       Income     Shares     Per-Share       (Numerator)     (Denominator)     Amount   Net income   $ 2,705,000                   Basic EPS   $ 2,705,000       4,896,730     $ .55   Effect of dilutive Convertible Preferred Stock     —       20,500       —   Diluted EPS   $ 2,705,000       4,917,230     $ .55         For the three months ended July 31, 2023       Income     Shares     Per-Share       (Numerator)     (Denominator)     Amount   Net income   $ 2,374,000                   Basic EPS   $ 2,374,000       4,928,974     $ .48   Effect of dilutive Convertible Preferred Stock     —       20,500       —   Diluted EPS   $ 2,374,000       4,949,474     $ .48

v3.24.3

Retirement Benefit Plan	3 Months Ended
	Jul. 31, 2024
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 of approximately $16,000 were paid in each of the quarters ending July 31, 2024 and 2023, respectively.

v3.24.3

Fair Value Measurements	3 Months Ended
	Jul. 31, 2024
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 July 31, 2024 and April 30, 2024, 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 July 31, 2024       Level 1     Level 2     Level 3     Total   Assets:                                 Municipal Bonds   $ —     $ 7,440,000     $ —     $ 7,440,000   REITs     —       69,000       —       69,000   Equity Securities     27,782,000       —       —       27,782,000   Money Markets and CDs     1,208,000       —       —       1,208,000   Total fair value of assets measured on a recurring basis   $ 28,990,000     $ 7,509,000     $ —     $ 36,499,000         Level 1     Level 2     Level 3     Total       Assets Measured at Fair Value on a Recurring Basis as of April 30, 2024       Level 1     Level 2     Level 3     Total   Assets:                                 Municipal Bonds   $ —     $ 6,985,000     $ —     $ 6,985,000   REITs     —       66,000       —       66,000   Equity Securities     26,502,000       —       —       26,502,000   Money Markets and CDs     935,000       —       —       935,000   Total fair value of assets measured on a recurring basis   $ 27,437,000     $ 7,051,000     $ —     $ 34,488,000

v3.24.3

Subsequent Events	3 Months Ended
	Jul. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 8: Subsequent Events   None

v3.24.3

Unaudited Interim Financial Statements (Policies)	3 Months Ended
	Jul. 31, 2024
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 financial statements are disclosed in our Annual Report, and there have been no changes to the Company’s significant accounting policies during the three months ended July 31, 2024.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements — 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.   In December 2023, the FASB issued ASU No. 2023-09, Improvements to Tax Disclosures (Topic 740), to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. This guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this new accounting guidance on its Financial Statements.

v3.24.3

Investments (Tables)	3 Months Ended
	Jul. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments	As of July 31, 2024 and April 30, 2024, investments consisted of the following:  Schedule of Investments           Gross     Gross         Investments at   Cost     Unrealized     Unrealized     Fair   July 31, 2024   Basis     Gains     Losses     Value   Municipal bonds   $ 7,332,000     $ 189,000     $ (81,000 )   $ 7,440,000   REITs     74,000       1,000       (6,000 )     69,000   Equity securities     17,278,000       10,652,000       (148,000 )     27,782,000   Money markets and CDs     1,208,000       —       —       1,208,000   Total   $ 25,892,000     $ 10,842,000     $ (235,000 )   $ 36,499,000               Gross     Gross         Investments at   Cost     Unrealized     Unrealized     Fair   April 30, 2024   Basis     Gains     Losses     Value   Municipal bonds   $ 7,057,000     $ 28,000     $ (100,000 )   $ 6,985,000   REITs     74,000       —       (8,000 )     66,000   Equity securities     17,408,000       9,303,000       (209,000 )     26,502,000   Money markets and CDs     935,000       —       —       935,000   Total   $ 25,474,000     $ 9,331,000     $ (317,000 )   $ 34,488,000
Schedule of Unrealized Loss Breakdown by Investment Type	Unrealized Loss Breakdown by Investment Type at July 31, 2024  Schedule of Unrealized Loss Breakdown by Investment Type Description   Fair Value     Unrealized Loss     Fair Value     Unrealized Loss     Fair Value     Unrealized Loss       Less than 12 months     12 months or greater     Total   Description   Fair Value     Unrealized Loss     Fair Value     Unrealized Loss     Fair Value     Unrealized Loss   Municipal bonds   $ 439,000     $ (7,000 )   $ 743,000     $ (74,000 )   $ 1,182,000     $ (81,000 ) REITs     —       —       40,000       (6,000 )     40,000       (6,000 ) Equity securities     472,000       (47,000 )     595,000       (101,000 )     1,067,000       (148,000 ) Total   $ 911,000     $ (54,000 )   $ 1,378,000     $ (181,000 )   $ 9,706,000     $ (235,000 )   Unrealized Loss Breakdown by Investment Type at April 30, 2024   Description   Fair Value     Unrealized Loss     Fair Value     Unrealized Loss     Fair Value     Unrealized Loss       Less than 12 months     12 months or greater     Total   Description   Fair Value     Unrealized Loss     Fair Value     Unrealized Loss     Fair Value     Unrealized Loss   Municipal bonds   $ 5,897,000     $ (20,000 )   $ 773,000     $ (80,000 )   $ 6,670,000     $ (100,000 ) REITs     —       —       66,000       (8,000 )     66,000       (8,000 ) Equity securities     2,255,000       (72,000 )     766,000       (137,000 )     3,021,000       (209,000 ) Total   $ 8,152,000     $ (92,000 )   $ 1,605,000     $ (225,000 )   $ 9,757,000     $ (317,000 )

v3.24.3

Inventories (Tables)	3 Months Ended
	Jul. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories at July 31, 2024 and April 30, 2024 consisted of the following:  Schedule of Inventories     July 31,     April 30,       2024     2024                 Raw materials   $ 9,698,000     $ 10,130,000   Work in process     796,000       753,000   Finished goods     1,118,000       1,042,000   Inventory, gross     11,612,000       11,925,000   Less: allowance for obsolete inventory     (371,000 )     (367,000 ) Inventories, net   $ 11,241,000     $ 11,558,000

v3.24.3

Business Segments (Tables)	3 Months Ended
	Jul. 31, 2024
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     2024     2023       July 31,       2024     2023   Net revenue:                 Security alarm products   $ 5,185,000     $ 4,241,000   Cable & wiring tools     372,000       328,000   Other products     223,000       159,000   Total net revenue   $ 5,780,000     $ 4,728,000                     Income from operations:                 Security alarm products   $ 1,591,000     $ 1,065,000   Cable & wiring tools     114,000       82,000   Other products     69,000       40,000   Total income from operations   $ 1,774,000     $ 1,187,000                     Depreciation and amortization:                 Security alarm products   $ 58,000     $ 49,000   Cable & wiring tools     30,000       30,000   Other products     24,000       24,000   Corporate general     13,000       14,000   Total depreciation and amortization   $ 125,000     $ 117,000                     Capital expenditures:                 Security alarm products   $ 100,000     $ 201,000   Cable & wiring tools     —       —   Other products     5,000       —   Corporate general     —       —   Total capital expenditures   $ 105,000     $ 201,000         July 31, 2024     April 30, 2024   Identifiable assets:                 Security alarm products   $ 15,205,000     $ 15,263,000   Cable & wiring tools     1,989,000       2,082,000   Other products     973,000       859,000   Corporate general     46,596,000       42,576,000   Total assets   $ 64,763,000     $ 60,780,000

v3.24.3

Earnings per Share (Tables)	3 Months Ended
	Jul. 31, 2024
Earnings Per Share [Abstract]
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 July 31, 2024       Income     Shares     Per-Share       (Numerator)     (Denominator)     Amount   Net income   $ 2,705,000                   Basic EPS   $ 2,705,000       4,896,730     $ .55   Effect of dilutive Convertible Preferred Stock     —       20,500       —   Diluted EPS   $ 2,705,000       4,917,230     $ .55         For the three months ended July 31, 2023       Income     Shares     Per-Share       (Numerator)     (Denominator)     Amount   Net income   $ 2,374,000                   Basic EPS   $ 2,374,000       4,928,974     $ .48   Effect of dilutive Convertible Preferred Stock     —       20,500       —   Diluted EPS   $ 2,374,000       4,949,474     $ .48

v3.24.3

Fair Value Measurements (Tables)	3 Months Ended
	Jul. 31, 2024
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 July 31, 2024       Level 1     Level 2     Level 3     Total   Assets:                                 Municipal Bonds   $ —     $ 7,440,000     $ —     $ 7,440,000   REITs     —       69,000       —       69,000   Equity Securities     27,782,000       —       —       27,782,000   Money Markets and CDs     1,208,000       —       —       1,208,000   Total fair value of assets measured on a recurring basis   $ 28,990,000     $ 7,509,000     $ —     $ 36,499,000         Level 1     Level 2     Level 3     Total       Assets Measured at Fair Value on a Recurring Basis as of April 30, 2024       Level 1     Level 2     Level 3     Total   Assets:                                 Municipal Bonds   $ —     $ 6,985,000     $ —     $ 6,985,000   REITs     —       66,000       —       66,000   Equity Securities     26,502,000       —       —       26,502,000   Money Markets and CDs     935,000       —       —       935,000   Total fair value of assets measured on a recurring basis   $ 27,437,000     $ 7,051,000     $ —     $ 34,488,000

v3.24.3

Schedule of Investments (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jul. 31, 2024	Apr. 30, 2024
Marketable Securities [Line Items]
Cost Basis	$ 25,892,000	$ 25,474,000
Gross Unrealized Gains	10,842,000	9,331,000
Gross Unrealized Losses	(235,000)	(317,000)
Fair Value	36,499,000	34,488,000
Municipal Bonds [Member]
Marketable Securities [Line Items]
Cost Basis	7,332,000	7,057,000
Gross Unrealized Gains	189,000	28,000
Gross Unrealized Losses	(81,000)	(100,000)
Fair Value	7,440,000	6,985,000
Real Estate Investment [Member]
Marketable Securities [Line Items]
Cost Basis	74,000	74,000
Gross Unrealized Gains	1,000
Gross Unrealized Losses	(6,000)	(8,000)
Fair Value	69,000	66,000
Equity Securities [Member]
Marketable Securities [Line Items]
Cost Basis	17,278,000	17,408,000
Gross Unrealized Gains	10,652,000	9,303,000
Gross Unrealized Losses	(148,000)	(209,000)
Fair Value	27,782,000	26,502,000
Money Markets and CDs [Member]
Marketable Securities [Line Items]
Cost Basis	1,208,000	935,000
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value	$ 1,208,000	$ 935,000

v3.24.3

Schedule of Unrealized Loss Breakdown by Investment Type (Details) - USD ($)	Jul. 31, 2024	Apr. 30, 2024
Marketable Securities [Line Items]
Debt securities, unrealized loss, less than 12 months	$ 911,000	$ 8,152,000
Debt securities, unrealized loss, less than 12 months, accumulated loss	(54,000)	(92,000)
Debt securities, unrealized loss, 12 months or greater	1,378,000	1,605,000
Debt securities, unrealized loss, 12 months or greater, accumulated loss	(181,000)	(225,000)
Debt securities, unrealized loss fair value	9,706,000	9,757,000
Debt securities, unrealized loss fair value, accumulated loss	(235,000)	(317,000)
Municipal Bonds [Member]
Marketable Securities [Line Items]
Debt securities, unrealized loss, less than 12 months	439,000	5,897,000
Debt securities, unrealized loss, less than 12 months, accumulated loss	(7,000)	(20,000)
Debt securities, unrealized loss, 12 months or greater	743,000	773,000
Debt securities, unrealized loss, 12 months or greater, accumulated loss	(74,000)	(80,000)
Debt securities, unrealized loss fair value	1,182,000	6,670,000
Debt securities, unrealized loss fair value, accumulated loss	(81,000)	(100,000)
Real Estate Investment [Member]
Marketable Securities [Line Items]
Debt securities, unrealized loss, less than 12 months
Debt securities, unrealized loss, less than 12 months, accumulated loss
Debt securities, unrealized loss, 12 months or greater	40,000	66,000
Debt securities, unrealized loss, 12 months or greater, accumulated loss	(6,000)	(8,000)
Debt securities, unrealized loss fair value	40,000	66,000
Debt securities, unrealized loss fair value, accumulated loss	(6,000)	(8,000)
Equity Securities [Member]
Marketable Securities [Line Items]
Debt securities, unrealized loss, less than 12 months	472,000	2,255,000
Debt securities, unrealized loss, less than 12 months, accumulated loss	(47,000)	(72,000)
Debt securities, unrealized loss, 12 months or greater	595,000	766,000
Debt securities, unrealized loss, 12 months or greater, accumulated loss	(101,000)	(137,000)
Debt securities, unrealized loss fair value	1,067,000	3,021,000
Debt securities, unrealized loss fair value, accumulated loss	$ (148,000)	$ (209,000)

v3.24.3

Investments (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Debt securities maturity description	The investments in debt securities, which include municipal bonds and bond funds, mature between December 2024 and December 2050
Impairment loss	$ 0	$ 0
Gross realized gain	268,000	105,000
Gross realized losses	48,000	218,000
Gross realized loss debt	$ 7,000	$ 5,000

v3.24.3

Schedule of Inventories (Details) - USD ($)	Jul. 31, 2024	Apr. 30, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 9,698,000	$ 10,130,000
Work in process	796,000	753,000
Finished goods	1,118,000	1,042,000
Inventory, gross	11,612,000	11,925,000
Less: allowance for obsolete inventory	(371,000)	(367,000)
Inventories, net	$ 11,241,000	$ 11,558,000

v3.24.3

Schedule of Financial Information Relating to Industry Segments (Details) - USD ($)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Apr. 30, 2024
Segment Reporting Information [Line Items]
Total net revenue	$ 5,780,000	$ 4,728,000
Total income from operations	1,774,000	1,187,000
Total depreciation and amortization	125,000	117,000
Total capital expenditures	105,000	201,000
Total assets	64,763,000		$ 60,780,000
Security Alarm Products [Member]
Segment Reporting Information [Line Items]
Total net revenue	5,185,000	4,241,000
Total income from operations	1,591,000	1,065,000
Total depreciation and amortization	58,000	49,000
Total capital expenditures	100,000	201,000
Total assets	15,205,000		15,263,000
Cable and Wiring Tools [Member]
Segment Reporting Information [Line Items]
Total net revenue	372,000	328,000
Total income from operations	114,000	82,000
Total depreciation and amortization	30,000	30,000
Total capital expenditures
Total assets	1,989,000		2,082,000
Other Products [Member]
Segment Reporting Information [Line Items]
Total net revenue	223,000	159,000
Total income from operations	69,000	40,000
Total depreciation and amortization	24,000	24,000
Total capital expenditures	5,000
Total assets	973,000		859,000
Corporate General [Member]
Segment Reporting Information [Line Items]
Total depreciation and amortization	13,000	14,000
Total capital expenditures
Total assets	$ 46,596,000		$ 42,576,000

v3.24.3

Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 2,705,000	$ 2,374,000
Basic EPS, Income	$ 2,705,000	$ 2,374,000
Basic EPS, Shares	4,896,730	4,928,974
Basic EPS, Per-Share Amount	$ 0.55	$ 0.48
Effect of dilutive Convertible Preferred Stock, Income
Effect of dilutive Convertible Preferred Stock, Shares	20,500	20,500
Effect of dilutive Convertible Preferred Stock, Per-Share Amount
Diluted EPS, Income	$ 2,705,000	$ 2,374,000
Diluted EPS, Shares	4,917,230	4,949,474
Diluted EPS, Per-Share Amount	$ 0.55	$ 0.48

v3.24.3

Retirement Benefit Plan (Details Narrative) - USD ($)		3 Months Ended
	Jan. 01, 1998	Jul. 31, 2024	Jul. 31, 2023
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		$ 16,000	$ 16,000

v3.24.3

Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Jul. 31, 2024	Apr. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	$ 36,499,000	$ 34,488,000
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	7,440,000	6,985,000
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	69,000	66,000
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	27,782,000	26,502,000
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	1,208,000	935,000
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	28,990,000	27,437,000
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	27,782,000	26,502,000
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	1,208,000	935,000
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	7,509,000	7,051,000
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	7,440,000	6,985,000
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	69,000	66,000
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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