Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 31, 2018 | Mar. 16, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | GEORGE RISK INDUSTRIES, INC. | |
Entity Central Index Key | 84,112 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 4,968,447 | |
Trading Symbol | RSKIA | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 3,952,000 | $ 6,456,000 |
Investments and securities | 27,496,000 | 26,382,000 |
Accounts receivable: | ||
Trade, net of $16,422 and $2,425 doubtful account allowance | 2,471,000 | 1,848,000 |
Other | 2,000 | 3,000 |
Income tax overpayment | 474,000 | 253,000 |
Inventories, net | 3,594,000 | 2,304,000 |
Prepaid expenses | 487,000 | 193,000 |
Total Current Assets | 38,476,000 | 37,439,000 |
Property and Equipment, net, at cost | 948,000 | 739,000 |
Other Assets | ||
Investment in Limited Land Partnership, at cost | 273,000 | 273,000 |
Projects in process | 13,000 | |
Other | 77,000 | |
Total Other Assets | 350,000 | 286,000 |
Intangible Assets, net | 1,794,000 | |
TOTAL ASSETS | 41,568,000 | 38,464,000 |
Current Liabilities | ||
Accounts payable, trade | 308,000 | 69,000 |
Dividends payable | 1,580,000 | 1,416,000 |
Accrued expenses: | ||
Payroll and related expenses | 178,000 | 308,000 |
Property taxes | 3,000 | |
Total Current Liabilities | 2,069,000 | 1,793,000 |
Long-Term Liabilities | ||
Deferred income taxes | 1,902,000 | 906,000 |
Total Long-Term Liabilities | 1,902,000 | 906,000 |
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 | 1,736,000 |
Accumulated other comprehensive income | 2,623,000 | 1,239,000 |
Retained earnings | 36,232,000 | 35,981,000 |
Less: treasury stock, 3,533,934 and 3,557,606 shares, at cost | (4,141,000) | (4,140,000) |
Total Stockholders' Equity | 37,597,000 | 35,765,000 |
TOTAL LIABILITES AND STOCKHOLDERS' EQUITY | $ 41,568,000 | $ 38,464,000 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Allowance for doubtful account receivable | $ 16,422 | $ 2,425 |
Convertible preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 8,502,881 | 8,502,881 |
Common stock, shares outstanding | 8,502,881 | 8,502,881 |
Treasury stock, shares | 3,533,934 | 3,557,606 |
Series 1 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 |
Condensed Income Statements (Un
Condensed Income Statements (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Income Statement [Abstract] | ||||
Net Sales | $ 3,260,000 | $ 2,645,000 | $ 8,597,000 | $ 8,194,000 |
Less: Cost of Goods Sold | (1,826,000) | (1,229,000) | (4,337,000) | (3,899,000) |
Gross Profit | 1,434,000 | 1,416,000 | 4,260,000 | 4,295,000 |
Operating Expenses | ||||
General and Administrative | 313,000 | 223,000 | 833,000 | 664,000 |
Sales | 512,000 | 461,000 | 1,371,000 | 1,432,000 |
Engineering | 22,000 | 17,000 | 69,000 | 59,000 |
Rent Paid to Related Parties | 5,000 | 5,000 | 14,000 | 14,000 |
Total Operating Expenses | 852,000 | 706,000 | 2,287,000 | 2,169,000 |
Income From Operations | 582,000 | 710,000 | 1,973,000 | 2,126,000 |
Other Income (Expense) | ||||
Other | 1,000 | 3,000 | 11,000 | |
Dividend and Interest Income | 376,000 | 332,000 | 811,000 | 650,000 |
Gain (Loss) on Investments | 123,000 | 51,000 | 94,000 | 136,000 |
Gain (Loss) on Sale of Assets | 4,000 | |||
Total Other Income (Expense) | 499,000 | 384,000 | 912,000 | 797,000 |
Income Before Provisions for Income Taxes | 1,081,000 | 1,094,000 | 2,885,000 | 2,923,000 |
Provisions for Income Taxes: | ||||
Current Expense | 281,000 | 313,000 | 852,000 | 896,000 |
Deferred Tax Expense (Benefit) | 9,000 | (11,000) | 1,000 | (24,000) |
Total Income Tax Expense | 290,000 | 302,000 | 853,000 | 872,000 |
Net Income | 791,000 | 792,000 | 2,032,000 | 2,051,000 |
Cash Dividends, Common Stock ($0.36 per share), Common Stock ($0.35 per share) | $ 1,780,000 | $ 1,758,000 | ||
Income Per Share of Common Stock | ||||
Basic | $ 0.16 | $ 0.16 | $ 0.41 | $ 0.41 |
Diluted | $ 0.16 | $ 0.16 | $ 0.41 | $ 0.41 |
Weighted Average Number of Common Shares Outstanding | ||||
Basic | 4,969,013 | 4,945,972 | 4,955,725 | 4,996,453 |
Diluted | 4,989,513 | 4,966,472 | 4,976,225 | 5,016,953 |
Condensed Income Statements (U5
Condensed Income Statements (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Income Statement [Abstract] | ||||
Common stock, dividends, per share, cash | $ 0.36 | $ 0.35 | $ 0.36 | $ 0.35 |
Condensed Statement of Comprehe
Condensed Statement of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 791,000 | $ 792,000 | $ 2,032,000 | $ 2,051,000 |
Other Comprehensive Income, Net of Tax Unrealized gain (loss) on securities: | ||||
Unrealized holding gains (losses) arising during period arising during period | 1,247,000 | 570,000 | 2,585,000 | 796,000 |
Reclassification adjustment for gains (losses) included in net income | (88,000) | (5,000) | (205,000) | (88,000) |
Income tax benefit (expense) related to other comprehensive income | (485,000) | (236,000) | (995,000) | (296,000) |
Other Comprehensive Income | 674,000 | 329,000 | 1,385,000 | 412,000 |
Comprehensive Income | $ 1,465,000 | $ 1,121,000 | $ 3,417,000 | $ 2,463,000 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 2,032,000 | $ 2,051,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 163,000 | 138,000 |
(Gain) loss on sale of investments | (117,000) | (149,000) |
Impairments on investments | 23,000 | 13,000 |
Reserve for bad debts | 13,000 | |
Reserve for obsolete inventory | 5,000 | |
Deferred income taxes | 1,000 | (24,000) |
(Gain) loss on sale of assets | (4,000) | |
(Increase) decrease in: | ||
Accounts receivable | (636,000) | 163,000 |
Inventories | (1,291,000) | 426,000 |
Prepaid expenses | (359,000) | (48,000) |
Other receivables | 2,000 | (5,000) |
Income tax overpayment | (221,000) | (43,000) |
Increase (decrease) in: | ||
Accounts payable | 239,000 | 20,000 |
Accrued expenses | (127,000) | (72,000) |
Net cash provided by (used in) operating activities | (282,000) | 2,475,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sale of assets | 4,000 | |
(Purchase) of property and equipment | (342,000) | (146,000) |
Proceeds from sale of marketable securities | 2,013,000 | 586,000 |
(Purchase) of marketable securities | (653,000) | (668,000) |
(Purchase) of intangible assets | (1,624,000) | |
(Purchase) of long-term investment | (20,000) | |
Net cash provided by (used in) investing activities | (602,000) | (248,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
(Purchase) of treasury stock | (3,000) | (551,000) |
Dividends paid | (1,617,000) | (1,596,000) |
Net cash provided by (used in) financing activities | (1,620,000) | (2,147,000) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (2,504,000) | 80,000 |
Cash and Cash Equivalents, beginning of period | 6,456,000 | 5,918,000 |
Cash and Cash Equivalents, end of period | 3,952,000 | 5,998,000 |
Supplemental Disclosure for Cash Flow Information: | ||
Income taxes | 1,320,000 | 1,059,000 |
Interest paid | 0 | 0 |
Cash receipts for: | ||
Income taxes | 253,000 | 125,000 |
Supplemental Disclosure of Noncash Investing and Financing Activities: | ||
Issuance of treasury stock as part of asset acquisition | $ 200,000 | $ 0 |
Unaudited Interim Financial Sta
Unaudited Interim Financial Statements | 9 Months Ended |
Jan. 31, 2018 | |
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, 2017 annual report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for any quarter are not necessarily indicative of the results for any other quarter or for the full year. Accounting Estimates Recently Issued Accounting Pronouncements — In February of 2016, the FASB issued ASU 2016-02 Leases In February of 2018, the FASB issued ASU 2018-02 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. Under this update, companies have the option to reclassify stranded tax effects caused by US Tax Cuts and Jobs Act (TCJA) from accumulated other comprehensive income (AOCI) to retained earnings. Under current US GAAP, effects from a change in tax law is recorded as a component of the income tax provision related to continuing operations in the period of enactment, even if the deferred taxes were established for a financial statement component not part of continuing operations, such as accumulated other comprehensive income (AOCI). Adopting of this standard will remove tax effects stranded in AOCI by the tax law enactment. Adoption of this ASU is optional. This update is effective in annual reporting periods beginning after December 15, 2018 and the interim periods starting thereafter. The Company is evaluating the impact of this update on the Company’s financial statements. |
Investments
Investments | 9 Months Ended |
Jan. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 2: Investments The Company has investments in publicly traded equity securities, corporate bonds, state and municipal debt securities, real estate investment trusts, and money markets funds. The investments in securities are classified as available-for-sale securities and are reported at fair value. Available-for-sale investments in debt securities mature between June 2018 and November 2048. The Company uses the average cost method to determine the cost of securities sold and the amount reclassified out of accumulated other comprehensive income into earnings. Unrealized gains and losses are excluded from earnings and reported separately as a component of stockholders’ equity. Dividend and interest income are reported as earned. As of January 31, 2018 and April 30, 2017, investments consisted of the following: Gross Gross Investments at Cost Unrealized Unrealized Fair January 31, 2018 Basis Gains Losses Value Municipal bonds $ 5,966,000 $ 103,000 $ (238,000 ) $ 5,831,000 Corporate bonds $ 129,000 $ 2,000 $ — $ 131,000 REITs $ 110,000 $ 5,000 $ (6,000 ) $ 109,000 Equity securities $ 15,720,000 $ 4,844,000 $ (203,000 ) $ 20,361,000 Money markets and CDs $ 1,064,000 $ — $ — $ 1,064,000 Total $ 22,989,000 $ 4,954,000 $ (447,000 ) $ 27,496,000 Gross Gross Investments at Cost Unrealized Unrealized Fair April 30, 2017 Basis Gains Losses Value Municipal bonds $ 6,045,000 $ 90,000 $ (97,000 ) $ 6,038,000 Corporate bonds $ 129,000 $ 1,000 $ — $ 130,000 REITs $ 64,000 $ 13,000 $ (1,000 ) $ 76,000 Equity securities $ 15,259,000 $ 2,441,000 $ (319,000 ) $ 17,381,000 Money markets and CDs $ 2,757,000 $ — $ — $ 2,757,000 Total $ 24,254,000 $ 2,545,000 $ (417,000 ) $ 26,382,000 The Company evaluates all marketable securities for other-than temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. As a result of this standard, management did not record an impairment loss during the quarter, but did record a loss of $23,000 for the nine months ended January 31, 2018. Likewise, for the corresponding periods last year, management did not record a loss for the quarter, but did record a $13,000 impairment loss for the nine months ended January 31, 2017. The following tables show 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 January 31, 2018 and April 30, 2017, respectively. Unrealized Loss Breakdown by Investment Type at January 31, 2018 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 702,000 $ (152,000 ) $ 1,674,000 $ (86,000 ) $ 2,376,000 $ (238,000 ) REITs $ 56,000 $ (5,000 ) $ 27,000 $ (1,000 ) $ 83,000 $ (6,000 ) Equity securities $ 534,000 $ (35,000 ) $ 590,000 $ (168,000 ) $ 1,124,000 $ (203,000 ) Total $ 1,292,000 $ (192,000 ) $ 2,291,000 $ (255,000 ) $ 3,583,000 $ (447,000 ) Unrealized Loss Breakdown by Investment Type at April 30, 2017 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 1,420,000 $ (19,000 ) $ 1,292,000 $ (78,000 ) $ 2,712,000 $ (97,000 ) REITs $ — $ — $ 27,000 $ (1,000 ) $ 27,000 $ (1,000 ) Equity securities $ 983,000 $ (92,000 ) $ 1,689,000 $ (227,000 ) $ 2,672,000 $ (319,000 ) Total $ 2,403,000 $ (111,000 ) $ 3,008,000 $ (306,000 ) $ 5,411,000 $ (417,000 ) 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 January 31, 2018. 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 January 31, 2018 |
Inventories
Inventories | 9 Months Ended |
Jan. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3: Inventories Inventories at January 31, 2018 and April 30, 2017 consisted of the following: January 31, April 30, 2018 2017 Raw materials $ 2,704,000 $ 1,579,000 Work in process 348,000 442,000 Finished goods 615,000 356,000 3,667,000 2,377,000 Less: allowance for obsolete inventory (73,000 ) (73,000 ) Totals $ 3,594,000 $ 2,304,000 |
Asset Purchase
Asset Purchase | 9 Months Ended |
Jan. 31, 2018 | |
Business Combinations [Abstract] | |
Asset Purchase | Note 4: Asset Purchase In October 2017, George Risk Industries, Inc. (the “Company”) purchased assets from Labor Saving Devices, Inc. (“LSDI”). The purchase price for the assets consisted of $3,000,000 in cash and 24,097 shares of the Company’s Class A common stock (valued at $200,000, or approximately $8.30 per share). An initial payment of $1,000,000 in cash was made at closing, with the remaining $2,000,000 in cash paid in November 2017. The value of the assets purchased as described above at January 31, 2018 consisted of the following: Type of Assets Beginning Balance Amortization Total Assets, Net Inventory $ 1,366,000 — $ 1,366,000 Fixed Assets $ 10,000 — $ 10,000 Non-compete agreement $ 10,000 — $ 10,000 Intangible assets $ 1,814,000 $ (30,000 ) $ 1,784,000 Total $ 3,200,000 $ (30,000 ) $ 3,170,000 Since the asset purchase took place in October 2017, there was no value to these assets at April 30, 2017. |
Business Segments
Business Segments | 9 Months Ended |
Jan. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | Note 5: Business Segments The following is financial information relating to industry segments: Three months Nine months Three months Nine months ended ended ended ended Jan 31, 2018 Jan 31, 2018 Jan 31, 2017 Jan 31, 2017 Net revenue: Security alarm products $ 2,715,000 $ 6,683,000 $ 2,214,000 $ 6,955,000 Other products 545,000 1,914,000 431,000 1,239,000 Total net revenue $ 3,260,000 $ 8,597,000 $ 2,645,000 $ 8,194,000 Income from operations: Security alarm products 452,000 1,534,000 603,000 1,805,000 Other products 130,000 439,000 107,000 321,000 Total income from operations $ 582,000 $ 1,973,000 $ 710,000 $ 2,126,000 Depreciation and amortization: Security alarm products 10,000 28,000 7,000 29,000 Other products 52,000 94,000 27,000 80,000 Corporate general 15,000 41,000 13,000 29,000 Total depreciation and amortization $ 77,000 $ 163,000 $ 47,000 $ 138,000 Capital expenditures: Security alarm products — 260,000 — — Other products — — 16,000 130,000 Corporate general 16,000 81,000 10,000 16,000 Total capital expenditures $ 16,000 $ 341,000 $ 26,000 $ 146,000 January 31, 2018 April 30, 2017 Identifiable assets: Security alarm products 4,424,000 3,180,000 Other products 2,371,000 1,517,000 Corporate general 34,773,000 33,767,000 Total assets $ 41,568,000 $ 38,464,000 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jan. 31, 2018 | |
Income Per Share of Common Stock | |
Earnings Per Share | Note 6: Earnings per Share Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented, are: For the three months ended January 31, 2018 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 791,000 Basic EPS $ 791,000 4,969,013 $ 0.1592 Effect of dilutive securities: Convertible preferred stock 0 20,500 Diluted EPS $ 791,000 4,989,513 $ 0.1585 For the nine months ended January 31, 2018 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 2,032,000 Basic EPS $ 2,032,000 4,955,725 $ 0.4100 Effect of dilutive securities: Convertible preferred stock 0 20,500 Diluted EPS $ 2,032,000 4,976,225 $ 0.4083 For the three months ended January 31, 2017 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 792,000 Basic EPS $ 792,000 4,945,972 $ 0.1601 Effect of dilutive securities: Convertible preferred stock 0 20,500 Diluted EPS $ 792,000 4,966,472 $ 0.1595 For the nine months ended January 31, 2017 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 2,051,000 Basic EPS $ 2,051,000 4,996,453 $ 0.4105 Effect of dilutive securities: Convertible preferred stock 0 20,500 Diluted EPS $ 2,051,000 5,016,953 $ 0.4088 |
Retirement Benefit Plan
Retirement Benefit Plan | 9 Months Ended |
Jan. 31, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plan | Note 7: 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 corporation. The Plan is intended to be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. Matching contributions by the Company of approximately $2,000 were paid during both the quarters ending January 31, 2018 and 2017, respectively. Likewise, the Company paid matching contributions of approximately $8,000 during the nine-month period ending January 31, 2018 and $7,000 during the corresponding period the prior fiscal year. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jan. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8: Fair Value Measurements Generally accepted accounting principles in the United States of America (US GAAP) defines fair value as 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 January 31, 2018, our investments consisted of money markets, publicly traded equity securities, real estate investment trusts (REITS) as well as certain state and municipal debt securities and corporate bonds. Our marketable securities are valued using third-party broker statements. The value of the investments 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 tables set 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. Assets Measured at Fair Value on a Recurring Basis as of January 31, 2018 Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ - $ 5,831,000 $ - $ 5,831,000 Corporate Bonds $ 131,000 $ - $ - $ 131,000 REITs $ - $ 109,000 $ - $ 109,000 Equity Securities $ 20,361,000 $ - $ - $ 20,361,000 Money Markets and CDs $ 1,064,000 $ - $ - $ 1,064,000 Total fair value of assets measured on a recurring basis $ 21,556,000 $ 5,940,000 $ - $ 27,496,000 Assets Measured at Fair Value on a Recurring Basis as of April 30, 2017 Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 6,038,000 $ — $ 6,038,000 Corporate Bonds $ 130,000 $ — $ — $ 130,000 REITs $ — $ 76,000 $ — $ 76,000 Equity Securities $ 17,381,000 $ — $ — $ 17,381,000 Money Markets and CDs $ 2,757,000 $ — $ — $ 2,757,000 Total fair value of assets measured on a recurring basis $ 20,268,000 $ 6,114,000 $ — $ 26,382,000 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jan. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9: Subsequent Events None |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments | As of January 31, 2018 and April 30, 2017, investments consisted of the following: Gross Gross Investments at Cost Unrealized Unrealized Fair January 31, 2018 Basis Gains Losses Value Municipal bonds $ 5,966,000 $ 103,000 $ (238,000 ) $ 5,831,000 Corporate bonds $ 129,000 $ 2,000 $ — $ 131,000 REITs $ 110,000 $ 5,000 $ (6,000 ) $ 109,000 Equity securities $ 15,720,000 $ 4,844,000 $ (203,000 ) $ 20,361,000 Money markets and CDs $ 1,064,000 $ — $ — $ 1,064,000 Total $ 22,989,000 $ 4,954,000 $ (447,000 ) $ 27,496,000 Gross Gross Investments at Cost Unrealized Unrealized Fair April 30, 2017 Basis Gains Losses Value Municipal bonds $ 6,045,000 $ 90,000 $ (97,000 ) $ 6,038,000 Corporate bonds $ 129,000 $ 1,000 $ — $ 130,000 REITs $ 64,000 $ 13,000 $ (1,000 ) $ 76,000 Equity securities $ 15,259,000 $ 2,441,000 $ (319,000 ) $ 17,381,000 Money markets and CDs $ 2,757,000 $ — $ — $ 2,757,000 Total $ 24,254,000 $ 2,545,000 $ (417,000 ) $ 26,382,000 |
Schedule of Unrealized Loss Breakdown by Investment | The following tables show 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 January 31, 2018 and April 30, 2017, respectively. Unrealized Loss Breakdown by Investment Type at January 31, 2018 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 702,000 $ (152,000 ) $ 1,674,000 $ (86,000 ) $ 2,376,000 $ (238,000 ) REITs $ 56,000 $ (5,000 ) $ 27,000 $ (1,000 ) $ 83,000 $ (6,000 ) Equity securities $ 534,000 $ (35,000 ) $ 590,000 $ (168,000 ) $ 1,124,000 $ (203,000 ) Total $ 1,292,000 $ (192,000 ) $ 2,291,000 $ (255,000 ) $ 3,583,000 $ (447,000 ) Unrealized Loss Breakdown by Investment Type at April 30, 2017 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 1,420,000 $ (19,000 ) $ 1,292,000 $ (78,000 ) $ 2,712,000 $ (97,000 ) REITs $ — $ — $ 27,000 $ (1,000 ) $ 27,000 $ (1,000 ) Equity securities $ 983,000 $ (92,000 ) $ 1,689,000 $ (227,000 ) $ 2,672,000 $ (319,000 ) Total $ 2,403,000 $ (111,000 ) $ 3,008,000 $ (306,000 ) $ 5,411,000 $ (417,000 ) |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories at January 31, 2018 and April 30, 2017 consisted of the following: January 31, April 30, 2018 2017 Raw materials $ 2,704,000 $ 1,579,000 Work in process 348,000 442,000 Finished goods 615,000 356,000 3,667,000 2,377,000 Less: allowance for obsolete inventory (73,000 ) (73,000 ) Totals $ 3,594,000 $ 2,304,000 |
Asset Purchase (Tables)
Asset Purchase (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Assets Purchased | The value of the assets purchased as described above at January 31, 2018 consisted of the following: Type of Assets Beginning Balance Amortization Total Assets, Net Inventory $ 1,366,000 — $ 1,366,000 Fixed Assets $ 10,000 — $ 10,000 Non-compete agreement $ 10,000 — $ 10,000 Intangible assets $ 1,814,000 $ (30,000 ) $ 1,784,000 Total $ 3,200,000 $ (30,000 ) $ 3,170,000 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information Relating to Industry Segments | The following is financial information relating to industry segments: Three months Nine months Three months Nine months ended ended ended ended Jan 31, 2018 Jan 31, 2018 Jan 31, 2017 Jan 31, 2017 Net revenue: Security alarm products $ 2,715,000 $ 6,683,000 $ 2,214,000 $ 6,955,000 Other products 545,000 1,914,000 431,000 1,239,000 Total net revenue $ 3,260,000 $ 8,597,000 $ 2,645,000 $ 8,194,000 Income from operations: Security alarm products 452,000 1,534,000 603,000 1,805,000 Other products 130,000 439,000 107,000 321,000 Total income from operations $ 582,000 $ 1,973,000 $ 710,000 $ 2,126,000 Depreciation and amortization: Security alarm products 10,000 28,000 7,000 29,000 Other products 52,000 94,000 27,000 80,000 Corporate general 15,000 41,000 13,000 29,000 Total depreciation and amortization $ 77,000 $ 163,000 $ 47,000 $ 138,000 Capital expenditures: Security alarm products — 260,000 — — Other products — — 16,000 130,000 Corporate general 16,000 81,000 10,000 16,000 Total capital expenditures $ 16,000 $ 341,000 $ 26,000 $ 146,000 January 31, 2018 April 30, 2017 Identifiable assets: Security alarm products 4,424,000 3,180,000 Other products 2,371,000 1,517,000 Corporate general 34,773,000 33,767,000 Total assets $ 41,568,000 $ 38,464,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Income Per Share of Common Stock | |
Schedule of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented, are: For the three months ended January 31, 2018 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 791,000 Basic EPS $ 791,000 4,969,013 $ 0.1592 Effect of dilutive securities: Convertible preferred stock 0 20,500 Diluted EPS $ 791,000 4,989,513 $ 0.1585 For the nine months ended January 31, 2018 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 2,032,000 Basic EPS $ 2,032,000 4,955,725 $ 0.4100 Effect of dilutive securities: Convertible preferred stock 0 20,500 Diluted EPS $ 2,032,000 4,976,225 $ 0.4083 For the three months ended January 31, 2017 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 792,000 Basic EPS $ 792,000 4,945,972 $ 0.1601 Effect of dilutive securities: Convertible preferred stock 0 20,500 Diluted EPS $ 792,000 4,966,472 $ 0.1595 For the nine months ended January 31, 2017 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 2,051,000 Basic EPS $ 2,051,000 4,996,453 $ 0.4105 Effect of dilutive securities: Convertible preferred stock 0 20,500 Diluted EPS $ 2,051,000 5,016,953 $ 0.4088 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value On Recurring Basis | 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. Assets Measured at Fair Value on a Recurring Basis as of January 31, 2018 Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ - $ 5,831,000 $ - $ 5,831,000 Corporate Bonds $ 131,000 $ - $ - $ 131,000 REITs $ - $ 109,000 $ - $ 109,000 Equity Securities $ 20,361,000 $ - $ - $ 20,361,000 Money Markets and CDs $ 1,064,000 $ - $ - $ 1,064,000 Total fair value of assets measured on a recurring basis $ 21,556,000 $ 5,940,000 $ - $ 27,496,000 Assets Measured at Fair Value on a Recurring Basis as of April 30, 2017 Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 6,038,000 $ — $ 6,038,000 Corporate Bonds $ 130,000 $ — $ — $ 130,000 REITs $ — $ 76,000 $ — $ 76,000 Equity Securities $ 17,381,000 $ — $ — $ 17,381,000 Money Markets and CDs $ 2,757,000 $ — $ — $ 2,757,000 Total fair value of assets measured on a recurring basis $ 20,268,000 $ 6,114,000 $ — $ 26,382,000 |
Investments (Details Narrative)
Investments (Details Narrative) - USD ($) | 9 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Impairment loss | $ 23,000 | $ 13,000 |
Minimum [Member] | ||
Available-for-sale debt securities maturity year | 2018-06 | |
Maximum [Member] | ||
Available-for-sale debt securities maturity year | 2048-11 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Apr. 30, 2017 | |
Cost Basis | $ 22,989,000 | $ 24,254,000 |
Gross Unrealized Gains | 4,954,000 | 2,545,000 |
Gross Unrealized Losses | (447,000) | (417,000) |
Fair Value | 27,496,000 | 26,382,000 |
Municipal Bonds [Member] | ||
Cost Basis | 5,966,000 | 6,045,000 |
Gross Unrealized Gains | 103,000 | 90,000 |
Gross Unrealized Losses | (238,000) | (97,000) |
Fair Value | 5,831,000 | 6,038,000 |
Corporate Bonds [Member] | ||
Cost Basis | 129,000 | 129,000 |
Gross Unrealized Gains | 2,000 | 1,000 |
Gross Unrealized Losses | ||
Fair Value | 131,000 | 130,000 |
REITs [Member] | ||
Cost Basis | 110,000 | 64,000 |
Gross Unrealized Gains | 5,000 | 13,000 |
Gross Unrealized Losses | (6,000) | (1,000) |
Fair Value | 109,000 | 76,000 |
Equity Securities [Member] | ||
Cost Basis | 15,720,000 | 15,259,000 |
Gross Unrealized Gains | 4,844,000 | 2,441,000 |
Gross Unrealized Losses | (203,000) | (319,000) |
Fair Value | 20,361,000 | 17,381,000 |
Money Markets and CDs [Member] | ||
Cost Basis | 1,064,000 | 2,757,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 1,064,000 | $ 2,757,000 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss Breakdown by Investment (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Apr. 30, 2017 | |
Less than 12 months Fair Value | $ 1,292,000 | $ 2,403,000 |
Less than 12 months Unrealized Loss | (192,000) | (111,000) |
12 months or greater Fair Value | 2,291,000 | 3,008,000 |
12 months or greater Unrealized Loss | (255,000) | (306,000) |
Total Fair Value | 3,583,000 | 5,411,000 |
Total Unrealized Loss | (447,000) | (417,000) |
Municipal Bonds [Member] | ||
Less than 12 months Fair Value | 702,000 | 1,420,000 |
Less than 12 months Unrealized Loss | (152,000) | (19,000) |
12 months or greater Fair Value | 1,674,000 | 1,292,000 |
12 months or greater Unrealized Loss | (86,000) | (78,000) |
Total Fair Value | 2,376,000 | 2,712,000 |
Total Unrealized Loss | (238,000) | (97,000) |
REITs [Member] | ||
Less than 12 months Fair Value | 56,000 | |
Less than 12 months Unrealized Loss | (5,000) | |
12 months or greater Fair Value | 27,000 | 27,000 |
12 months or greater Unrealized Loss | (1,000) | (1,000) |
Total Fair Value | 83,000 | 27,000 |
Total Unrealized Loss | (6,000) | (1,000) |
Equity Securities [Member] | ||
Less than 12 months Fair Value | 534,000 | 983,000 |
Less than 12 months Unrealized Loss | (35,000) | (92,000) |
12 months or greater Fair Value | 590,000 | 1,689,000 |
12 months or greater Unrealized Loss | (168,000) | (227,000) |
Total Fair Value | 1,124,000 | 2,672,000 |
Total Unrealized Loss | $ (203,000) | $ (319,000) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 2,704,000 | $ 1,579,000 |
Work in process | 348,000 | 442,000 |
Finished goods | 615,000 | 356,000 |
Inventory gross | 3,667,000 | 2,377,000 |
Less: allowance for obsolete inventory | (73,000) | (73,000) |
Totals | $ 3,594,000 | $ 2,304,000 |
Asset Purchase (Details Narrati
Asset Purchase (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | |
Nov. 30, 2017 | Oct. 31, 2017 | Jan. 31, 2018 | |
Purchase price of assets | $ 2,000,000 | $ 1,000,000 | |
Common Class A [Member] | |||
Purchase price of assets | $ 3,000,000 | ||
Stock issued during period shares | 24,097 | ||
Stock issued during period value | $ 200,000 | ||
Shares issued price per share | $ 8.30 |
Asset Purchase - Schedule of As
Asset Purchase - Schedule of Assets Purchased (Details) | Jan. 31, 2018USD ($) |
Beginning Balance | $ 3,200,000 |
Amortization | (30,000) |
Total Assets, Net | 3,170,000 |
Inventory [Member] | |
Beginning Balance | 1,366,000 |
Amortization | |
Total Assets, Net | 1,366,000 |
Fixed Assets [Member] | |
Beginning Balance | 10,000 |
Amortization | |
Total Assets, Net | 10,000 |
Non-compete agreement [Member] | |
Beginning Balance | 10,000 |
Amortization | |
Total Assets, Net | 10,000 |
Intangible assets [Member] | |
Beginning Balance | 1,814,000 |
Amortization | (30,000) |
Total Assets, Net | $ 1,784,000 |
Business Segments - Schedule of
Business Segments - Schedule of Financial Information Relating to Industry Segments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | Apr. 30, 2017 | |
Total net revenue | $ 3,260,000 | $ 2,645,000 | $ 8,597,000 | $ 8,194,000 | |
Total income from operations | 582,000 | 710,000 | 1,973,000 | 2,126,000 | |
Total depreciation and amortization | 77,000 | 47,000 | 163,000 | 138,000 | |
Total capital expenditures | 16,000 | 26,000 | 314,000 | 146,000 | |
Total assets | 41,568,000 | 41,568,000 | $ 38,464,000 | ||
Security Alarm Products [Member] | |||||
Total net revenue | 2,715,000 | 2,214,000 | 6,683,000 | 6,955,000 | |
Total income from operations | 452,000 | 603,000 | 1,534,000 | 1,805,000 | |
Total depreciation and amortization | 10,000 | 7,000 | 28,000 | 29,000 | |
Total capital expenditures | 260,000 | ||||
Total assets | 4,424,000 | 4,424,000 | 3,180,000 | ||
Other Products [Member] | |||||
Total net revenue | 545,000 | 431,000 | 1,914,000 | 1,239,000 | |
Total income from operations | 130,000 | 107,000 | 439,000 | 321,000 | |
Total depreciation and amortization | 52,000 | 27,000 | 94,000 | 80,000 | |
Total capital expenditures | 16,000 | 130,000 | |||
Total assets | 2,371,000 | 2,371,000 | 1,517,000 | ||
Corporate General [Member] | |||||
Total depreciation and amortization | 15,000 | 13,000 | 41,000 | 29,000 | |
Total capital expenditures | 16,000 | $ 10,000 | 81,000 | $ 16,000 | |
Total assets | $ 34,773,000 | $ 34,773,000 | $ 33,767,000 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Income Per Share of Common Stock | ||||
Net income | $ 791,000 | $ 792,000 | $ 2,032,000 | $ 2,051,000 |
Basic EPS | $ 791,000 | $ 792,000 | $ 2,032,000 | $ 2,051,000 |
Basic EPS, shares | 4,969,013 | 4,945,972 | 4,955,725 | 4,996,453 |
Basic EPS, per share | $ 0.16 | $ 0.16 | $ 0.41 | $ 0.41 |
Effect of dilutive convertible preferred Stock | $ 0 | $ 0 | $ 0 | $ 0 |
Effect of dilutive convertible preferred Stock, shares | 20,500 | 20,500 | 20,500 | 20,500 |
Effect of dilutive convertible preferred Stock, per share | ||||
Diluted EPS | $ 791,000 | $ 792,000 | $ 2,032,000 | $ 2,051,000 |
Diluted EPS, shares | 4,989,513 | 4,966,472 | 4,976,225 | 5,016,953 |
Diluted EPS, per share | $ 0.16 | $ 0.16 | $ 0.41 | $ 0.41 |
Retirement Benefit Plan (Detail
Retirement Benefit Plan (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Retirement Benefits [Abstract] | ||||
Employees matching contributions | $ 2,000 | $ 2,000 | $ 8,000 | $ 7,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value On Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | $ 27,496,000 | $ 26,382,000 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 5,831,000 | 6,038,000 |
Corporate 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 | 131,000 | 130,000 |
REITs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 109,000 | 76,000 |
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 | 20,361,000 | 17,381,000 |
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 | 1,064,000 | 2,757,000 |
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 | 21,556,000 | 20,268,000 |
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 | ||
Level 1 [Member] | Corporate 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 | 131,000 | 130,000 |
Level 1 [Member] | REITs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
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 | 20,361,000 | 17,381,000 |
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 | 1,064,000 | 2,757,000 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 5,940,000 | 6,114,000 |
Level 2 [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 5,831,000 | 6,038,000 |
Level 2 [Member] | Corporate 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 | ||
Level 2 [Member] | REITs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 109,000 | 76,000 |
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 | ||
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 | ||
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 | ||
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 | ||
Level 3 [Member] | Corporate 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 | ||
Level 3 [Member] | REITs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
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 | ||
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 |