George Risk Industries (RSKIA) 10-Q/A 26 May 20 2020 Q2 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Oct. 31, 2019	Dec. 20, 2019
Document And Entity Information
Entity Registrant Name	GEORGE RISK INDUSTRIES, INC.
Entity Central Index Key	0000084112
Document Type	10-Q/A
Document Period End Date	Oct. 31, 2019
Amendment Flag	true
Amendment Description	This Amendment No. 2 to Form 10-Q ("Amendment"), amends the Quarterly Report on Form 10-Q for the three-and six months periods ended October 31, 2019 that we originally filed with the Securities and Exchange Commission, or the Commission, on December 20, 2019, or the Original Filing, in connection with our failure to give effect to the implementation of FASB ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01") in the financial statements included in the Original Filing. All amendments and restatements to the financial statements are non-cash in nature. Restatement As further discussed in Note 9 to our unaudited financial statements in Part I, Item 1, "Financial Statements" of the Amendment #2, on April 1, 2020, we concluded that certain disclosures necessary to fairly explain the changes in the financial statements presented were excluded in our previous filings and that we would we would restate our previously issued financial statements as of October 31, 2019 and for the three-and six months periods ended October 31, 2018 and 2019, as set forth in the Original Filing in connection with our failure to give effect to the implementation of ASU 2016-01 in the financial statements included in the Original Quarterly Report on Form 10-Q. Amendment The purpose of this Amendment is to restate our previously issued unaudited financial statements and related disclosures as of October 31, 2019 and for the three-and six months periods ended October 31, 2018 and 2019 in connection with the application of ASU 2016-01. This Amendment also includes (a) an amended Part I, Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations" to reflect the correction of the error described above. Except as expressly set forth herein, including in the notes to the unaudited financial statements, this Amendment, along with Amendment #1 ("Amendment"), does not reflect events occurring after the date of the Original Filing or modify or update any of the other disclosures contained therein in any way other than as required to reflect the amendment discussed above. Accordingly, this Amendment should be read in conjunction with the Original Filing and our other filings with the Commission. Information not affected by the restatement is unchanged and reflects disclosures made at the time of the filing of the Original Form 10-Q. See Note 9 to the financial statements included in Item 1 for additional information and a reconciliation of the previously reported amounts to the restated amounts. Items Amended in this Filing For reasons discussed above, we are filing this Amendment in order to amend the following items in our Original Filing to the extent necessary to reflect the adjustments discussed above and make corresponding revisions to our financial data cited elsewhere in this Amendment in connection with the application of ASU 2016-01 in this Amendment that was not previously applied: Part I, Item 1. Financial Statements Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Part I, Item 4. Controls and Procedures In accordance with applicable Commission rules, this Amendment includes new certifications required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, from our Chief Executive Officer and Chief Financial Officer dated as of the date of filing of this Amendment.
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,950,760
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Current Assets:
Cash and cash equivalents	$ 5,212,000	$ 4,873,000
Investments and securities	27,385,000	27,291,000
Accounts receivable:
Trade, net of $4,082 and $9,321 doubtful account allowance	2,217,000	2,696,000
Other	1,000	6,000
Income tax overpayment	145,000	259,000
Inventories, net	5,163,000	4,583,000
Prepaid expenses	111,000	282,000
Total Current Assets	40,234,000	39,990,000
Property and Equipment, net, at cost	1,041,000	984,000
Other Assets
Investment in Limited Land Partnership, at cost	320,000	293,000
Projects in process	17,000	117,000
Other	3,000	3,000
Total Other Assets	340,000	413,000
Intangible Assets, net	1,578,000	1,640,000
TOTAL ASSETS	43,193,000	43,027,000
Current Liabilities
Accounts payable, trade	170,000	206,000
Dividends payable	1,892,000	1,714,000
Accrued expenses:
Payroll and other expenses	367,000	356,000
Total Current Liabilities	2,429,000	2,276,000
Long-Term Liabilities
Deferred income taxes	1,278,000	1,198,000
Total Long-Term Liabilities	1,278,000	1,198,000
Total Liabilities	3,707,000	3,474,000
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	50,000	14,000
Retained earnings	40,834,000	40,883,000
Less: treasury stock, 3,550,771 and 3,544,271 shares, at cost	(4,281,000)	(4,227,000)
Total Stockholders' Equity	39,486,000	39,553,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 43,193,000	$ 43,027,000

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Allowance for doubtful account receivable	$ 4,082	$ 9,321
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	3,550,771	3,544,271
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		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Income Statement [Abstract]
Net Sales	$ 3,710,000	$ 3,667,000	$ 7,263,000	$ 7,096,000
Less: Cost of Goods Sold	(1,860,000)	(1,893,000)	(3,630,000)	(3,695,000)
Gross Profit	1,850,000	1,774,000	3,633,000	3,401,000
Operating Expenses
General and Administrative	329,000	331,000	626,000	616,000
Sales	555,000	525,000	1,112,000	1,080,000
Engineering	17,000	28,000	32,000	37,000
Rent Paid to Related Parties	3,000	4,000	8,000	9,000
Total Operating Expenses	904,000	888,000	1,778,000	1,742,000
Income From Operations	946,000	886,000	1,855,000	1,659,000
Other Income (Expense)
Other	1,000	6,000	2,000	8,000
Dividend and Interest Income	166,000	152,000	359,000	345,000
Unrealized Gain (Loss) on Equity Securities	129,000	(1,197,000)	274,000	(765,000)
Gain (Loss) on Investments	10,000	(27,000)	59,000	(94,000)
Total Other Income (Loss)	306,000	(1,066,000)	694,000	(506,000)
Income Before Provisions for Income Taxes	1,252,000	(180,000)	2,549,000	1,153,000
Provisions for Income Taxes:
Current Expense	258,000	261,000	552,000	508,000
Deferred Tax Expense (Benefit)	37,000	(357,000)	65,000	(197,000)
Total Income Tax Expense (Benefit)	295,000	(96,000)	617,000	311,000
Net Income (Loss)	$ 957,000	$ (84,000)	$ 1,932,000	$ 842,000
Income (Loss) Per Share of Common Stock
Basic	$ 0.19	$ (0.02)	$ 0.39	$ 0.17
Diluted	$ 0.19	$ (0.02)	$ 0.39	$ 0.17
Weighted Average Number of Common Shares Outstanding
Basic	4,952,110	4,962,177	4,954,250	4,964,879
Diluted	4,972,610	4,982,677	4,974,750	4,985,379

Condensed Statements of Compreh

Condensed Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 957,000	$ (84,000)	$ 1,932,000	$ 842,000
Unrealized gain (loss) on securities:
Unrealized holding gains (losses) arising during period	1,000	(55,000)	50,000	165,000
Income tax benefit (expense) related to other comprehensive income		15,000	(14,000)	(48,000)
Other Comprehensive Income (Loss)	1,000	(40,000)	36,000	117,000
Comprehensive Income (Loss)	$ 958,000	$ (124,000)	$ 1,968,000	$ (959,000)

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock Class A [Member]	Paid-In Capital [Member]	Treasury Stock (Common Class A) [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]	Total
Balance at Apr. 30, 2018	$ 99,000	$ 850,000	$ 1,934,000	$ (4,148,000)	$ 2,249,000	$ 36,746,000	$ 37,730,000
Balance, shares at Apr. 30, 2018	4,100	8,502,881		3,534,784
Cumulative effect of restatement on prior periods, for adoption of ASU 2016-01					(2,424,000)	2,424,000
Balance at May 1, 2018 after adoption of ASU 2016-01, as restated			1,934,000	$ (4,148,000)	(175,000)	39,170,000	37,730,000
Balance at May 1, 2018 after adoption of ASU 2016-01, as restated shares				3,534,784
Purchases of common stock				$ (54,000)			$ (54,000)
Purchases of common stock, shares				6,450
Dividend declared at common share outstanding						(1,885,000)	$ (1,885,000)
Unrealized gain (loss), net of tax effect					117,000		117,000
Net Income						842,000	842,000
Balance at Oct. 31, 2018	$ 99,000	$ 850,000	1,934,000	$ (4,202,000)	(58,000)	38,127,000	36,750,000
Balance, shares at Oct. 31, 2018	4,100	8,502,881		3,541,234
Balance at Jul. 31, 2018	$ 99,000	$ 850,000	1,934,000	$ (4,153,000)	(18,000)	40,095,000	38,807,000
Balance, shares at Jul. 31, 2018	4,100	8,502,881		3,535,434
Purchases of common stock				$ (49,000)			(49,000)
Purchases of common stock, shares				5,800
Dividend declared at common share outstanding						(1,885,000)	(1,885,000)
Unrealized gain (loss), net of tax effect					(40,000)		(40,000)
Net Income						(83,000)	(84,000)
Balance at Oct. 31, 2018	$ 99,000	$ 850,000	1,934,000	$ (4,202,000)	(58,000)	38,127,000	36,750,000
Balance, shares at Oct. 31, 2018	4,100	8,502,881		3,541,234
Balance at Apr. 30, 2019	$ 99,000	$ 850,000	1,934,000	$ (4,227,000)	14,000	40,883,000	39,553,000
Balance, shares at Apr. 30, 2019	4,100	8,502,881		3,544,271
Purchases of common stock				$ (54,000)			(54,000)
Purchases of common stock, shares				6,500
Dividend declared at common share outstanding						(1,981,000)	(1,981,000)
Unrealized gain (loss), net of tax effect					36,000		36,000
Net Income						1,932,000	1,932,000
Balance at Oct. 31, 2019	$ 99,000	$ 850,000	1,934,000	$ (4,281,000)	50,000	40,834,000	39,486,000
Balance, shares at Oct. 31, 2019	4,100	8,502,881		3,550,771
Balance at Jul. 31, 2019	$ 99,000	$ 850,000	1,934,000	$ (4,280,000)	49,000	41,859,000	40,511,000
Balance, shares at Jul. 31, 2019	4,100	8,502,881		3,550,571
Purchases of common stock				$ (1,000)			(1,000)
Purchases of common stock, shares				200
Dividend declared at common share outstanding						(1,982,000)	(1,982,000)
Unrealized gain (loss), net of tax effect					1,000		1,000
Net Income						957,000	957,000
Balance at Oct. 31, 2019	$ 99,000	$ 850,000	$ 1,934,000	$ (4,281,000)	$ 50,000	$ 40,834,000	$ 39,486,000
Balance, shares at Oct. 31, 2019	4,100	8,502,881		3,550,771

Condensed Statements of Stock_2

Condensed Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividend declared for per common share outstanding	$ 0.40	$ 0.38	$ 0.40	$ 0.38

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 1,932,000	$ 842,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	183,000	167,000
(Gain) loss on sale of investments	(100,000)	62,000
Impairments on investments	41,000	32,000
Unrealized (gain) loss on equity securities	(274,000)	765,000
Reserve for bad debts	(6,000)	6,000
Reserve for obsolete inventory	2,000	19,000
Deferred income taxes	65,000	(197,000)
(Increase) decrease in:
Accounts receivable	486,000	23,000
Inventories	(583,000)	(435,000)
Prepaid expenses and projects in process	271,000	168,000
Other receivables	5,000	(2,000)
Income tax over payment	114,000	(97,000)
Increase (decrease) in:
Accounts payable	(36,000)	(189,000)
Accrued expenses	11,000	8,000
Net cash provided by operating activities	2,111,000	1,172,000
CASH FLOWS FROM INVESTING ACTIVITIES:
(Purchase) of property and equipment	(179,000)
Proceeds from sale of marketable securities	540,000	754,000
(Purchase) of marketable securities	(250,000)	(324,000)
(Purchase) of long-term investment	(27,000)
Net cash provided by investing activities	84,000	430,000
CASH FLOWS FROM FINANCING ACTIVITIES:
(Purchase) of treasury stock	(54,000)	(54,000)
Dividends paid	(1,802,000)	(1,752,000)
Net cash (used in) financing activities	(1,856,000)	(1,806,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	339,000	(204,000)
Cash and Cash Equivalents, beginning of period	4,873,000	4,294,000
Cash and Cash Equivalents, end of period	5,212,000	4,090,000
Supplemental Disclosure for Cash Flow Information:
Income taxes	605,000	600,000
Interest paid		1,000
Cash receipts for:
Income taxes	$ 159,000

Unaudited Interim Financial Sta

Unaudited Interim Financial Statements	6 Months Ended
	Oct. 31, 2019
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, 2019 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 August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820). The updated guidance improves the disclosure requirements on fair value measurements. The updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any removed or modified disclosures. The Company is currently assessing the timing and impact of adopting the updated provisions. In August 2018, The FASB issued ASU 2018-14 to improve the effectiveness of disclosures for defined benefit plans under ASC 715-20. The ASU applies to employers that sponsor defined benefit pension or other postretirement plans. The FASB issued ASU 2018-14 as part of its disclosure framework project, which has an objective and primary focus to improve the effectiveness of disclosures in the notes to financial statements. As part of the project, during August 2018, the Board also issued a Concepts Statement, which the FASB used as a basis for amending the disclosure requirements for Subtopic 715-20. The guidance is effective or fiscal years ending after December 15, 2020 and early adoption is permitted. The Company is currently assessing the timing and impact of adopting the updated provisions. In June 2016, the FASB issued ASU 2016-13(“ASU 2016-13”), Financial Instruments—Credit Losses. Subsequently, the FASB issued ASU 2019-05, Financial Instruments- Credit Losses (Topic 326): Targeted Transition Relief and codification improvements to Topic 326 in ASU 2019-11, ASU 2019-04 and ASU 2018-19. The amendments update guidance on reporting credit losses for financial assets. These amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The ASU is effective for fiscal years beginning after December 15, 2020. Subsequent to September 30, 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Loss (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842),” which defers the effective date for public filers that are considered small reporting companies (“SRC”) as defined by the Securities and Exchange Commission to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Since the Company is an SRC, implementation is not needed until May 1, 2023. The Company will continue to evaluate the effect of adopting ASU 2016-13 will have on the Company’s financial statements and disclosures.

Investments (Restated)

Investments (Restated)	6 Months Ended
	Oct. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Investments (Restated)	Note 2 Investments (Restated) The Company has investments in publicly traded equity securities, corporate bonds, state and municipal debt securities, real estate investment trusts, and money markets and they are recorded at fair value. The investments in debt securities have maturities between November 2019 and September 2042. The Company uses the average cost method to determine the cost of securities sold with any unrealized gains or losses reported in each respective period’s earnings. Dividend and interest income are reported as earned. As of October 31, 2019 and April 30, 2019, investments consisted of the following: Gross Gross Investments at Cost Unrealized Unrealized Fair October 31, 2019 Basis Gains Losses Value Municipal bonds $ 5,362,000 122,000 (47,000 ) 5,437,000 Corporate bonds 26,000 — — 26,000 REITs 89,000 2,000 (8,000 ) 83,000 Equity securities 16,943,000 4,375,000 (254,000 ) 21,064,000 Money markets and CDs 774,000 1,000 — 775,000 Total $ 23,194,000 $ 4,500,000 $ (309,000 ) $ 27,385,000 Gross Gross Investments at Cost Unrealized Unrealized Fair April 30, 2019 Basis Gains Losses Value Municipal bonds $ 5,459,000 $ 79,000 $ (55,000 ) $ 5,483,000 Corporate bonds 26,000 — — 26,000 REITs 89,000 1,000 (6,000 ) 84,000 Equity securities 16,618,000 4,143,000 (296,000 ) 20,465,000 Money markets and CDs 1,233,000 — — 1,233,000 Total $ 23,425,000 $ 4,223,000 $ (357,000 ) $ 27,291,000 Marketable securities that are 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 Operations in the period of the change; and debt securities are carried at fair value on the balance sheets with changes in fair value recorded as unrealized gains or losses in the Statement of Comprehensive Income. Upon the disposition of a marketable security, the Company records a realized gain or (loss) on the Company’s statements of operations. On May 1. 2018, as a result of the adoption of ASU 2016-01 – Financial Instruments, the Company reclassified $2,424,000 of net unrealized gains on marketable securities, that were formerly classified as available-for-sale securities before the adoption of the new standard, from Accumulated Other Comprehensive Income to Retained Earnings. The Company evaluates all marketable securities for other-than-temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. As a result of this standard, management recorded an impairment loss of $7,000 for the quarter, and recorded a loss of $41,000 for the six months ended October 31, 2019. As for the corresponding periods last year, management recorded an impairment loss of $32,000 for both the quarter and six-months ended October 31, 2018. The following table shows the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at October 31, 2019 and April 30, 2019, respectively. Unrealized Loss Breakdown by Investment Type at October 31, 2019 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ — $ — $ 512,000 $ (47,000 ) $ 512,000 $ (47,000 ) REITs — — 59,000 (8,000 ) 59,000 (8,000 ) Equity securities 1,214,000 (66,000 ) 1,819,000 (188,000 ) 3,033,000 (254,000 ) Total $ 1,214,000 $ (66,000 ) $ 2,390,000 $ (243,000 ) $ 3,604,000 $ (309,000 ) Unrealized Loss Breakdown by Investment Type at April 30, 2019 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 772,000 $ (4,000 ) $ 580,000 $ (50,000 ) $ 1,352,000 $ (54,000 ) REITs — — 32,000 (6,000 ) 32,000 (6,000 ) Equity securities 932,000 (102,000 ) 1,652,000 (195,000 ) 2,584,000 (297,000 ) Total $ 1,704,000 $ (106,000 ) $ 2,264,000 $ (251,000 ) $ 3,968,000 $ (357,000 ) Municipal Bonds The unrealized losses on the Company’s investments in municipal bonds were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the Company has the ability to hold these investments until a recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at October 31, 2019. Marketable Equity Securities and REITs The Company’s investments in marketable equity securities and REITs consist of a wide variety of companies. Investments in these companies include growth, growth income, and foreign investment objectives. The individual holdings have been evaluated, and due to management’s plan to hold on to these investments for an extended period, the Company does not consider these investments to be other-than-temporarily impaired at October 31, 2019.

Inventories

Inventories	6 Months Ended
	Oct. 31, 2019
Inventory Disclosure [Abstract]
Inventories	Note 3 Inventories Inventories at October 31, 2019 and April 30, 2019 consisted of the following: October 31, 2019 April 30, 2019 Raw materials $ 4,131,000 $ 3,644,000 Work in process 458,000 389,000 Finished goods 667,000 641,000 5,256,000 4,674,000 Less: allowance for obsolete inventory (93,000 ) (91,000 ) Inventories, net $ 5,163,000 $ 4,583,000

Business Segments

Business Segments	6 Months Ended
	Oct. 31, 2019
Segment Reporting [Abstract]
Business Segments	Note 4 Business Segments The following is financial information relating to industry segments: Three months Six months Three months Six months ended ended ended ended Oct 31, 2019 Oct 31, 2019 Oct 31, 2018 Oct 31, 2018 Net revenue: Security alarm products $ 2,985,000 $ 5,852,000 $ 2,852,000 $ 5,371,000 Cable & wiring tools 571,000 1,071,000 649,000 1,351,000 Other products 154,000 340,000 166,000 374,000 Total net revenue $ 3,710,000 $ 7,263,000 $ 3,667,000 $ 7,096,000 Income from operations: Security alarm products $ 762,000 $ 1,495,000 $ 689,000 $ 1,291,000 Cable & wiring tools 140,000 273,000 157,000 293,000 Other products 44,000 87,000 40,000 75,000 Total income from operations $ 946,000 $ 1,855,000 $ 886,000 $ 1,659,000 Depreciation and amortization: Security alarm products $ 71,000 $ 94,000 $ 10,000 $ 20,000 Cable & wiring tools 31,000 62,000 31,000 62,000 Other products (4,000 ) 16,000 28,000 55,000 Corporate general (4,000 ) 11,000 15,000 30,000 Total depreciation and amortization $ 94,000 $ 183,000 $ 84,000 $ 167,000 Capital expenditures: Security alarm products $ 10,000 $ 179,000 $ — $ — Cable & wiring tools — — — — Other products — — — — Corporate general — — — — Total capital expenditures $ 10,000 $ 179,000 $ — $ — October 31, 2019 April 30, 2019 Identifiable assets: Security alarm products $ 6,351,000 $ 6,179,000 Cable & wiring tools 2,666,000 2,713,000 Other products 835,000 842,000 Corporate general 33,341,000 33,293,000 Total assets $ 43,193,000 $ 43,027,000

Earnings Per Share (Restated)

Earnings Per Share (Restated)	6 Months Ended
	Oct. 31, 2019
Income (Loss) Per Share of Common Stock
Earnings Per Share (Restated)	Note 5 Earnings per Share (Restated) Restated basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented, are: For the Three Months Ended October 31, Originally Adjustment 2019 Restated 2019 Numerator Net income $ 864,000 $ 93,000 $ 957,000 Denominator Weighted average common shares outstanding, basic 4,952,110 — 4,952,110 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,972,610 — 4,972,610 Net Income per share - Basic $ 0.17 $ 0.02 $ 0.19 Income per shares - Diluted $ 0.17 $ 0.02 $ 0.19 For the Six Months Ended October 31, Originally Adjustment 2019 Restated 2019 Numerator Net income $ 1,729,000 $ 203,000 $ 1,932,000 Denominator Weighted average common shares outstanding, basic 4,954,250 — 4,964,250 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,974,750 — 4,974,750 Net Income per share - Basic $ 0.35 $ 0.04 $ 0.39 Income per shares - Diluted $ 0.35 $ 0.04 $ 0.39 For the Three Months Ended October 31, Originally Adjustment 2018 Restated 2018 Numerator Net income $ 768,000 $ (852,000 ) $ (84,000 ) Denominator Weighted average common shares outstanding, basic 4,962,177 — 4,962,177 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,982,677 — 4,982,677 Net Income per share - Basic $ 0.15 $ (0.17 ) $ (0.02 ) Income per shares - Diluted $ 0.15 $ (0.17 ) $ (0.02 ) For the Six Months Ended October 31, Originally Filed 2018 Adjustment 2018 Restated 2018 Numerator Net income $ 1,386,000 $ (544,000 ) $ 842,000 Denominator Weighted average common shares outstanding, basic 4,964,879 — 4,964,879 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,985,379 — 4,985,379 Net Income per share - Basic $ 0.28 $ (0.11 ) $ 0.17 Income per shares - Diluted $ 0.28 $ (0.11 ) $ 0.17

Retirement Benefit Plan

Retirement Benefit Plan	6 Months Ended
	Oct. 31, 2019
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 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 $7,000 and $3,000 were paid during each quarter ending October 31, 2019 and 2018, respectively. Likewise, the Company paid matching contributions of approximately $9,000 and $5,000 during each six-month period ending October 31, 2019 and 2018, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Oct. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7 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 October 31, 2019, our investments consisted of money markets, certificates of deposits (CDs), 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 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. Assets Measured at Fair Value on a Recurring Basis as of Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,437,000 $ — $ 5,437,000 Corporate Bonds 26,000 — — 26,000 REITs — 83,000 — 83,000 Equity Securities 21,064,000 — — 21,064,000 Money Markets and CDs 775,000 — — 775,000 Total fair value of assets measured on a recurring basis $ 21,865,000 $ 5,520,000 $ — $ 27,385,000 Assets Measured at Fair Value on a Recurring Basis as of Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,483,000 $ — $ 5,483,000 Corporate Bonds 26,000 — — 26,000 REITs — 84,000 — 84,000 Equity Securities 20,465,000 — — 20,465,000 Money Markets and CDs 1,233,000 — — 1,233,000 Total fair value of assets measured on a recurring basis $ 21,724,000 $ 5,567,000 $ — $ 27,291,000

Subsequent Events

Subsequent Events	6 Months Ended
	Oct. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 8 Subsequent Events In an update to related party transactions, the Company finalized the purchase of the building that it had previously leased from Bonita Risk on November 22, 2019. Bonita Risk is a director and an employee of the Company and is the majority holder of George Risk Industries, Inc. stock. This building contains the Company’s sales and accounting departments, maintenance department, engineering department and some production facilities. Prior to the purchase, the lease required a minimum payment of $1,535 on a month-to-month basis. The purchase price of the building was $200,000, which was approximately the assessed value of the building at the time of purchase.

Correction of Previously Issued

Correction of Previously Issued Financial Statements	6 Months Ended
	Oct. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Correction of Previously Issued Financial Statements	Note 9 Correction of Previously Issued Financial Statements Subsequent to the issuance of its Quarterly Report on SEC Form 10-Q for the three-and six months periods ended October 31, 2019, the Company discovered an error due to missing a change in accounting related to other comprehensive income (loss) as reflected in the implementation of ASU 2016-01, which became effective for the Company on May 1, 2018. Under the new guidance in ASU 2016-01 the Company should record unrealized gains and losses in the value of the equity securities it owns in the statements of operations, whereas, under previous guidance (and in the Original Form 10-Q) those unrealized gains and losses were recorded as accumulated other comprehensive income (loss). This restatement includes i) recording a one-time adjustment to retained earnings to reclassify the accumulated other comprehensive loss related to unrealized gains on equity securities as of May 1, 2018 and ii) recording unrealized gains on marketable securities representing the value change in the equities for the three-and six months periods ended October 31, 2019 and 2018. No entries to correct for this restatement have any impact on our cash position, liquidity, or operations. The tables below reflect the effect of restatement on the Company’s financial statements for the three and six month periods ending October 31, 2019 and 2018: As of October 31, 2019 Original Adjustment As Restated Balance Sheet Deferred Income Taxes $ 1,286,000 $ (8,000 ) $ 1,278,000 Total Liabilities $ 3,715,000 $ (8,000 ) $ 3,707,000 Accumulated other comprehensive income 2,983,000 (2,933,000 ) 50,000 Retained Earnings 37,893,000 2,941,000 40,834,000 Total stockholder’s Equity $ 39,478,000 $ 8,000 $ 39,486,000 Total liabilities and stockholder’s Equity $ 43,193,000 $ — $ 43,193,000 As of October 31, 2018 Original Adjustment As Restated Balance Sheet Accumulated other comprehensive income $ 1,821,000 $ (1,879,000 ) $ (58,000 ) Retained Earnings 36,246,000 1,881,000 38,127,000 Total Stockholder’s Equity $ 36,748,000 $ 2,000 $ 36,750,000 For the Three Months Ended October 31, 2019 Original Adjustment As Restated Income Statement Unrealized Gain (Loss) on Equity Securities $ — $ 129,000 $ 129,000 Total Other Income (Expense) 177,000 129,000 306,000 Income Before Provisions for Income Taxes 1,123,000 129,000 1,252,000 Provisions for Income Taxes Deferred tax expense (benefit) 1,000 36,000 37,000 Total Income Tax Expense 259,000 36,000 295,000 Net Income $ 864,000 $ 93,000 $ 957,000 Earnings Per Share of Common Stock $ 0.17 $ 0.02 $ 0.19 Basic $ 0.17 $ 0.02 $ 0.19 Diluted For the Six Months Ended October 31, 2019 Original Adjustment As Restated Income Statement Unrealized Gain (Loss) on Equity Securities $ — $ 274,000 $ 274,000 Total Other Income (Expense) $ 420,000 $ 274,000 $ 694,000 Income Before Provisions for Income Taxes 2,275,000 274,000 2,549,000 Deferred tax expense (benefit) (6,000 ) 71,000 65,000 Total Income Tax Expense 546,000 71,000 617,000 Net Income $ 1,729,000 $ 203,000 $ 1,932,000 Earnings Per Share of Common Stock $ 0.35 $ 0.04 $ 0.39 Basic $ 0.35 $ 0.04 $ 0.39 Diluted For the Three Months Ended October 31, 2018 Original Adjustment As Restated Income Statement Unrealized Gain (Loss) on Equity Securities $ — $ (1,197,000 ) $ (1,197,000 ) Total Other Income (Expense) $ 131,000 $ (1,197,000 ) $ (1,066,000 ) Income Before Provisions for Income Taxes 1,017,000 (1,197,000 ) (180,000 ) Deferred tax expense (benefit) (12,000 ) (345,000 ) (357,000 ) Total Income Tax Expense 249,000 (345,000 ) (96,000 ) Net Income $ 768,000 $ (852,000 ) $ (84,000 ) Earnings Per Share of Common Stock $ 0.15 $ (0.17 ) $ (0.02 ) Basic $ 0.15 $ (0.17 ) $ (0.02 ) Diluted For the Six Months Ended October 31, 2018 Original Adjustment As Restated Income Statement Unrealized Gain (Loss) on Equity Securities $ — $ (765,000 ) $ (765,000 ) Total Other Income (Expense) $ 259,000 $ (765,000 ) $ (506,000 ) Income Before Provisions for Income Taxes 1,918,000 (765,000 ) 1,153,000 Deferred tax expense (benefit) 24,000 (221,000 ) (197,000 ) Total Income Tax Expense 532,000 (221,000 ) 311,000 Net Income $ 1,386,000 $ (544,000 ) $ 842,000 Earnings Per Share of Common Stock $ 0.28 $ (0.11 ) $ 0.17 Basic $ 0.28 $ (0.11 ) $ 0.17 Diluted For the Three Months Ended October 31, 2019 Original Adjustment As Restated Statement of Comprehensive Income Net Income $ 864,000 $ 93,000 $ 957,000 Other Comprehensive Income, net of Tax Unrealized gain (loss) on securities Unrealized holding gains (losses) arising during period 241,000 (240,000 ) 1,000 Less: reclassification adjustment for (gains) losses included in net income (111,000 ) 111,000 — Income tax expense (benefit) related to other comprehensive income (37,000 ) 37,000 — Other Comprehensive Income (Loss) $ 93,000 $ (92,000 ) $ 1,000 Comprehensive Income $ 957,000 $ 1,000 $ 958,000 For the Six Months Ended October 31, 2019 Original Adjustment As Restated Statement of Comprehensive Income Net Income $ 1,729,000 $ 203,000 $ 1,932,000 Other Comprehensive Income, net of Tax Unrealized gain (loss) on securities Unrealized holding gains arising during period 565,000 (515,000 ) 50,000 Less: reclassification adjustment for (gains) losses included in net income (240,000 ) 240,000 — Income tax expense related to other comprehensive income (94,000 ) 80,000 (14,000 ) Other Comprehensive Income (Loss) $ 231,000 $ (195,000 ) $ 36,000 Comprehensive Income $ 1,960,000 $ 8,000 $ 1,968,000 For the Three Months Ended October 31, 2018 Original Adjustment As Restated Statement of Comprehensive Income Net Income (Loss) $ 768,000 $ (852,000 ) $ (84,000 ) Other Comprehensive Income (Loss), net of Tax Unrealized gain (loss) on securities Unrealized holding gains (Loss) arising during period (1,245,000 ) 1,190,000 (55,000 ) Less: reclassification adjustment for (gains) losses included in net income (7,000 ) 7,000 — Income tax expense related to other comprehensive income 361,000 (346,000 ) 15,000 Other Comprehensive Income (Loss) $ (891,000 ) $ 851,000 $ (40,000 ) Comprehensive Loss $ (123,000 ) $ (1,000 ) $ (124,000 ) For the Six Months Ended October 31, 2018 Original Adjustment As Restated Statement of Comprehensive Income Net Income $ 1,386,000 $ (544,000 ) $ 842,000 Other Comprehensive Income, net of Tax Unrealized gain (loss) on securities Unrealized holding gains arising during period (638,000 ) 803,000 165,000 Less: reclassification adjustment for (gains) losses included in net income 37,000 (37,000 ) — Income tax expense related to other comprehensive income 173,000 (221,000 ) (48,000 ) Other Comprehensive Income (Loss) $ (428,000 ) $ 545,000 $ 117,000 Comprehensive Income (Loss) $ 958,000 $ 1,000 $ 959,000 Original Adjustment As Restated Statement of Stockholders’ Equity Balance, July 31, 2019 $ 40,504,000 $ 7,000 $ 40,511,000 Purchase of common stock (2,000 ) 1,000 (1,000 ) Dividend declared at $0.40 per common share outstanding (1,981,000 ) (1,000 ) (1,982,000 ) Unrealized gain (loss), net of tax effect 93,000 (92,000 ) 1,000 Net Income 864,000 93,000 957,000 Balance, October 31, 2019 $ 39,478,000 $ 8,000 $ 39,486,000 Original Adjustment As Restated Statement of Stockholders’ Equity Balance, July 31, 2018 $ 38,806,000 $ 1,000 $ 38,807,000 Purchase of common stock (49,000 ) — (49,000 ) Dividend declared at $0.38 per common share outstanding (1,886,000 ) 1,000 (1,885,000 ) Unrealized gain (loss), net of tax effect (891,000 ) 851,000 (40,000 ) Net Income 768,000 (851,000 ) (83,000 ) Balance, October 31, 2018 $ 36,748,000 $ 2,000 $ 36,750,000 Original Adjustment As Restated Statement of Stockholders’ Equity Balance, April 30, 2019 $ 39,553,000 $ — $ 39,553,000 Purchase of common stock (54,000 ) — (54,000 ) Dividend declared at $0.40 per common share outstanding (1,981,000 ) — (1,981,000 ) Unrealized gain (loss), net of tax effect 231,000 (195,000 ) 36,000 Net Income 1,729,000 203,000 1,932,000 Balance, October 31, 2019 $ 39,478,000 $ 8,000 $ 39,486,000 Original Adjustment As Restated Statement of Stockholders’ Equity Balance, April 30, 2018 $ 37,730,000 $ — $ 37,730,000 Purchase of common stock (54,000 ) — (54,000 ) Dividend declared at $0.38 per common share outstanding (1,886,000 ) 1,000 (1,885,000 ) Unrealized gain (loss), net of tax effect (428,000 ) 545,000 117,000 Net Income 1,386,000 (544,000 ) 842,000 Balance, October 31, 2018 $ 36,748,000 $ 2,000 $ 36,750,000 For the Six Months Ended October 31, 2019 Original Adjustment As Restated Statement of Cash Flows Cash Flows From Operating Activities Net Income $ 1,729,000 $ 203,000 $ 1,932,000 Adjustment to reconcile net income to net cash provided operating activities Unrealized (gain) loss on equity securities — (274,000 ) (274,000 ) Deferred income taxes (6,000 ) 71,000 65,000 Net cash provided by (used in) operating activities $ 2,111,000 $ — $ 2,111,000 For the Six Months Ended October 31, 2018 Original Adjustment As Restated Statement of Cash Flows Cash Flows From Operating Activities Net Income $ 1,386,000 $ (544,000 ) $ 842,000 Adjustment to reconcile net income to net cash provided operating activities Unrealized (gain) loss on equity securities — 765,000 765,000 Deferred income taxes 25,000 (222,000 ) (197,000 ) Net cash provided by (used in) operating activities $ 1,172,000 $ — $ 1,172,000 For the Three Months Ended October 31, Originally Filed 2019 Adjustment 2019 Restated 2019 Numerator Net income $ 864,000 $ 93,000 $ 957,000 Denominator Weighted average common shares outstanding, basic 4,952,110 — 4,952,110 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,972,610 — 4,972,610 Net Income per share - Basic $ 0.17 $ 0.02 $ 0.19 Income per shares - Diluted $ 0.17 $ 0.02 $ 0.19 For the Six Months Ended October 31, Originally Filed 2019 Adjustment Restated Numerator Net income $ 1,729,000 $ 203,000 $ 1,932,000 Denominator Weighted average common shares outstanding, basic 4,954,250 — 4,964,250 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,974,750 — 4,974,750 Net Income per share - Basic $ 0.35 $ 0.04 $ 0.39 Income per shares - Diluted $ 0.35 $ 0.04 $ 0.39 For the Three Months Ended October 31, Originally Filed 2018 Adjustment 2018 Restated 2018 Numerator Net income $ 768,000 $ (852,000 ) $ (84,000 ) Denominator Weighted average common shares outstanding, basic 4,962,177 — 4,962,177 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,982,677 — 4,982,677 Net Income per share - Basic $ 0.15 $ (0.17 ) $ (0.02 ) Income per shares - Diluted $ 0.15 $ (0.17 ) $ (0.02 ) For the Six Months Ended October 31, Originally Filed 2018 Adjustment 2018 Restated 2018 Numerator Net income $ 1,386,000 $ (544,000 ) $ 842,000 Denominator Weighted average common shares outstanding, basic 4,964,879 — 4,964,879 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,985,379 — 4,985,379 Net Income per share - Basic $ 0.28 $ (0.11 ) $ 0.17 Income per shares - Diluted $ 0.28 $ (0.11 ) $ 0.17

Investments (Restated) (Tables)

Investments (Restated) (Tables)	6 Months Ended
	Oct. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments	As of October 31, 2019 and April 30, 2019, investments consisted of the following: Gross Gross Investments at Cost Unrealized Unrealized Fair October 31, 2019 Basis Gains Losses Value Municipal bonds $ 5,362,000 122,000 (47,000 ) 5,437,000 Corporate bonds 26,000 — — 26,000 REITs 89,000 2,000 (8,000 ) 83,000 Equity securities 16,943,000 4,375,000 (254,000 ) 21,064,000 Money markets and CDs 774,000 1,000 — 775,000 Total $ 23,194,000 $ 4,500,000 $ (309,000 ) $ 27,385,000 Gross Gross Investments at Cost Unrealized Unrealized Fair April 30, 2019 Basis Gains Losses Value Municipal bonds $ 5,459,000 $ 79,000 $ (55,000 ) $ 5,483,000 Corporate bonds 26,000 — — 26,000 REITs 89,000 1,000 (6,000 ) 84,000 Equity securities 16,618,000 4,143,000 (296,000 ) 20,465,000 Money markets and CDs 1,233,000 — — 1,233,000 Total $ 23,425,000 $ 4,223,000 $ (357,000 ) $ 27,291,000
Schedule of Unrealized Loss Breakdown by Investment	The following table shows the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at October 31, 2019 and April 30, 2019, respectively. Unrealized Loss Breakdown by Investment Type at October 31, 2019 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ — $ — $ 512,000 $ (47,000 ) $ 512,000 $ (47,000 ) REITs — — 59,000 (8,000 ) 59,000 (8,000 ) Equity securities 1,214,000 (66,000 ) 1,819,000 (188,000 ) 3,033,000 (254,000 ) Total $ 1,214,000 $ (66,000 ) $ 2,390,000 $ (243,000 ) $ 3,604,000 $ (309,000 ) Unrealized Loss Breakdown by Investment Type at April 30, 2019 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 772,000 $ (4,000 ) $ 580,000 $ (50,000 ) $ 1,352,000 $ (54,000 ) REITs — — 32,000 (6,000 ) 32,000 (6,000 ) Equity securities 932,000 (102,000 ) 1,652,000 (195,000 ) 2,584,000 (297,000 ) Total $ 1,704,000 $ (106,000 ) $ 2,264,000 $ (251,000 ) $ 3,968,000 $ (357,000 )

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Oct. 31, 2019
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories at October 31, 2019 and April 30, 2019 consisted of the following: October 31, 2019 April 30, 2019 Raw materials $ 4,131,000 $ 3,644,000 Work in process 458,000 389,000 Finished goods 667,000 641,000 5,256,000 4,674,000 Less: allowance for obsolete inventory (93,000 ) (91,000 ) Inventories, net $ 5,163,000 $ 4,583,000

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Oct. 31, 2019
Segment Reporting [Abstract]
Schedule of Financial Information Relating to Industry Segments	The following is financial information relating to industry segments: Three months Six months Three months Six months ended ended ended ended Oct 31, 2019 Oct 31, 2019 Oct 31, 2018 Oct 31, 2018 Net revenue: Security alarm products $ 2,985,000 $ 5,852,000 $ 2,852,000 $ 5,371,000 Cable & wiring tools 571,000 1,071,000 649,000 1,351,000 Other products 154,000 340,000 166,000 374,000 Total net revenue $ 3,710,000 $ 7,263,000 $ 3,667,000 $ 7,096,000 Income from operations: Security alarm products $ 762,000 $ 1,495,000 $ 689,000 $ 1,291,000 Cable & wiring tools 140,000 273,000 157,000 293,000 Other products 44,000 87,000 40,000 75,000 Total income from operations $ 946,000 $ 1,855,000 $ 886,000 $ 1,659,000 Depreciation and amortization: Security alarm products $ 71,000 $ 94,000 $ 10,000 $ 20,000 Cable & wiring tools 31,000 62,000 31,000 62,000 Other products (4,000 ) 16,000 28,000 55,000 Corporate general (4,000 ) 11,000 15,000 30,000 Total depreciation and amortization $ 94,000 $ 183,000 $ 84,000 $ 167,000 Capital expenditures: Security alarm products $ 10,000 $ 179,000 $ — $ — Cable & wiring tools — — — — Other products — — — — Corporate general — — — — Total capital expenditures $ 10,000 $ 179,000 $ — $ — October 31, 2019 April 30, 2019 Identifiable assets: Security alarm products $ 6,351,000 $ 6,179,000 Cable & wiring tools 2,666,000 2,713,000 Other products 835,000 842,000 Corporate general 33,341,000 33,293,000 Total assets $ 43,193,000 $ 43,027,000

Earnings Per Share (Restated) (

Earnings Per Share (Restated) (Tables)	6 Months Ended
	Oct. 31, 2019
Income (Loss) Per Share of Common Stock
Schedule of Basic and Diluted Earnings Per Share	Restated basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented, are: For the Three Months Ended October 31, Originally Adjustment 2019 Restated 2019 Numerator Net income $ 864,000 $ 93,000 $ 957,000 Denominator Weighted average common shares outstanding, basic 4,952,110 — 4,952,110 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,972,610 — 4,972,610 Net Income per share - Basic $ 0.17 $ 0.02 $ 0.19 Income per shares - Diluted $ 0.17 $ 0.02 $ 0.19 For the Six Months Ended October 31, Originally Adjustment 2019 Restated 2019 Numerator Net income $ 1,729,000 $ 203,000 $ 1,932,000 Denominator Weighted average common shares outstanding, basic 4,954,250 — 4,964,250 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,974,750 — 4,974,750 Net Income per share - Basic $ 0.35 $ 0.04 $ 0.39 Income per shares - Diluted $ 0.35 $ 0.04 $ 0.39 For the Three Months Ended October 31, Originally Adjustment 2018 Restated 2018 Numerator Net income $ 768,000 $ (852,000 ) $ (84,000 ) Denominator Weighted average common shares outstanding, basic 4,962,177 — 4,962,177 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,982,677 — 4,982,677 Net Income per share - Basic $ 0.15 $ (0.17 ) $ (0.02 ) Income per shares - Diluted $ 0.15 $ (0.17 ) $ (0.02 ) For the Six Months Ended October 31, Originally Filed 2018 Adjustment 2018 Restated 2018 Numerator Net income $ 1,386,000 $ (544,000 ) $ 842,000 Denominator Weighted average common shares outstanding, basic 4,964,879 — 4,964,879 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,985,379 — 4,985,379 Net Income per share - Basic $ 0.28 $ (0.11 ) $ 0.17 Income per shares - Diluted $ 0.28 $ (0.11 ) $ 0.17

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Oct. 31, 2019
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. Assets Measured at Fair Value on a Recurring Basis as of Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,437,000 $ — $ 5,437,000 Corporate Bonds 26,000 — — 26,000 REITs — 83,000 — 83,000 Equity Securities 21,064,000 — — 21,064,000 Money Markets and CDs 775,000 — — 775,000 Total fair value of assets measured on a recurring basis $ 21,865,000 $ 5,520,000 $ — $ 27,385,000 Assets Measured at Fair Value on a Recurring Basis as of Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,483,000 $ — $ 5,483,000 Corporate Bonds 26,000 — — 26,000 REITs — 84,000 — 84,000 Equity Securities 20,465,000 — — 20,465,000 Money Markets and CDs 1,233,000 — — 1,233,000 Total fair value of assets measured on a recurring basis $ 21,724,000 $ 5,567,000 $ — $ 27,291,000

Correction of Previously Issu_2

Correction of Previously Issued Financial Statements (Tables)	6 Months Ended
	Oct. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Schedule of Restatement of Financial Statements	The tables below reflect the effect of restatement on the Company’s financial statements for the three and six month periods ending October 31, 2019 and 2018: As of October 31, 2019 Original Adjustment As Restated Balance Sheet Deferred Income Taxes $ 1,286,000 $ (8,000 ) $ 1,278,000 Total Liabilities $ 3,715,000 $ (8,000 ) $ 3,707,000 Accumulated other comprehensive income 2,983,000 (2,933,000 ) 50,000 Retained Earnings 37,893,000 2,941,000 40,834,000 Total stockholder’s Equity $ 39,478,000 $ 8,000 $ 39,486,000 Total liabilities and stockholder’s Equity $ 43,193,000 $ — $ 43,193,000 As of October 31, 2018 Original Adjustment As Restated Balance Sheet Accumulated other comprehensive income $ 1,821,000 $ (1,879,000 ) $ (58,000 ) Retained Earnings 36,246,000 1,881,000 38,127,000 Total Stockholder’s Equity $ 36,748,000 $ 2,000 $ 36,750,000 For the Three Months Ended October 31, 2019 Original Adjustment As Restated Income Statement Unrealized Gain (Loss) on Equity Securities $ — $ 129,000 $ 129,000 Total Other Income (Expense) 177,000 129,000 306,000 Income Before Provisions for Income Taxes 1,123,000 129,000 1,252,000 Provisions for Income Taxes Deferred tax expense (benefit) 1,000 36,000 37,000 Total Income Tax Expense 259,000 36,000 295,000 Net Income $ 864,000 $ 93,000 $ 957,000 Earnings Per Share of Common Stock $ 0.17 $ 0.02 $ 0.19 Basic $ 0.17 $ 0.02 $ 0.19 Diluted For the Six Months Ended October 31, 2019 Original Adjustment As Restated Income Statement Unrealized Gain (Loss) on Equity Securities $ — $ 274,000 $ 274,000 Total Other Income (Expense) $ 420,000 $ 274,000 $ 694,000 Income Before Provisions for Income Taxes 2,275,000 274,000 2,549,000 Deferred tax expense (benefit) (6,000 ) 71,000 65,000 Total Income Tax Expense 546,000 71,000 617,000 Net Income $ 1,729,000 $ 203,000 $ 1,932,000 Earnings Per Share of Common Stock $ 0.35 $ 0.04 $ 0.39 Basic $ 0.35 $ 0.04 $ 0.39 Diluted For the Three Months Ended October 31, 2018 Original Adjustment As Restated Income Statement Unrealized Gain (Loss) on Equity Securities $ — $ (1,197,000 ) $ (1,197,000 ) Total Other Income (Expense) $ 131,000 $ (1,197,000 ) $ (1,066,000 ) Income Before Provisions for Income Taxes 1,017,000 (1,197,000 ) (180,000 ) Deferred tax expense (benefit) (12,000 ) (345,000 ) (357,000 ) Total Income Tax Expense 249,000 (345,000 ) (96,000 ) Net Income $ 768,000 $ (852,000 ) $ (84,000 ) Earnings Per Share of Common Stock $ 0.15 $ (0.17 ) $ (0.02 ) Basic $ 0.15 $ (0.17 ) $ (0.02 ) Diluted For the Six Months Ended October 31, 2018 Original Adjustment As Restated Income Statement Unrealized Gain (Loss) on Equity Securities $ — $ (765,000 ) $ (765,000 ) Total Other Income (Expense) $ 259,000 $ (765,000 ) $ (506,000 ) Income Before Provisions for Income Taxes 1,918,000 (765,000 ) 1,153,000 Deferred tax expense (benefit) 24,000 (221,000 ) (197,000 ) Total Income Tax Expense 532,000 (221,000 ) 311,000 Net Income $ 1,386,000 $ (544,000 ) $ 842,000 Earnings Per Share of Common Stock $ 0.28 $ (0.11 ) $ 0.17 Basic $ 0.28 $ (0.11 ) $ 0.17 Diluted For the Three Months Ended October 31, 2019 Original Adjustment As Restated Statement of Comprehensive Income Net Income $ 864,000 $ 93,000 $ 957,000 Other Comprehensive Income, net of Tax Unrealized gain (loss) on securities Unrealized holding gains (losses) arising during period 241,000 (240,000 ) 1,000 Less: reclassification adjustment for (gains) losses included in net income (111,000 ) 111,000 — Income tax expense (benefit) related to other comprehensive income (37,000 ) 37,000 — Other Comprehensive Income (Loss) $ 93,000 $ (92,000 ) $ 1,000 Comprehensive Income $ 957,000 $ 1,000 $ 958,000 For the Six Months Ended October 31, 2019 Original Adjustment As Restated Statement of Comprehensive Income Net Income $ 1,729,000 $ 203,000 $ 1,932,000 Other Comprehensive Income, net of Tax Unrealized gain (loss) on securities Unrealized holding gains arising during period 565,000 (515,000 ) 50,000 Less: reclassification adjustment for (gains) losses included in net income (240,000 ) 240,000 — Income tax expense related to other comprehensive income (94,000 ) 80,000 (14,000 ) Other Comprehensive Income (Loss) $ 231,000 $ (195,000 ) $ 36,000 Comprehensive Income $ 1,960,000 $ 8,000 $ 1,968,000 For the Three Months Ended October 31, 2018 Original Adjustment As Restated Statement of Comprehensive Income Net Income (Loss) $ 768,000 $ (852,000 ) $ (84,000 ) Other Comprehensive Income (Loss), net of Tax Unrealized gain (loss) on securities Unrealized holding gains (Loss) arising during period (1,245,000 ) 1,190,000 (55,000 ) Less: reclassification adjustment for (gains) losses included in net income (7,000 ) 7,000 — Income tax expense related to other comprehensive income 361,000 (346,000 ) 15,000 Other Comprehensive Income (Loss) $ (891,000 ) $ 851,000 $ (40,000 ) Comprehensive Loss $ (123,000 ) $ (1,000 ) $ (124,000 ) For the Six Months Ended October 31, 2018 Original Adjustment As Restated Statement of Comprehensive Income Net Income $ 1,386,000 $ (544,000 ) $ 842,000 Other Comprehensive Income, net of Tax Unrealized gain (loss) on securities Unrealized holding gains arising during period (638,000 ) 803,000 165,000 Less: reclassification adjustment for (gains) losses included in net income 37,000 (37,000 ) — Income tax expense related to other comprehensive income 173,000 (221,000 ) (48,000 ) Other Comprehensive Income (Loss) $ (428,000 ) $ 545,000 $ 117,000 Comprehensive Income (Loss) $ 958,000 $ 1,000 $ 959,000 Original Adjustment As Restated Statement of Stockholders’ Equity Balance, July 31, 2019 $ 40,504,000 $ 7,000 $ 40,511,000 Purchase of common stock (2,000 ) 1,000 (1,000 ) Dividend declared at $0.40 per common share outstanding (1,981,000 ) (1,000 ) (1,982,000 ) Unrealized gain (loss), net of tax effect 93,000 (92,000 ) 1,000 Net Income 864,000 93,000 957,000 Balance, October 31, 2019 $ 39,478,000 $ 8,000 $ 39,486,000 Original Adjustment As Restated Statement of Stockholders’ Equity Balance, July 31, 2018 $ 38,806,000 $ 1,000 $ 38,807,000 Purchase of common stock (49,000 ) — (49,000 ) Dividend declared at $0.38 per common share outstanding (1,886,000 ) 1,000 (1,885,000 ) Unrealized gain (loss), net of tax effect (891,000 ) 851,000 (40,000 ) Net Income 768,000 (851,000 ) (83,000 ) Balance, October 31, 2018 $ 36,748,000 $ 2,000 $ 36,750,000 Original Adjustment As Restated Statement of Stockholders’ Equity Balance, April 30, 2019 $ 39,553,000 $ — $ 39,553,000 Purchase of common stock (54,000 ) — (54,000 ) Dividend declared at $0.40 per common share outstanding (1,981,000 ) — (1,981,000 ) Unrealized gain (loss), net of tax effect 231,000 (195,000 ) 36,000 Net Income 1,729,000 203,000 1,932,000 Balance, October 31, 2019 $ 39,478,000 $ 8,000 $ 39,486,000 Original Adjustment As Restated Statement of Stockholders’ Equity Balance, April 30, 2018 $ 37,730,000 $ — $ 37,730,000 Purchase of common stock (54,000 ) — (54,000 ) Dividend declared at $0.38 per common share outstanding (1,886,000 ) 1,000 (1,885,000 ) Unrealized gain (loss), net of tax effect (428,000 ) 545,000 117,000 Net Income 1,386,000 (544,000 ) 842,000 Balance, October 31, 2018 $ 36,748,000 $ 2,000 $ 36,750,000 For the Six Months Ended October 31, 2019 Original Adjustment As Restated Statement of Cash Flows Cash Flows From Operating Activities Net Income $ 1,729,000 $ 203,000 $ 1,932,000 Adjustment to reconcile net income to net cash provided operating activities Unrealized (gain) loss on equity securities — (274,000 ) (274,000 ) Deferred income taxes (6,000 ) 71,000 65,000 Net cash provided by (used in) operating activities $ 2,111,000 $ — $ 2,111,000 For the Six Months Ended October 31, 2018 Original Adjustment As Restated Statement of Cash Flows Cash Flows From Operating Activities Net Income $ 1,386,000 $ (544,000 ) $ 842,000 Adjustment to reconcile net income to net cash provided operating activities Unrealized (gain) loss on equity securities — 765,000 765,000 Deferred income taxes 25,000 (222,000 ) (197,000 ) Net cash provided by (used in) operating activities $ 1,172,000 $ — $ 1,172,000 For the Three Months Ended October 31, Originally Filed 2019 Adjustment 2019 Restated 2019 Numerator Net income $ 864,000 $ 93,000 $ 957,000 Denominator Weighted average common shares outstanding, basic 4,952,110 — 4,952,110 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,972,610 — 4,972,610 Net Income per share - Basic $ 0.17 $ 0.02 $ 0.19 Income per shares - Diluted $ 0.17 $ 0.02 $ 0.19 For the Six Months Ended October 31, Originally Filed 2019 Adjustment Restated Numerator Net income $ 1,729,000 $ 203,000 $ 1,932,000 Denominator Weighted average common shares outstanding, basic 4,954,250 — 4,964,250 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,974,750 — 4,974,750 Net Income per share - Basic $ 0.35 $ 0.04 $ 0.39 Income per shares - Diluted $ 0.35 $ 0.04 $ 0.39 For the Three Months Ended October 31, Originally Filed 2018 Adjustment 2018 Restated 2018 Numerator Net income $ 768,000 $ (852,000 ) $ (84,000 ) Denominator Weighted average common shares outstanding, basic 4,962,177 — 4,962,177 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,982,677 — 4,982,677 Net Income per share - Basic $ 0.15 $ (0.17 ) $ (0.02 ) Income per shares - Diluted $ 0.15 $ (0.17 ) $ (0.02 ) For the Six Months Ended October 31, Originally Filed 2018 Adjustment 2018 Restated 2018 Numerator Net income $ 1,386,000 $ (544,000 ) $ 842,000 Denominator Weighted average common shares outstanding, basic 4,964,879 — 4,964,879 Convertible Preferred Stock 20,500 — 20,500 Weighted average common shares outstanding, diluted 4,985,379 — 4,985,379 Net Income per share - Basic $ 0.28 $ (0.11 ) $ 0.17 Income per shares - Diluted $ 0.28 $ (0.11 ) $ 0.17

Investments (Restated) (Details

Investments (Restated) (Details Narrative) - USD ($)	May 02, 2018	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Available-for-sale debt securities maturity year description				Available-for-sale investments in debt securities mature between November 2019 and September 2042.
Reclassified net unrealized gains on marketable securities	$ 2,424,000
Impairment loss		$ 7,000	$ 32,000	$ 41,000	$ 32,000

Investments (Restated) - Schedu

Investments (Restated) - Schedule of Investments (Details) - USD ($)	6 Months Ended	12 Months Ended
	Oct. 31, 2019	Apr. 30, 2019
Cost Basis	$ 23,194,000	$ 23,425,000
Gross Unrealized Gains	4,500,000	4,223,000
Gross Unrealized Losses	(309,000)	(357,000)
Fair Value	27,385,000	27,291,000
Municipal Bonds [Member]
Cost Basis	5,362,000	5,459,000
Gross Unrealized Gains	122,000	79,000
Gross Unrealized Losses	(47,000)	(55,000)
Fair Value	5,437,000	5,483,000
Corporate Bonds [Member]
Cost Basis	26,000	26,000
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value	26,000	26,000
REITs [Member]
Cost Basis	89,000	89,000
Gross Unrealized Gains	2,000	1,000
Gross Unrealized Losses	(8,000)	(6,000)
Fair Value	83,000	84,000
Equity Securities [Member]
Cost Basis	16,943,000	16,618,000
Gross Unrealized Gains	4,375,000	4,143,000
Gross Unrealized Losses	(254,000)	(296,000)
Fair Value	21,064,000	20,465,000
Money Markets and CDs [Member]
Cost Basis	774,000	1,233,000
Gross Unrealized Gains	1,000
Gross Unrealized Losses
Fair Value	$ 775,000	$ 1,233,000

Investments (Restated) - Sche_2

Investments (Restated) - Schedule of Unrealized Loss Breakdown by Investment (Details) - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Less than 12 months Fair Value	$ 1,214,000	$ 1,704,000
Less than 12 months Unrealized Loss	(66,000)	(106,000)
12 months or greater Fair Value	2,390,000	2,264,000
12 months or greater Unrealized Loss	(243,000)	(251,000)
Total Fair Value	3,604,000	3,968,000
Total Unrealized Loss	(309,000)	(357,000)
Municipal Bonds [Member]
Less than 12 months Fair Value		772,000
Less than 12 months Unrealized Loss		(4,000)
12 months or greater Fair Value	512,000	580,000
12 months or greater Unrealized Loss	(47,000)	(50,000)
Total Fair Value	512,000	1,352,000
Total Unrealized Loss	(47,000)	(54,000)
REITs [Member]
Less than 12 months Fair Value
Less than 12 months Unrealized Loss
12 months or greater Fair Value	59,000	32,000
12 months or greater Unrealized Loss	(8,000)	(6,000)
Total Fair Value	59,000	32,000
Total Unrealized Loss	(8,000)	(6,000)
Equity Securities [Member]
Less than 12 months Fair Value	1,214,000	932,000
Less than 12 months Unrealized Loss	(66,000)	(102,000)
12 months or greater Fair Value	1,819,000	1,652,000
12 months or greater Unrealized Loss	(188,000)	(195,000)
Total Fair Value	3,033,000	2,584,000
Total Unrealized Loss	$ (254,000)	$ (297,000)

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 4,131,000	$ 3,644,000
Work in process	458,000	389,000
Finished goods	667,000	641,000
Inventory gross	5,256,000	4,674,000
Less: allowance for obsolete inventory	(93,000)	(91,000)
Inventories, net	$ 5,163,000	$ 4,583,000

Business Segments - Schedule of

Business Segments - Schedule of Financial Information Relating to Industry Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018	Apr. 30, 2019
Total net revenue	$ 3,710,000	$ 3,667,000	$ 7,263,000	$ 7,096,000
Total income from operations	946,000	886,000	1,855,000	1,659,000
Total depreciation and amortization	94,000	84,000	183,000	167,000
Total capital expenditures	10,000		179,000
Total assets	43,193,000		43,193,000		$ 43,027,000
Security Alarm Products [Member]
Total net revenue	2,985,000	2,852,000	5,852,000	5,371,000
Total income from operations	762,000	689,000	1,495,000	1,291,000
Total depreciation and amortization	71,000	10,000	94,000	20,000
Total capital expenditures	10,000		179,000
Total assets	6,351,000		6,351,000		6,179,000
Cable & Wiring Tools [Member]
Total net revenue	571,000	649,000	1,071,000	1,351,000
Total income from operations	140,000	157,000	273,000	293,000
Total depreciation and amortization	31,000	31,000	62,000	62,000
Total capital expenditures
Total assets	2,666,000		2,666,000		2,713,000
Other Products [Member]
Total net revenue	154,000	166,000	340,000	374,000
Total income from operations	44,000	40,000	87,000	75,000
Total depreciation and amortization	(4,000)	28,000	16,000	55,000
Total capital expenditures
Total assets	835,000		835,000		842,000
Corporate General [Member]
Total depreciation and amortization	(4,000)	15,000	11,000	30,000
Total capital expenditures
Total assets	$ 33,341,000		$ 33,341,000		$ 33,293,000

Earnings Per Share (Restated) -

Earnings Per Share (Restated) - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Net income	$ 957,000	$ (84,000)	$ 1,932,000	$ 842,000
Weighted average common shares outstanding, basic	4,952,110	4,962,177	4,954,250	4,964,879
Convertible Preferred Stock	20,500	20,500	20,500	20,500
Weighted average common shares outstanding, diluted	4,972,610	4,982,677	4,974,750	4,985,379
Net Income per share - Basic	$ 0.19	$ (0.02)	$ 0.39	$ 0.17
Income per shares - Diluted	$ 0.19	$ (0.02)	$ 0.39	$ 0.17
Original [Member]
Net income	$ 864,000	$ 768,000	$ 1,729,000	$ 1,386,000
Weighted average common shares outstanding, basic	4,952,110	4,962,177	4,954,250	4,964,879
Convertible Preferred Stock	20,500	20,500	20,500	20,500
Weighted average common shares outstanding, diluted	4,972,610	4,982,677	4,974,750	4,985,379
Net Income per share - Basic	$ 0.17	$ 0.15	$ 0.35	$ 0.28
Income per shares - Diluted	$ 0.17	$ 0.15	$ 0.35	$ 0.28
Adjustment [Member]
Net income	$ 93,000	$ (852,000)	$ 203,000	$ (544,000)
Weighted average common shares outstanding, basic
Convertible Preferred Stock
Weighted average common shares outstanding, diluted
Net Income per share - Basic	$ 0.02	$ (0.17)	$ 0.04	$ (0.11)
Income per shares - Diluted	$ 0.02	$ (0.17)	$ 0.04	$ (0.11)

Retirement Benefit Plan (Detail

Retirement Benefit Plan (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Retirement Benefits [Abstract]
Employees matching contributions	$ 7,000	$ 3,000	$ 9,000	$ 5,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	$ 27,385,000	$ 27,291,000
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	5,437,000	5,483,000
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	26,000	26,000
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	83,000	84,000
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	21,064,000	20,465,000
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	775,000	1,233,000
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	21,865,000	21,724,000
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	26,000	26,000
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	21,064,000	20,465,000
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	775,000	1,233,000
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	5,520,000	5,567,000
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	5,437,000	5,483,000
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	83,000	84,000
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

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Nov. 22, 2019	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Purchase of building		$ 10,000		$ 179,000
Subsequent Event [Member] | Building [Member]
Purchase of building	$ 200,000
Subsequent Event [Member] | Month-to-Month Basis [Member]
Minimum lease payment	$ 1,535

Correction of Previously Issu_3

Correction of Previously Issued Financial Statements - Schedule of Restatement of Financial Statements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Apr. 30, 2019	Oct. 31, 2018
Deferred Income Taxes					$ 1,278,000	$ 1,198,000
Total Liabilities					3,707,000	3,474,000
Accumulated other comprehensive income					50,000	14,000	$ (58,000)
Retained Earnings					40,834,000	40,883,000	38,127,000
Total stockholder's Equity	$ 40,511,000	$ 38,807,000	$ 39,486,000	$ 36,750,000	39,486,000	39,553,000	36,750,000
Total liabilities and stockholder's Equity					43,193,000	43,027,000
Unrealized Gain (Loss) on Equity Securities	129,000	(1,197,000)	274,000	(765,000)
Total Other Income (Expense)	306,000	(1,066,000)	694,000	(506,000)
Income Before Provisions for Income Taxes	1,252,000	(180,000)	2,549,000	1,153,000
Deferred tax expense (benefit)	37,000	(357,000)	65,000	(197,000)
Total Income Tax Expense	295,000	(96,000)	617,000	311,000
Net Income	$ 957,000	$ (84,000)	$ 1,932,000	$ 842,000
Earnings Per Share of Common Stock Basic	$ 0.19	$ (0.02)	$ 0.39	$ 0.17
Earnings Per Share of Common Stock Diluted	$ 0.19	$ (0.02)	$ 0.39	$ 0.17
Unrealized holding gains (Loss) arising during period	$ 1,000	$ (55,000)	$ 50,000	$ 165,000
Less: reclassification adjustment for (gains) losses included in net income
Income tax expense related to other comprehensive income		15,000	(14,000)	(48,000)
Other Comprehensive Income (Loss)	1,000	(40,000)	36,000	117,000
Comprehensive Loss	958,000	(124,000)	1,968,000	(959,000)
Balance	40,511,000	38,807,000	39,553,000	37,730,000
Purchase of common stock	(1,000)	(49,000)	(54,000)	(54,000)
Dividend declared at $0.40 per common share outstanding	(1,982,000)	(1,885,000)	(1,981,000)	(1,885,000)
Unrealized gain (loss), net of tax effect	1,000	(40,000)	36,000	117,000
Balance	$ 39,486,000	$ 36,750,000	39,486,000	36,750,000
Net cash provided by (used in) operating activities			$ 2,111,000	$ 1,172,000
Weighted average common shares outstanding, basic	4,952,110	4,962,177	4,954,250	4,964,879
Convertible Preferred Stock	20,500	20,500	20,500	20,500
Weighted average common shares outstanding, diluted	4,972,610	4,982,677	4,974,750	4,985,379
Original [Member]
Deferred Income Taxes					1,286,000
Total Liabilities					3,715,000
Accumulated other comprehensive income					2,983,000		1,821,000
Retained Earnings					37,893,000		36,246,000
Total stockholder's Equity	$ 40,504,000	$ 38,806,000	$ 39,553,000	$ 37,730,000	39,478,000	39,553,000	36,748,000
Total liabilities and stockholder's Equity					43,193,000
Unrealized Gain (Loss) on Equity Securities
Total Other Income (Expense)	177,000	131,000	420,000	259,000
Income Before Provisions for Income Taxes	1,123,000	1,017,000	2,275,000	1,918,000
Deferred tax expense (benefit)	1,000	(12,000)	(6,000)	24,000
Total Income Tax Expense	259,000	249,000	546,000	532,000
Net Income	$ 864,000	$ 768,000	$ 1,729,000	$ 1,386,000
Earnings Per Share of Common Stock Basic	$ 0.17	$ 0.15	$ 0.35	$ 0.28
Earnings Per Share of Common Stock Diluted	$ 0.17	$ 0.15	$ 0.35	$ 0.28
Unrealized holding gains (Loss) arising during period	$ 241,000	$ (1,245,000)	$ 565,000	$ (638,000)
Less: reclassification adjustment for (gains) losses included in net income	(111,000)	(7,000)	(240,000)	37,000
Income tax expense related to other comprehensive income	(37,000)	361,000	(94,000)	173,000
Other Comprehensive Income (Loss)	93,000	(891,000)	231,000	(428,000)
Comprehensive Loss	957,000	(123,000)	1,960,000	958,000
Balance	40,504,000	38,806,000	39,553,000	37,730,000
Purchase of common stock	(2,000)	(49,000)	(54,000)	(54,000)
Dividend declared at $0.40 per common share outstanding	(1,981,000)	(1,886,000)	(1,981,000)	(1,886,000)
Unrealized gain (loss), net of tax effect	93,000	(891,000)	231,000	(428,000)
Balance	$ 39,478,000	$ 36,748,000	39,478,000	36,748,000
Net cash provided by (used in) operating activities			$ 2,111,000	$ 1,172,000
Weighted average common shares outstanding, basic	4,952,110	4,962,177	4,954,250	4,964,879
Convertible Preferred Stock	20,500	20,500	20,500	20,500
Weighted average common shares outstanding, diluted	4,972,610	4,982,677	4,974,750	4,985,379
Adjustment [Member]
Deferred Income Taxes					(8,000)
Total Liabilities					(8,000)
Accumulated other comprehensive income					(2,933,000)		(1,879,000)
Retained Earnings					2,941,000		1,881,000
Total stockholder's Equity	$ 7,000	$ 1,000			8,000		$ 2,000
Total liabilities and stockholder's Equity
Unrealized Gain (Loss) on Equity Securities	129,000	(1,197,000)	274,000	(765,000)
Total Other Income (Expense)	129,000	(1,197,000)	274,000	(765,000)
Income Before Provisions for Income Taxes	129,000	(1,197,000)	274,000	(765,000)
Deferred tax expense (benefit)	36,000	(345,000)	71,000	(221,000)
Total Income Tax Expense	36,000	(345,000)	71,000	(221,000)
Net Income	$ 93,000	$ (852,000)	$ 203,000	$ (544,000)
Earnings Per Share of Common Stock Basic	$ 0.02	$ (0.17)	$ 0.04	$ (0.11)
Earnings Per Share of Common Stock Diluted	$ 0.02	$ (0.17)	$ 0.04	$ (0.11)
Unrealized holding gains (Loss) arising during period	$ (240,000)	$ 1,190,000	$ (515,000)	$ 803,000
Less: reclassification adjustment for (gains) losses included in net income	111,000	7,000	240,000	(37,000)
Income tax expense related to other comprehensive income	37,000	(346,000)	80,000	(221,000)
Other Comprehensive Income (Loss)	(92,000)	851,000	(195,000)	545,000
Comprehensive Loss	1,000	(1,000)	8,000
Balance	7,000	1,000
Purchase of common stock	1,000
Dividend declared at $0.40 per common share outstanding	(1,000)	1,000		1,000
Unrealized gain (loss), net of tax effect	(92,000)	851,000	(195,000)	545,000
Balance	$ 8,000	$ 2,000	8,000	2,000
Net cash provided by (used in) operating activities
Weighted average common shares outstanding, basic
Convertible Preferred Stock
Weighted average common shares outstanding, diluted