George Risk Industries (RSKIA) 10-Q 15 Dec 22 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Oct. 31, 2022	Dec. 15, 2022
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Oct. 31, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--04-30
Entity File Number	000-05378
Entity Registrant Name	GEORGE RISK INDUSTRIES, INC.
Entity Central Index Key	0000084112
Entity Tax Identification Number	84-0524756
Entity Incorporation, State or Country Code	CO
Entity Address, Address Line One	802 South Elm St.
Entity Address, City or Town	Kimball
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	69145
City Area Code	308
Local Phone Number	235-4645
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,930,918
Class A Common Stock, $0.10 par Value [Member]
Title of 12(b) Security	Class A Common Stock, $0.10 par value
Trading Symbol	RSKIA
Convertible Preferred Stock, $20 stated Value [Member]
Title of 12(b) Security	Convertible Preferred Stock, $20 stated value
Trading Symbol	RSKIA

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Oct. 31, 2022	Apr. 30, 2022
Current Assets:
Cash and cash equivalents	$ 4,593,000	$ 6,078,000
Investments and securities, at fair value	29,608,000	30,979,000
Accounts receivable:
Trade, net of allowance for credit losses of $24,139 and $33,531	4,049,000	4,114,000
Other	34,000	16,000
Income tax overpayment	87,000
Inventories, net	9,642,000	7,940,000
Prepaid expenses	590,000	1,362,000
Total Current Assets	48,603,000	50,489,000
Property and Equipment, net, at cost	1,834,000	1,782,000
Other Assets
Investment in Limited Land Partnership, at cost	344,000	344,000
Projects in process	90,000	83,000
Other	29,000	62,000
Total Other Assets	463,000	489,000
Intangible Assets, net	1,210,000	1,271,000
TOTAL ASSETS	52,110,000	54,031,000
Current Liabilities
Accounts payable, trade	240,000	320,000
Dividends payable	2,565,000	2,296,000
Deferred income	11,000
Accrued expenses:
Payroll and other expense	391,000	354,000
Income tax payable		277,000
Total Current Liabilities	3,207,000	3,247,000
Long-Term Liabilities
Deferred income taxes	1,451,000	1,742,000
Total Long-Term Liabilities	1,451,000	1,742,000
Total Liabilities	4,658,000	4,989,000
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	(263,000)	(137,000)
Retained earnings	49,382,000	50,843,000
Less: treasury stock, 3,571,963 and 3,571,693 shares, at cost	(4,550,000)	(4,547,000)
Total Stockholders’ Equity	47,452,000	49,042,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 52,110,000	$ 54,031,000

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Oct. 31, 2022	Apr. 30, 2022
Accounts receivable, allowance for credit loss, current	$ 24,139	$ 33,531
Convertible preferred stock, shares authorized	1,000,000	1,000,000
Class A common stock, par value	$ 10	$ 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	3,571,963	3,571,693
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, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Income Statement [Abstract]
Net Sales	$ 5,617,000	$ 5,244,000	$ 10,827,000	$ 10,199,000
Less: Cost of Goods Sold	(2,974,000)	(2,729,000)	(5,631,000)	(5,047,000)
Gross Profit	2,643,000	2,515,000	5,196,000	5,152,000
Operating Expenses
General and Administrative	357,000	350,000	688,000	699,000
Sales	753,000	720,000	1,488,000	1,460,000
Engineering	20,000	21,000	41,000	39,000
Total Operating Expenses	1,130,000	1,091,000	2,217,000	2,198,000
Income From Operations	1,513,000	1,424,000	2,979,000	2,954,000
Other Income (Expense)
Other	2,000	13,000	4,000	13,000
Dividend and Interest Income	181,000	148,000	365,000	324,000
Unrealized Gain (Loss) on Equity Securities	(1,008,000)	623,000	(1,197,000)	1,043,000
Gain (Loss) on Investments	(110,000)	79,000	(209,000)	300,000
Total Other Income (Loss)	(935,000)	863,000	(1,037,000)	1,680,000
Income Before Provisions for Income Taxes	578,000	2,287,000	1,942,000	4,634,000
Provisions for Income Taxes:
Current Expense	273,000	454,000	687,000	952,000
Deferred Tax (Benefit) Expense	(302,000)	145,000	(404,000)	248,000
Total Income Tax Expense (Benefit)	(29,000)	599,000	283,000	1,200,000
Net Income	$ 607,000	$ 1,688,000	$ 1,659,000	$ 3,434,000
Income Per Share of Common Stock
Basic	$ 0.12	$ 0.34	$ 0.34	$ 0.69
Diluted	$ 0.12	$ 0.34	$ 0.34	$ 0.69
Weighted Average Number of Common Shares Outstanding
Basic	4,930,964	4,945,130	4,930,993	4,945,795
Diluted	4,951,464	4,965,630	4,951,493	4,966,295

Condensed Statements of Compreh

Condensed Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Income Statement [Abstract]
Net Income	$ 607,000	$ 1,688,000	$ 1,659,000	$ 3,434,000
Unrealized (loss) on debt securities:
Unrealized holding (losses) arising during period	(203,000)	(61,000)	(175,000)	(50,000)
Income tax benefit related to other comprehensive income	57,000	18,000	49,000	14,000
Other Comprehensive (Loss)	(146,000)	(43,000)	(126,000)	(36,000)
Comprehensive Income	$ 461,000	$ 1,645,000	$ 1,533,000	$ 3,398,000

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock Class A [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Apr. 30, 2021	$ 99,000	$ 850,000	$ 1,934,000	$ (4,336,000)	$ 108,000	$ 49,749,000	$ 48,404,000
Beginning balance, shares at Apr. 30, 2021	4,100	8,502,881		3,556,412
Purchases of common stock				$ 26,000			26,000
Dividend declared at per common share outstanding						(2,472,000)	(2,472,000)
Unrealized gain (loss), net of tax effect					(36,000)		(36,000)
Net Income						3,434,000	3,434,000
Purchases of common stock, shares				2,013
Ending balance, value at Oct. 31, 2021	$ 99,000	$ 850,000	1,934,000	$ (4,362,000)	72,000	50,711,000	49,304,000
Ending balance, shares at Oct. 31, 2021	4,100	8,502,881		3,558,425
Beginning balance, value at Jul. 31, 2021	$ 99,000	$ 850,000	1,934,000	$ (4,336,000)	115,000	51,495,000	50,157,000
Beginning balance, shares at Jul. 31, 2021	4,100	8,502,881		3,556,425
Purchases of common stock				$ (26,000)			(26,000)
Dividend declared at per common share outstanding						(2,472,000)	(2,472,000)
Unrealized gain (loss), net of tax effect					(43,000)		(43,000)
Net Income						1,688,000	1,688,000
Purchases of common stock, shares				2,000
Ending balance, value at Oct. 31, 2021	$ 99,000	$ 850,000	1,934,000	$ (4,362,000)	72,000	50,711,000	49,304,000
Ending balance, shares at Oct. 31, 2021	4,100	8,502,881		3,558,425
Beginning balance, value at Apr. 30, 2022	$ 99,000	$ 850,000	1,934,000	$ (4,547,000)	(137,000)	50,843,000	49,042,000
Beginning balance, shares at Apr. 30, 2022	4,100	8,502,881		3,571,693
Purchases of common stock				$ (3,000)			(3,000)
Dividend declared at per common share outstanding						(2,959,000)	(2,959,000)
Unrealized gain (loss), net of tax effect					(126,000)		(126,000)
Net Income						1,659,000	1,659,000
Purchases of common stock, shares				270
Prior period adjustment for provisions related to depreciation						(161,000)	(161,000)
Ending balance, value at Oct. 31, 2022	$ 99,000	$ 850,000	1,934,000	$ (4,550,000)	(263,000)	49,382,000	47,452,000
Ending balance, shares at Oct. 31, 2022	4,100	8,502,881		3,571,963
Beginning balance, value at Jul. 31, 2022	$ 99,000	$ 850,000	1,934,000	$ (4,549,000)	(117,000)	51,733,000	49,950,000
Beginning balance, shares at Jul. 31, 2022	4,100	8,502,881		3,571,893
Purchases of common stock				$ (1,000)			(1,000)
Dividend declared at per common share outstanding						(2,958,000)	(2,958,000)
Unrealized gain (loss), net of tax effect					(146,000)		(146,000)
Net Income						607,000	607,000
Purchases of common stock, shares				70
Ending balance, value at Oct. 31, 2022	$ 99,000	$ 850,000	$ 1,934,000	$ (4,550,000)	$ (263,000)	$ 49,382,000	$ 47,452,000
Ending balance, shares at Oct. 31, 2022	4,100	8,502,881		3,571,963

Condensed Statements of Stock_2

Condensed Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividend declared for per common share outstanding	$ 0.60	$ 0.50	$ 0.60	$ 0.50

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 1,659,000	$ 3,434,000
Adjustments to reconcile net income to net cash
Depreciation and amortization	219,000	213,000
(Gain) loss on sale of investments	209,000	(300,000)
Unrealized (gain) loss on equity securities	1,197,000	(1,043,000)
Provision for credit losses on accounts receivable	(9,000)	10,000
Reserve for obsolete inventory	52,000	73,000
Deferred income taxes	(405,000)	248,000
Increase (decrease) in:
Accounts receivable	75,000	185,000
Inventories	(1,755,000)	(1,528,000)
Prepaid expenses and projects in process	798,000	(337,000)
Other receivables	(18,000)	(2,000)
Income tax overpayment	(364,000)
Accounts payable	(80,000)	(183,000)
Accrued expenses	48,000	(4,000)
Income tax payable		140,000
Net cash from operating activities	1,626,000	906,000
CASH FLOWS FROM INVESTING ACTIVITIES:
(Purchase) of property and equipment	(209,000)	(40,000)
Proceeds from sale of marketable securities	14,000	428,000
(Purchase) of marketable securities	(224,000)	(208,000)
(Purchase) of long-term investment		(24,000)
Net cash from investing activities	(419,000)	156,000
CASH FLOWS FROM FINANCING ACTIVITIES:
(Purchase) of treasury stock	(3,000)	(26,000)
Dividends paid	(2,689,000)	(2,255,000)
Net cash from financing activities	(2,692,000)	(2,281,000)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(1,485,000)	(1,219,000)
Cash and Cash Equivalents, beginning of period	6,078,000	7,326,000
Cash and Cash Equivalents, end of period	4,593,000	6,107,000
Supplemental Disclosure for Cash Flow Information:
Income taxes	1,165,000	860,000
Interest paid
Cash receipts for:
Income taxes	$ 118,000	$ 43,000

Unaudited Interim Financial Sta

Unaudited Interim Financial Statements	6 Months Ended
	Oct. 31, 2022
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, 2022 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 Significant Accounting Policies — There are no new accounting pronouncements that are expected to have a significant impact on our financial statements.

Investments

Investments	6 Months Ended
	Oct. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	Note 2 Investments The Company has investments in publicly traded equity securities, state and municipal debt securities, real estate investment trusts, and money markets. The investments in debt securities, which include municipal bonds and bond funds, mature between August 2023 and September 2042. As of October 31, 2022 and April 30, 2022, investments consisted of the following: Schedule of Investments Gross Gross Investments at Cost Unrealized Unrealized Fair October 31, 2022 Basis Gains Losses Value Municipal bonds $ 5,515,000 $ 35,000 $ (397,000 ) $ 5,153,000 REITs 93,000 — (15,000 ) 78,000 Equity securities 18,107,000 6,178,000 (900,000 ) 23,385,000 Money markets and CDs 992,000 — — 992,000 Total $ 24,707,000 $ 6,213,000 $ (1,312,000 ) $ 29,608,000 Gross Gross Investments at Cost Unrealized Unrealized Fair April 30, 2022 Basis Gains Losses Value Municipal bonds $ 5,625,000 $ 41,000 $ (229,000 ) $ 5,437,000 REITs 131,000 16,000 (3,000 ) 144,000 Equity securities 18,322,000 6,921,000 (473,000 ) 24,770,000 Money markets and CDs 628,000 — — 628,000 Total $ 24,706,000 $ 6,978,000 $ (705,000 ) $ 30,979,000 Marketable securities that are classified as equity securities are carried at fair value on the balance sheets with changes in fair value recorded as an unrealized gain or (loss) in the statements of income in the period of the change. Upon the disposition of a marketable security, the Company records a realized gain or (loss) on the Company’s statements of income. The Company evaluates all marketable securities for other-than-temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. As a result of this standard, there were no The Company’s investments are actively traded in the stock and bond markets. Therefore, either a realized gain or loss is recorded when a sale happens. For the quarter ended October 31, 2022 the Company had sales of equity securities which yielded gross realized gains of $ 89,000 187,000 no 12,000 285,000 453,000 no 41,000 106,000 26,000 no 343,000 33,000 no 10,000 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, 2022 and April 30, 2022, respectively. Unrealized Loss Breakdown by Investment Type at October 31, 2022 Schedule of Unrealized Loss Breakdown by Investment Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 4,423,000 $ (305,000 ) $ 458,000 $ (92,000 ) $ 4,881,000 $ (397,000 ) REITs 53,000 (12,000 ) 25,000 (3,000 ) 78,000 (15,000 ) Equity securities 5,383,000 (813,000 ) 345,000 (87,000 ) 5,728,000 (900,000 ) Total $ 9,859,000 $ (1,130,000 ) $ 828,000 $ (182,000 ) $ 10,687,000 $ (1,312,000 ) Unrealized Loss Breakdown by Investment Type at April 30, 2022 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 4,420,000 $ (142,000 ) $ 539,000 $ (87,000 ) $ 4,959,000 $ (229,000 ) REITs 18,000 (1,000 ) 26,000 (2,000 ) 44,000 (3,000 ) Equity securities 4,157,000 (424,000 ) 274,000 (49,000 ) 4,431,000 (473,000 ) Total $ 8,595,000 $ (567,000 ) $ 839,000 $ (138,000 ) $ 9,434,000 $ (705,000 ) 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, 2022 and April 30, 2022 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, 2022 and April 30, 2022.

Inventories

Inventories	6 Months Ended
	Oct. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Note 3 Inventories Inventories at October 31, 2022 and April 30, 2022 consisted of the following: Schedule of Inventories October 31, April 30, 2022 2022 Raw materials $ 8,347,000 $ 6,772,000 Work in process 618,000 618,000 Finished Goods 1,017,000 838,000 Inventory gross 9,982,000 8,228,000 Less: allowance for obsolete inventory (340,000 ) (288,000 ) Inventories, net $ 9,642,000 $ 7,940,000

Business Segments

Business Segments	6 Months Ended
	Oct. 31, 2022
Segment Reporting [Abstract]
Business Segments	Note 4 Business Segments The following is financial information relating to industry segments: Schedule of Financial Information Relating to Industry Segments Three months Three months Six months Six months ended ended ended ended Oct 31, 2022 Oct 31, 2021 Oct 31, 2022 Oct 31, 2021 Net revenue: Security alarm products $ 4,864,000 $ 4,546,000 $ 9,367,000 $ 8,803,000 Cable & wiring tools 591,000 518,000 1,074,000 1,056,000 Other products 162,000 180,000 386,000 340,000 Total net revenue $ 5,617,000 $ 5,244,000 $ 10,827,000 $ 10,199,000 Income from operations: Security alarm products $ 1,309,000 $ 1,229,000 $ 2,577,000 $ 2,550,000 Cable & wiring tools 150,000 147,000 296,000 306,000 Other products 54,000 48,000 106,000 98,000 Total income from operations $ 1,513,000 $ 1,424,000 $ 2,979,000 $ 2,954,000 Depreciation and amortization: Security alarm products $ 47,000 $ 39,000 $ 95,000 $ 74,000 Cable & wiring tools 31,000 31,000 62,000 62,000 Other products 18,000 19,000 36,000 42,000 Corporate general 15,000 16,000 26,000 35,000 Total depreciation and amortization $ 111,000 $ 105,000 $ 219,000 $ 213,000 Capital expenditures: Security alarm products $ — $ — $ 74,000 $ 40,000 Cable & wiring tools — — — — Other products 135,000 — 135,000 — Corporate general — — — — Total capital expenditures $ 135,000 $ — $ 209,000 $ 40,000 October 31, 2022 April 30, 2022 Identifiable assets: Security alarm products $ 12,996,000 $ 11,537,000 Cable & wiring tools 2,568,000 2,509,000 Other products 872,000 732,000 Corporate general 35,674,000 39,253,000 Total assets $ 52,110,000 $ 54,031,000

Earnings per Share

Earnings per Share	6 Months Ended
	Oct. 31, 2022
Income Per Share of Common Stock
Earnings per Share	Note 5 Earnings per Share Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented, are: Schedule of Basic and Diluted Earnings Per Share For the three months ended October 31, 2022 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 607,000 Basic EPS $ 607,000 4,930,964 $ .12 Effect of dilutive Convertible Preferred Stock – 20,500 — Diluted EPS $ 607,000 4,951,464 $ .12 For the three months ended October 31, 2021 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 1,688,000 Basic EPS $ 1,688,000 4,945,130 $ .34 Effect of dilutive Convertible Preferred Stock – 20,500 — Diluted EPS $ 1,688,000 4,965,630 $ .34 For the six months ended October 31, 2022 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 1,659,000 Basic EPS $ 1,659,000 4,930,993 $ .34 Effect of dilutive Convertible Preferred Stock – 20,500 — Diluted EPS $ 1,659,000 4,951,493 $ .34 For the six months ended October 31, 2021 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 3,434,000 Basic EPS $ 3,434,000 4,945,795 $ .69 Effect of dilutive Convertible Preferred Stock – 20,500 — Diluted EPS $ 3,434,000 4,966,295 $ .69

Retirement Benefit Plan

Retirement Benefit Plan	6 Months Ended
	Oct. 31, 2022
Retirement Benefits [Abstract]
Retirement Benefit Plan	Note 6 Retirement Benefit Plan On January 1, 1998, the Company adopted the George Risk Industries, Inc. Retirement Savings Plan (the “Plan”). The Plan is a defined contribution savings plan designed to provide retirement income to eligible employees of the Company. The Plan is intended to be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. It is funded by voluntary pre-tax and Roth (taxable) contributions from eligible employees who may contribute a percentage of their eligible compensation, limited and subject to statutory limits. Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company. 100 six-year 13,000 15,000 29,000 33,000

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Oct. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7 Fair Value Measurements The carrying value of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short-term nature. The fair value of our investments is determined utilizing market-based information. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk. US GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The levels of the fair value hierarchy under US GAAP are described below: Level 1 Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Investments and Marketable Securities As of October 31, 2022 and April 30, 2022, our investments consisted of money markets, publicly traded equity securities, real estate investment trusts (REITs) as well as certain state and municipal debt securities. The marketable securities are valued using third-party broker statements. The value of the majority of securities is derived from quoted market information. The inputs to the valuation are generally classified as Level 1 given the active market for these securities, however, if an active market does not exist, which is the case for municipal bonds and REITs, the inputs are recorded as Level 2. Fair Value Hierarchy The following table sets forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Schedule of Assets Measured at Fair Value on Recurring Basis Assets Measured at Fair Value on a Recurring Basis as of October 31, 2022 Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,153,000 $ — $ 5,153,000 REITs — 78,000 — 78,000 Equity Securities 23,385,000 — — 23,385,000 Money Markets and CDs 992,000 — — 992,000 Total fair value of assets measured on a recurring basis $ 24,377,000 $ 5,231,000 $ — $ 29,608,000 Assets Measured at Fair Value on a Recurring Basis as of April 30, 2022 Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,437,000 $ — $ 5,437,000 REITs — 144,000 — 144,000 Equity Securities 24,770,000 — — 24,770,000 Money Markets and CDs 628,000 — — 628,000 Total fair value of assets measured on a recurring basis $ 25,398,000 $ 5,581,000 $ — $ 30,979,000

Subsequent Events

Subsequent Events	6 Months Ended
	Oct. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 8 Subsequent Events None

Investments (Tables)

Investments (Tables)	6 Months Ended
	Oct. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments	As of October 31, 2022 and April 30, 2022, investments consisted of the following: Schedule of Investments Gross Gross Investments at Cost Unrealized Unrealized Fair October 31, 2022 Basis Gains Losses Value Municipal bonds $ 5,515,000 $ 35,000 $ (397,000 ) $ 5,153,000 REITs 93,000 — (15,000 ) 78,000 Equity securities 18,107,000 6,178,000 (900,000 ) 23,385,000 Money markets and CDs 992,000 — — 992,000 Total $ 24,707,000 $ 6,213,000 $ (1,312,000 ) $ 29,608,000 Gross Gross Investments at Cost Unrealized Unrealized Fair April 30, 2022 Basis Gains Losses Value Municipal bonds $ 5,625,000 $ 41,000 $ (229,000 ) $ 5,437,000 REITs 131,000 16,000 (3,000 ) 144,000 Equity securities 18,322,000 6,921,000 (473,000 ) 24,770,000 Money markets and CDs 628,000 — — 628,000 Total $ 24,706,000 $ 6,978,000 $ (705,000 ) $ 30,979,000
Schedule of Unrealized Loss Breakdown by Investment	Unrealized Loss Breakdown by Investment Type at October 31, 2022 Schedule of Unrealized Loss Breakdown by Investment Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 4,423,000 $ (305,000 ) $ 458,000 $ (92,000 ) $ 4,881,000 $ (397,000 ) REITs 53,000 (12,000 ) 25,000 (3,000 ) 78,000 (15,000 ) Equity securities 5,383,000 (813,000 ) 345,000 (87,000 ) 5,728,000 (900,000 ) Total $ 9,859,000 $ (1,130,000 ) $ 828,000 $ (182,000 ) $ 10,687,000 $ (1,312,000 ) Unrealized Loss Breakdown by Investment Type at April 30, 2022 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 4,420,000 $ (142,000 ) $ 539,000 $ (87,000 ) $ 4,959,000 $ (229,000 ) REITs 18,000 (1,000 ) 26,000 (2,000 ) 44,000 (3,000 ) Equity securities 4,157,000 (424,000 ) 274,000 (49,000 ) 4,431,000 (473,000 ) Total $ 8,595,000 $ (567,000 ) $ 839,000 $ (138,000 ) $ 9,434,000 $ (705,000 )

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Oct. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories at October 31, 2022 and April 30, 2022 consisted of the following: Schedule of Inventories October 31, April 30, 2022 2022 Raw materials $ 8,347,000 $ 6,772,000 Work in process 618,000 618,000 Finished Goods 1,017,000 838,000 Inventory gross 9,982,000 8,228,000 Less: allowance for obsolete inventory (340,000 ) (288,000 ) Inventories, net $ 9,642,000 $ 7,940,000

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Oct. 31, 2022
Segment Reporting [Abstract]
Schedule of Financial Information Relating to Industry Segments	The following is financial information relating to industry segments: Schedule of Financial Information Relating to Industry Segments Three months Three months Six months Six months ended ended ended ended Oct 31, 2022 Oct 31, 2021 Oct 31, 2022 Oct 31, 2021 Net revenue: Security alarm products $ 4,864,000 $ 4,546,000 $ 9,367,000 $ 8,803,000 Cable & wiring tools 591,000 518,000 1,074,000 1,056,000 Other products 162,000 180,000 386,000 340,000 Total net revenue $ 5,617,000 $ 5,244,000 $ 10,827,000 $ 10,199,000 Income from operations: Security alarm products $ 1,309,000 $ 1,229,000 $ 2,577,000 $ 2,550,000 Cable & wiring tools 150,000 147,000 296,000 306,000 Other products 54,000 48,000 106,000 98,000 Total income from operations $ 1,513,000 $ 1,424,000 $ 2,979,000 $ 2,954,000 Depreciation and amortization: Security alarm products $ 47,000 $ 39,000 $ 95,000 $ 74,000 Cable & wiring tools 31,000 31,000 62,000 62,000 Other products 18,000 19,000 36,000 42,000 Corporate general 15,000 16,000 26,000 35,000 Total depreciation and amortization $ 111,000 $ 105,000 $ 219,000 $ 213,000 Capital expenditures: Security alarm products $ — $ — $ 74,000 $ 40,000 Cable & wiring tools — — — — Other products 135,000 — 135,000 — Corporate general — — — — Total capital expenditures $ 135,000 $ — $ 209,000 $ 40,000 October 31, 2022 April 30, 2022 Identifiable assets: Security alarm products $ 12,996,000 $ 11,537,000 Cable & wiring tools 2,568,000 2,509,000 Other products 872,000 732,000 Corporate general 35,674,000 39,253,000 Total assets $ 52,110,000 $ 54,031,000

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Oct. 31, 2022
Income Per Share of Common Stock
Schedule of Basic and Diluted Earnings Per Share	Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented, are: Schedule of Basic and Diluted Earnings Per Share For the three months ended October 31, 2022 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 607,000 Basic EPS $ 607,000 4,930,964 $ .12 Effect of dilutive Convertible Preferred Stock – 20,500 — Diluted EPS $ 607,000 4,951,464 $ .12 For the three months ended October 31, 2021 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 1,688,000 Basic EPS $ 1,688,000 4,945,130 $ .34 Effect of dilutive Convertible Preferred Stock – 20,500 — Diluted EPS $ 1,688,000 4,965,630 $ .34 For the six months ended October 31, 2022 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 1,659,000 Basic EPS $ 1,659,000 4,930,993 $ .34 Effect of dilutive Convertible Preferred Stock – 20,500 — Diluted EPS $ 1,659,000 4,951,493 $ .34 For the six months ended October 31, 2021 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 3,434,000 Basic EPS $ 3,434,000 4,945,795 $ .69 Effect of dilutive Convertible Preferred Stock – 20,500 — Diluted EPS $ 3,434,000 4,966,295 $ .69

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Oct. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring Basis	The following table sets forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Schedule of Assets Measured at Fair Value on Recurring Basis Assets Measured at Fair Value on a Recurring Basis as of October 31, 2022 Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,153,000 $ — $ 5,153,000 REITs — 78,000 — 78,000 Equity Securities 23,385,000 — — 23,385,000 Money Markets and CDs 992,000 — — 992,000 Total fair value of assets measured on a recurring basis $ 24,377,000 $ 5,231,000 $ — $ 29,608,000 Assets Measured at Fair Value on a Recurring Basis as of April 30, 2022 Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,437,000 $ — $ 5,437,000 REITs — 144,000 — 144,000 Equity Securities 24,770,000 — — 24,770,000 Money Markets and CDs 628,000 — — 628,000 Total fair value of assets measured on a recurring basis $ 25,398,000 $ 5,581,000 $ — $ 30,979,000

Schedule of Investments (Detail

Schedule of Investments (Details) - USD ($)	6 Months Ended	12 Months Ended
	Oct. 31, 2022	Apr. 30, 2022
Marketable Securities [Line Items]
Cost Basis	$ 24,707,000	$ 24,706,000
Gross Unrealized Gains	6,213,000	6,978,000
Gross Unrealized Losses	(1,312,000)	(705,000)
Fair Value	29,608,000	30,979,000
Municipal Bonds [Member]
Marketable Securities [Line Items]
Cost Basis	5,515,000	5,625,000
Gross Unrealized Gains	35,000	41,000
Gross Unrealized Losses	(397,000)	(229,000)
Fair Value	5,153,000	5,437,000
Real Estate Investment [Member]
Marketable Securities [Line Items]
Cost Basis	93,000	131,000
Gross Unrealized Gains		16,000
Gross Unrealized Losses	(15,000)	(3,000)
Fair Value	78,000	144,000
Equity Securities [Member]
Marketable Securities [Line Items]
Cost Basis	18,107,000	18,322,000
Gross Unrealized Gains	6,178,000	6,921,000
Gross Unrealized Losses	(900,000)	(473,000)
Fair Value	23,385,000	24,770,000
Money Markets and CDs [Member]
Marketable Securities [Line Items]
Cost Basis	992,000	628,000
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value	$ 992,000	$ 628,000

Schedule of Unrealized Loss Bre

Schedule of Unrealized Loss Breakdown by Investment (Details) - USD ($)	Oct. 31, 2022	Apr. 30, 2022
Marketable Securities [Line Items]
Less than 12 months, Fair Value	$ 9,859,000	$ 8,595,000
Less than 12 months, Unrealized Loss	(1,130,000)	(567,000)
12 months or greater, Fair Value	828,000	839,000
12 months or greater, Unrealized Loss	(182,000)	(138,000)
Total, Fair Value	10,687,000	9,434,000
Total, Unrealized Loss	(1,312,000)	(705,000)
Municipal Bonds [Member]
Marketable Securities [Line Items]
Less than 12 months, Fair Value	4,423,000	4,420,000
Less than 12 months, Unrealized Loss	(305,000)	(142,000)
12 months or greater, Fair Value	458,000	539,000
12 months or greater, Unrealized Loss	(92,000)	(87,000)
Total, Fair Value	4,881,000	4,959,000
Total, Unrealized Loss	(397,000)	(229,000)
Real Estate Investment [Member]
Marketable Securities [Line Items]
Less than 12 months, Fair Value	53,000	18,000
Less than 12 months, Unrealized Loss	(12,000)	(1,000)
12 months or greater, Fair Value	25,000	26,000
12 months or greater, Unrealized Loss	(3,000)	(2,000)
Total, Fair Value	78,000	44,000
Total, Unrealized Loss	(15,000)	(3,000)
Equity Securities [Member]
Marketable Securities [Line Items]
Less than 12 months, Fair Value	5,383,000	4,157,000
Less than 12 months, Unrealized Loss	(813,000)	(424,000)
12 months or greater, Fair Value	345,000	274,000
12 months or greater, Unrealized Loss	(87,000)	(49,000)
Total, Fair Value	5,728,000	4,431,000
Total, Unrealized Loss	$ (900,000)	$ (473,000)

Investments (Details Narrative)

Investments (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Available-for-sale debt securities maturity year description			The investments in debt securities, which include municipal bonds and bond funds, mature between August 2023 and September 2042.
Impairment loss
Gross realized gain	$ 89,000	$ 106,000	285,000	343,000
Gross realized losses	187,000	26,000	453,000	33,000
Gross realized gains debts	0		0	0
Gross realized loss debt	$ 12,000		$ 41,000	$ 10,000
Gross realized gains or losses		$ 0

Schedule of Inventories (Detail

Schedule of Inventories (Details) - USD ($)	Oct. 31, 2022	Apr. 30, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 8,347,000	$ 6,772,000
Work in process	618,000	618,000
Finished Goods	1,017,000	838,000
Inventory gross	9,982,000	8,228,000
Less: allowance for obsolete inventory	(340,000)	(288,000)
Inventories, net	$ 9,642,000	$ 7,940,000

Schedule of Financial Informati

Schedule of Financial Information Relating to Industry Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021	Apr. 30, 2022
Segment Reporting Information [Line Items]
Total net revenue	$ 5,617,000	$ 5,244,000	$ 10,827,000	$ 10,199,000
Total income from operations	1,513,000	1,424,000	2,979,000	2,954,000
Total depreciation and amortization	111,000	105,000	219,000	213,000
Total capital expenditures	135,000		209,000	40,000
Total assets	52,110,000		52,110,000		$ 54,031,000
Security Alarm Products [Member]
Segment Reporting Information [Line Items]
Total net revenue	4,864,000	4,546,000	9,367,000	8,803,000
Total income from operations	1,309,000	1,229,000	2,577,000	2,550,000
Total depreciation and amortization	47,000	39,000	95,000	74,000
Total capital expenditures			74,000	40,000
Total assets	12,996,000		12,996,000		11,537,000
Cable And Wiring Tools [Member]
Segment Reporting Information [Line Items]
Total net revenue	591,000	518,000	1,074,000	1,056,000
Total income from operations	150,000	147,000	296,000	306,000
Total depreciation and amortization	31,000	31,000	62,000	62,000
Total capital expenditures
Total assets	2,568,000		2,568,000		2,509,000
Other Products [Member]
Segment Reporting Information [Line Items]
Total net revenue	162,000	180,000	386,000	340,000
Total income from operations	54,000	48,000	106,000	98,000
Total depreciation and amortization	18,000	19,000	36,000	42,000
Total capital expenditures	135,000		135,000
Total assets	872,000		872,000		732,000
Corporate General [Member]
Segment Reporting Information [Line Items]
Total depreciation and amortization	15,000	16,000	26,000	35,000
Total capital expenditures
Total assets	$ 35,674,000		$ 35,674,000		$ 39,253,000

Schedule of Basic and Diluted E

Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Income Per Share of Common Stock
Net income	$ 607,000	$ 1,688,000	$ 1,659,000	$ 3,434,000
Basic EPS, Income	$ 607,000	$ 1,688,000	$ 1,659,000	$ 3,434,000
Basic EPS, Income	4,930,964	4,945,130	4,930,993	4,945,795
Basic EPS, Income	$ 0.12	$ 0.34	$ 0.34	$ 0.69
Effect of dilutive Convertible Preferred Stock, Income
Effect of dilutive Convertible Preferred Stock, Income	20,500	20,500	20,500	20,500
Effect of dilutive Convertible Preferred Stock, Income
Diluted EPS, Income	$ 607,000	$ 1,688,000	$ 1,659,000	$ 3,434,000
Diluted EPS, Income	4,951,464	4,965,630	4,951,493	4,966,295
Diluted EPS, Income	$ 0.12	$ 0.34	$ 0.34	$ 0.69

Retirement Benefit Plan (Detail

Retirement Benefit Plan (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 01, 1998	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Retirement Benefits [Abstract]
Description of employees eligibility				Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company.
Employees vesting percentage	100%
Employer matching contribution vesting period	P6Y
Employees matching contributions		$ 13,000	$ 15,000	$ 29,000	$ 33,000

Schedule of Assets Measured at

Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Oct. 31, 2022	Apr. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	$ 29,608,000	$ 30,979,000
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	5,153,000	5,437,000
Real Estate Investment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	78,000	144,000
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	23,385,000	24,770,000
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	992,000	628,000
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	24,377,000	25,398,000
Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 1 [Member] | Real Estate Investment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	23,385,000	24,770,000
Fair Value, Inputs, Level 1 [Member] | Money Markets and CDs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	992,000	628,000
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	5,231,000	5,581,000
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	5,153,000	5,437,000
Fair Value, Inputs, Level 2 [Member] | Real Estate Investment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	78,000	144,000
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 2 [Member] | Money Markets and CDs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 3 [Member] | Real Estate Investment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Fair Value, Inputs, Level 3 [Member] | Money Markets and CDs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis