Cover
Cover - shares | 9 Months Ended | |
Jan. 31, 2023 | Mar. 17, 2023 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jan. 31, 2023 | |
Document Fiscal Period Focus | Q3 | |
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 S. 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 | 4,930,543 | |
Class A Common Stock, $0.10 par value | ||
Title of 12(b) Security | Class A Common Stock, $0.10 par value | |
Trading Symbol | RSKIA | |
Convertible Preferred Stock, $20 stated value | ||
Title of 12(b) Security | Convertible Preferred Stock, $20 stated value | |
Trading Symbol | RSKIA |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 5,265,000 | $ 6,078,000 |
Investments and securities | 31,470,000 | 30,979,000 |
Accounts receivable: | ||
Trade, net of allowance for credit losses of $26,991 and $33,531, respectively | 3,296,000 | 4,114,000 |
Other | 45,000 | 16,000 |
Income tax overpayment | 201,000 | |
Inventories, net | 10,303,000 | 7,940,000 |
Prepaid expenses | 930,000 | 1,362,000 |
Total Current Assets | 51,510,000 | 50,489,000 |
Property and Equipment, net, at cost | 1,763,000 | 1,782,000 |
Other Assets | ||
Investment in Limited Land Partnership, at cost | 344,000 | 344,000 |
Projects in process | 91,000 | 83,000 |
Other | 29,000 | 62,000 |
Total Other Assets | 464,000 | 489,000 |
Intangible Assets, net | 1,179,000 | 1,271,000 |
TOTAL ASSETS | 54,916,000 | 54,031,000 |
Current Liabilities | ||
Accounts payable, trade | 404,000 | 320,000 |
Dividends payable | 2,565,000 | 2,296,000 |
Deferred income | 17,000 | |
Accrued expenses | 521,000 | 354,000 |
Income tax payable | 277,000 | |
Total Current Liabilities | 3,507,000 | 3,247,000 |
Long-Term Liabilities | ||
Deferred income taxes | 1,826,000 | 1,742,000 |
Total Long-Term Liabilities | 1,826,000 | 1,742,000 |
Total Liabilities | 5,333,000 | 4,989,000 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Convertible preferred stock, 1,000,000 shares authorized, authorized, Series 1—noncumulative, $20 stated value, 25,000 shares 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 | (139,000) | (137,000) |
Retained earnings | 51,391,000 | 50,843,000 |
Less: treasury stock, 3,572,138 and 3,571,693 shares, at cost | (4,552,000) | (4,547,000) |
Total Stockholders’ Equity | 49,583,000 | 49,042,000 |
TOTAL LIABILITES AND STOCKHOLDERS’ EQUITY | $ 54,916,000 | $ 54,031,000 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 |
Accounts receivable, allowance for credit loss, current | $ 26,991 | $ 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 | 3,572,138 | 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 | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Statement [Abstract] | ||||
Net Sales | $ 4,366,000 | $ 5,054,000 | $ 15,194,000 | $ 15,252,000 |
Less: Cost of Goods Sold | (2,444,000) | (2,861,000) | (8,076,000) | (7,908,000) |
Gross Profit | 1,922,000 | 2,193,000 | 7,118,000 | 7,344,000 |
Operating Expenses | ||||
General and Administrative | 340,000 | 371,000 | 1,028,000 | 1,070,000 |
Sales | 648,000 | 649,000 | 2,136,000 | 2,109,000 |
Engineering | 34,000 | 29,000 | 76,000 | 67,000 |
Total Operating Expenses | 1,022,000 | 1,049,000 | 3,240,000 | 3,246,000 |
Income From Operations | 900,000 | 1,144,000 | 3,878,000 | 4,098,000 |
Other Income (Expense) | ||||
Other | 1,000 | 1,000 | 6,000 | 15,000 |
Dividend and Interest Income | 506,000 | 552,000 | 871,000 | 876,000 |
Unrealized Gain (Loss) on equity securities | 1,224,000 | (1,729,000) | 27,000 | (687,000) |
Gain (Loss) on Sale of Investments | 44,000 | 91,000 | (165,000) | 391,000 |
Total Other Income (Expense) | 1,776,000 | (1,085,000) | 739,000 | 595,000 |
Income Before Provisions for Income Taxes | 2,675,000 | 59,000 | 4,617,000 | 4,693,000 |
Provisions for Income Taxes: | ||||
Current Expense | 341,000 | 455,000 | 1,028,000 | 1,407,000 |
Deferred Tax Expense (Benefit) | 326,000 | (557,000) | (78,000) | (309,000) |
Total Income Tax Expense (Benefit) | 667,000 | (102,000) | 950,000 | 1,098,000 |
Net Income | $ 2,009,000 | $ 161,000 | $ 3,667,000 | $ 3,595,000 |
Income Per Share of Common Stock | ||||
Basic | $ 0.41 | $ 0.03 | $ 0.74 | $ 0.73 |
Diluted | $ 0.41 | $ 0.03 | $ 0.74 | $ 0.72 |
Weighted Average Number of Common Shares Outstanding | ||||
Basic | 4,930,800 | 4,943,985 | 4,930,929 | 4,945,192 |
Diluted | 4,951,300 | 4,964,485 | 4,951,429 | 4,965,692 |
Condensed Statement of Comprehe
Condensed Statement of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Statement [Abstract] | ||||
Net Income | $ 2,009,000 | $ 161,000 | $ 3,667,000 | $ 3,595,000 |
Unrealized gain (loss) on debt securities: | ||||
Unrealized holding gains (losses) arising during period | 173,000 | (94,000) | (1,000) | (144,000) |
Income tax benefit (expense) related to other comprehensive income | (49,000) | 27,000 | (1,000) | 41,000 |
Other Comprehensive Income (Loss) | 124,000 | (67,000) | (2,000) | (103,000) |
Comprehensive Income | $ 2,133,000 | $ 94,000 | $ 3,665,000 | $ 3,492,000 |
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 | $ 35,000 | 35,000 | |||||
Purchases of common stock, shares | 2,713 | ||||||
Unrealized (loss), net of tax effect | (103,000) | (103,000) | |||||
Net Income | 3,595,000 | 3,595,000 | |||||
Dividend declared at $0.50 per common share outstanding | (2,472,000) | (2,472,000) | |||||
Ending balance, value at Jan. 31, 2022 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,371,000) | 5,000 | 50,872,000 | 49,389,000 |
Ending balance, shares at Jan. 31, 2022 | 4,100 | 8,502,881 | 3,559,125 | ||||
Beginning balance, value at Oct. 31, 2021 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,362,000) | 72,000 | 50,711,000 | 49,304,000 |
Beginning balance, shares at Oct. 31, 2021 | 4,100 | 8,502,881 | 3,558,425 | ||||
Purchases of common stock | $ (9,000) | (9,000) | |||||
Purchases of common stock, shares | 700 | ||||||
Unrealized (loss), net of tax effect | (67,000) | (67,000) | |||||
Net Income | 161,000 | 161,000 | |||||
Ending balance, value at Jan. 31, 2022 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,371,000) | 5,000 | 50,872,000 | 49,389,000 |
Ending balance, shares at Jan. 31, 2022 | 4,100 | 8,502,881 | 3,559,125 | ||||
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 | $ (5,000) | (5,000) | |||||
Purchases of common stock, shares | 445 | ||||||
Unrealized (loss), net of tax effect | (2,000) | (2,000) | |||||
Net Income | 3,667,000 | 3,667,000 | |||||
Prior period adjustment for provisions related to depreciation | (161,000) | (161,000) | |||||
Dividend declared at $0.50 per common share outstanding | (2,958,000) | (2,958,000) | |||||
Ending balance, value at Jan. 31, 2023 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,552,000) | (139,000) | 51,391,000 | 49,583,000 |
Ending balance, shares at Jan. 31, 2023 | 4,100 | 8,502,881 | 3,572,138 | ||||
Beginning balance, value at Oct. 31, 2022 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,550,000) | (263,000) | 49,382,000 | 47,452,000 |
Beginning balance, shares at Oct. 31, 2022 | 4,100 | 8,502,881 | 3,571,963 | ||||
Purchases of common stock | $ (2,000) | (2,000) | |||||
Purchases of common stock, shares | 175 | ||||||
Unrealized (loss), net of tax effect | 124,000 | 124,000 | |||||
Net Income | 2,009,000 | 2,009,000 | |||||
Ending balance, value at Jan. 31, 2023 | $ 99,000 | $ 850,000 | $ 1,934,000 | $ (4,552,000) | $ (139,000) | $ 51,391,000 | $ 49,583,000 |
Ending balance, shares at Jan. 31, 2023 | 4,100 | 8,502,881 | 3,572,138 |
Condensed Statements of Stock_2
Condensed Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 9 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividend declared for per common share outstanding | $ 0.60 | $ 0.50 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 3,667,000 | $ 3,595,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 332,000 | 319,000 |
(Gain) loss on sale of investments | 165,000 | (391,000) |
Unrealized (gain) loss on equity investments | (27,000) | 686,000 |
Provision for credit losses on accounts receivable | (6,000) | 16,000 |
Reserve for obsolete inventory | 81,000 | 229,000 |
Deferred income taxes | (78,000) | (310,000) |
(Increase) decrease in: | ||
Accounts receivable | 824,000 | 91,000 |
Inventories | (2,444,000) | (1,465,000) |
Prepaid expenses | 458,000 | (1,089,000) |
Other receivables | (29,000) | |
Income tax overpayment | (478,000) | |
Increase (decrease) in: | ||
Accounts payable | 84,000 | (176,000) |
Accrued expenses | 184,000 | 130,000 |
Income tax payable | 163,000 | |
Net cash from operating activities | 2,733,000 | 1,798,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
(Purchase) of property and equipment | (221,000) | (164,000) |
Proceeds from sale of marketable securities | 17,000 | 383,000 |
(Purchase) of marketable securities | (648,000) | (640,000) |
(Purchase) of long-term investment | (24,000) | |
Net cash from investing activities | (852,000) | (445,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
(Purchase) of treasury stock | (5,000) | (35,000) |
Dividends paid | (2,689,000) | (2,256,000) |
Net cash from financing activities | (2,694,000) | (2,291,000) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (813,000) | (938,000) |
Cash and Cash Equivalents, beginning of period | 6,078,000 | 7,326,000 |
Cash and Cash Equivalents, end of period | 5,265,000 | 6,388,000 |
Supplemental Disclosure for Cash Flow Information: | ||
Income taxes | 1,618,000 | 1,290,000 |
Interest paid | ||
Cash receipts for: | ||
Income taxes | $ 118,000 |
Unaudited Interim Financial Sta
Unaudited Interim Financial Statements | 9 Months Ended |
Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unaudited Interim Financial Statements | Note 1: Unaudited Interim Financial Statements The accompanying financial statements have been prepared in accordance with the instructions for Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. It is suggested that these unaudited 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 other new accounting pronouncements that are expected to have a significant impact on our financial statements. |
Investments
Investments | 9 Months Ended |
Jan. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 2: Investments The Company has investments in publicly traded equity securities, state and municipal debt securities, real estate investment trusts, and money markets. The investments in debt securities, which include municipal bonds and bond funds, mature between August 2023 and September 2042. As of January 31, 2023 and April 30, 2022, investments consisted of the following: Schedule of Investments Investments at Cost Gross Gross January 31, 2023 Basis Unrealized Gains Unrealized Losses Fair Value Municipal bonds $ 5,586,000 $ 48,000 $ (237,000 ) $ 5,397,000 REITs 93,000 — (12,000 ) 81,000 Equity securities 18,545,000 7,032,000 (533,000 ) 25,044,000 Money markets and CDs 948,000 — — 948,000 Total $ 25,172,000 $ 7,080,000 $ (782,000 ) $ 31,470,000 Investments at Cost Gross Gross April 30, 2022 Basis Unrealized Gains Unrealized Losses Fair 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 occurs. For the quarter ended January 31, 2023 the Company had sales of equity securities which yielded gross realized gains of $ 118,000 69,000 no 5,000 403,000 522,000 no 46,000 121,000 27,000 no 3,000 465,000 61,000 no 13,000 The following tables show the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at January 31, 2023 and April 30, 2022, respectively. Unrealized Loss Breakdown by Investment Type at January 31, 2023 Schedule of Unrealized Loss Breakdown by Investment Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 2,967,000 $ (86,000 ) $ 1,780,000 $ (151,000 ) $ 4,747,000 $ (237,000 ) REITs 55,000 (9,000 ) 25,000 (3,000 ) 80,000 (12,000 ) Equity securities 4,808,000 (478,000 ) 409,000 (55,000 ) 5,217,000 (533,000 ) Total $ 7,830,000 $ (573,000 ) $ 2,214,000 $ (209,000 ) $ 10,044,000 $ (782,000 ) 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 January 31, 2023 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 January 31, 2023 and April 30, 2022. |
Inventories
Inventories | 9 Months Ended |
Jan. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3: Inventories Inventories at January 31, 2023 and April 30, 2022 consisted of the following: Schedule of Inventories January 31, April 30, 2023 2022 Raw materials $ 8,926,000 $ 6,772,000 Work in process 616,000 618,000 Finished goods 1,130,000 838,000 Inventory gross 10,672,000 8,228,000 Less: allowance for obsolete inventory (369,000 ) (288,000 ) Inventories, net $ 10,303,000 $ 7,940,000 |
Business Segments
Business Segments | 9 Months Ended |
Jan. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | Note 4: Business Segments The following is financial information relating to industry segments: Schedule of Financial Information Relating to Industry Segments Jan 31, 2023 Jan 31, 2022 Jan 31, 2023 Jan 31, 2022 Three months Three months Nine months Nine months ended ended ended ended Jan 31, 2023 Jan 31, 2022 Jan 31, 2023 Jan 31, 2022 Net revenue: Security alarm products $ 3,712,000 $ 4,377,000 $ 13,079,000 $ 13,180,000 Cable & wiring tools 486,000 498,000 1,561,000 1,553,000 Other products 168,000 179,000 554,000 519,000 Total net revenue $ 4,366,000 $ 5,054,000 $ 15,194,000 $ 15,252,000 Income from operations: Security alarm products $ 774,000 $ 988,000 $ 3,339,000 $ 3,541,000 Cable & wiring tools 93,000 117,000 398,000 418,000 Other products 33,000 39,000 141,000 139,000 Total income from operations $ 900,000 $ 1,144,000 $ 3,878,000 $ 4,098,000 Depreciation and amortization: Security alarm products $ 48,000 $ 42,000 $ 143,000 $ 117,000 Cable & wiring tools 30,000 31,000 92,000 92,000 Other products 21,000 18,000 57,000 60,000 Corporate general 14,000 15,000 40,000 50,000 Total depreciation and amortization $ 113,000 $ 106,000 $ 332,000 $ 319,000 Capital expenditures: Security alarm products $ — $ 113,000 $ 74,000 $ 153,000 Cable & wiring tools — — — — Other products 12,000 11,000 147,000 11,000 Corporate general — — — — Total capital expenditures $ 12,000 $ 124,000 $ 221,000 $ 164,000 January 31, 2023 April 30, 2022 Identifiable assets: Security alarm products $ 12,811,000 $ 11,537,000 Cable & wiring tools 2,576,000 2,509,000 Other products 870,000 732,000 Corporate general 38,659,000 39,253,000 Total assets $ 54,916,000 $ 54,031,000 |
Earnings per Share
Earnings per Share | 9 Months Ended |
Jan. 31, 2023 | |
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 January 31, 2023 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 2,009,000 Basic EPS $ 2,009,000 4,930,800 $ .41 Effect of dilutive Convertible Preferred Stock – 20,500 – Diluted EPS $ 2,009,000 4,951,300 $ .41 For the three months ended January 31, 2022 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 161,000 Basic EPS $ 161,000 4,943,985 $ .03 Effect of dilutive Convertible Preferred Stock – 20,500 – Diluted EPS $ 161,000 4,964,485 $ .03 For the nine months ended January 31, 2023 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 3,667,000 Basic EPS $ 3,667,000 4,930,929 $ .74 Effect of dilutive Convertible Preferred Stock – 20,500 – Diluted EPS $ 3,667,000 4,951,429 $ .74 For the nine months ended January 31, 2022 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 3,595,000 Basic EPS $ 3,595,000 4,945,192 $ .73 Effect of dilutive Convertible Preferred Stock – 20,500 – Diluted EPS $ 3,595,000 4,965,692 $ .72 |
Retirement Benefit Plan
Retirement Benefit Plan | 9 Months Ended |
Jan. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plan | Note 6: Retirement Benefit Plan On January 1, 1998, the Company adopted the George Risk Industries, Inc. Retirement Savings Plan (the “Plan”). The Plan is a defined contribution savings plan designed to provide retirement income to eligible employees of the Company. The Plan is intended to be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. It is funded by voluntary pre-tax and Roth (taxable) contributions from eligible employees who may contribute a percentage of their eligible compensation, limited and subject to statutory limits. Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company. 100 six-year 14,000 16,000 43,000 48,000 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jan. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7: Fair Value Measurements The carrying value of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short-term nature. The fair value of our investments is determined utilizing market-based information. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk. US GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The levels of the fair value hierarchy under US GAAP are described below: Level 1 Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Investments and Marketable Securities As of January 31, 2023 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. Our marketable securities are valued using third-party broker statements. The value of the investments is derived from quoted market information. The inputs to the valuation are generally classified as Level 1 given the active market for these securities, however, if an active market does not exist, which is the case for municipal bonds and REITs, the inputs are recorded as Level 2. Fair Value Hierarchy The following tables set forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Schedule of Assets Measured at Fair Value on Recurring Basis Level 1 Level 2 Level 3 Total Assets Measured at Fair Value on a Recurring Basis as of Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,397,000 $ — $ 5,397,000 REITs — 81,000 — 81,000 Equity Securities 25,044,000 — — 25,044,000 Money Markets 948,000 — — 948,000 Total fair value of assets measured on a recurring basis $ 25,992,000 $ 5,478,000 $ — $ 31,470,000 Level 1 Level 2 Level 3 Total 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 REITs — 144,000 — 144,000 Equity Securities 24,770,000 — — 24,770,000 Money Markets 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 | 9 Months Ended |
Jan. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 Subsequent Events None |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments | As of January 31, 2023 and April 30, 2022, investments consisted of the following: Schedule of Investments Investments at Cost Gross Gross January 31, 2023 Basis Unrealized Gains Unrealized Losses Fair Value Municipal bonds $ 5,586,000 $ 48,000 $ (237,000 ) $ 5,397,000 REITs 93,000 — (12,000 ) 81,000 Equity securities 18,545,000 7,032,000 (533,000 ) 25,044,000 Money markets and CDs 948,000 — — 948,000 Total $ 25,172,000 $ 7,080,000 $ (782,000 ) $ 31,470,000 Investments at Cost Gross Gross April 30, 2022 Basis Unrealized Gains Unrealized Losses Fair 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 January 31, 2023 Schedule of Unrealized Loss Breakdown by Investment Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 2,967,000 $ (86,000 ) $ 1,780,000 $ (151,000 ) $ 4,747,000 $ (237,000 ) REITs 55,000 (9,000 ) 25,000 (3,000 ) 80,000 (12,000 ) Equity securities 4,808,000 (478,000 ) 409,000 (55,000 ) 5,217,000 (533,000 ) Total $ 7,830,000 $ (573,000 ) $ 2,214,000 $ (209,000 ) $ 10,044,000 $ (782,000 ) 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) | 9 Months Ended |
Jan. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories at January 31, 2023 and April 30, 2022 consisted of the following: Schedule of Inventories January 31, April 30, 2023 2022 Raw materials $ 8,926,000 $ 6,772,000 Work in process 616,000 618,000 Finished goods 1,130,000 838,000 Inventory gross 10,672,000 8,228,000 Less: allowance for obsolete inventory (369,000 ) (288,000 ) Inventories, net $ 10,303,000 $ 7,940,000 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information Relating to Industry Segments | The following is financial information relating to industry segments: Schedule of Financial Information Relating to Industry Segments Jan 31, 2023 Jan 31, 2022 Jan 31, 2023 Jan 31, 2022 Three months Three months Nine months Nine months ended ended ended ended Jan 31, 2023 Jan 31, 2022 Jan 31, 2023 Jan 31, 2022 Net revenue: Security alarm products $ 3,712,000 $ 4,377,000 $ 13,079,000 $ 13,180,000 Cable & wiring tools 486,000 498,000 1,561,000 1,553,000 Other products 168,000 179,000 554,000 519,000 Total net revenue $ 4,366,000 $ 5,054,000 $ 15,194,000 $ 15,252,000 Income from operations: Security alarm products $ 774,000 $ 988,000 $ 3,339,000 $ 3,541,000 Cable & wiring tools 93,000 117,000 398,000 418,000 Other products 33,000 39,000 141,000 139,000 Total income from operations $ 900,000 $ 1,144,000 $ 3,878,000 $ 4,098,000 Depreciation and amortization: Security alarm products $ 48,000 $ 42,000 $ 143,000 $ 117,000 Cable & wiring tools 30,000 31,000 92,000 92,000 Other products 21,000 18,000 57,000 60,000 Corporate general 14,000 15,000 40,000 50,000 Total depreciation and amortization $ 113,000 $ 106,000 $ 332,000 $ 319,000 Capital expenditures: Security alarm products $ — $ 113,000 $ 74,000 $ 153,000 Cable & wiring tools — — — — Other products 12,000 11,000 147,000 11,000 Corporate general — — — — Total capital expenditures $ 12,000 $ 124,000 $ 221,000 $ 164,000 January 31, 2023 April 30, 2022 Identifiable assets: Security alarm products $ 12,811,000 $ 11,537,000 Cable & wiring tools 2,576,000 2,509,000 Other products 870,000 732,000 Corporate general 38,659,000 39,253,000 Total assets $ 54,916,000 $ 54,031,000 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Income Per Share of Common Stock | |
Schedule of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented, are: Schedule of Basic and Diluted Earnings Per Share For the three months ended January 31, 2023 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 2,009,000 Basic EPS $ 2,009,000 4,930,800 $ .41 Effect of dilutive Convertible Preferred Stock – 20,500 – Diluted EPS $ 2,009,000 4,951,300 $ .41 For the three months ended January 31, 2022 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 161,000 Basic EPS $ 161,000 4,943,985 $ .03 Effect of dilutive Convertible Preferred Stock – 20,500 – Diluted EPS $ 161,000 4,964,485 $ .03 For the nine months ended January 31, 2023 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 3,667,000 Basic EPS $ 3,667,000 4,930,929 $ .74 Effect of dilutive Convertible Preferred Stock – 20,500 – Diluted EPS $ 3,667,000 4,951,429 $ .74 For the nine months ended January 31, 2022 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 3,595,000 Basic EPS $ 3,595,000 4,945,192 $ .73 Effect of dilutive Convertible Preferred Stock – 20,500 – Diluted EPS $ 3,595,000 4,965,692 $ .72 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | The following tables set forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Schedule of Assets Measured at Fair Value on Recurring Basis Level 1 Level 2 Level 3 Total Assets Measured at Fair Value on a Recurring Basis as of Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,397,000 $ — $ 5,397,000 REITs — 81,000 — 81,000 Equity Securities 25,044,000 — — 25,044,000 Money Markets 948,000 — — 948,000 Total fair value of assets measured on a recurring basis $ 25,992,000 $ 5,478,000 $ — $ 31,470,000 Level 1 Level 2 Level 3 Total 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 REITs — 144,000 — 144,000 Equity Securities 24,770,000 — — 24,770,000 Money Markets 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 ($) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Marketable Securities [Line Items] | ||
Cost Basis | $ 25,172,000 | $ 24,706,000 |
Gross Unrealized Gains | 7,080,000 | 6,978,000 |
Gross Unrealized Losses | (782,000) | (705,000) |
Fair Value | 31,470,000 | 30,979,000 |
Municipal Bonds [Member] | ||
Marketable Securities [Line Items] | ||
Cost Basis | 5,586,000 | 5,625,000 |
Gross Unrealized Gains | 48,000 | 41,000 |
Gross Unrealized Losses | (237,000) | (229,000) |
Fair Value | 5,397,000 | 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 | (12,000) | (3,000) |
Fair Value | 81,000 | 144,000 |
Equity Securities [Member] | ||
Marketable Securities [Line Items] | ||
Cost Basis | 18,545,000 | 18,322,000 |
Gross Unrealized Gains | 7,032,000 | 6,921,000 |
Gross Unrealized Losses | (533,000) | (473,000) |
Fair Value | 25,044,000 | 24,770,000 |
Money Markets and CDs [Member] | ||
Marketable Securities [Line Items] | ||
Cost Basis | 948,000 | 628,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 948,000 | $ 628,000 |
Schedule of Unrealized Loss Bre
Schedule of Unrealized Loss Breakdown by Investment (Details) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 |
Marketable Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 7,830,000 | $ 8,595,000 |
Less than 12 months, Unrealized Loss | (573,000) | (567,000) |
12 months or greater, Fair Value | 2,214,000 | 839,000 |
12 months or greater, Unrealized Loss | (209,000) | (138,000) |
Total, Fair Value | 10,044,000 | 9,434,000 |
Total, Unrealized Loss | (782,000) | (705,000) |
Municipal Bonds [Member] | ||
Marketable Securities [Line Items] | ||
Less than 12 months, Fair Value | 2,967,000 | 4,420,000 |
Less than 12 months, Unrealized Loss | (86,000) | (142,000) |
12 months or greater, Fair Value | 1,780,000 | 539,000 |
12 months or greater, Unrealized Loss | (151,000) | (87,000) |
Total, Fair Value | 4,747,000 | 4,959,000 |
Total, Unrealized Loss | (237,000) | (229,000) |
Real Estate Investment [Member] | ||
Marketable Securities [Line Items] | ||
Less than 12 months, Fair Value | 55,000 | 18,000 |
Less than 12 months, Unrealized Loss | (9,000) | (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 | 80,000 | 44,000 |
Total, Unrealized Loss | (12,000) | (3,000) |
Equity Securities [Member] | ||
Marketable Securities [Line Items] | ||
Less than 12 months, Fair Value | 4,808,000 | 4,157,000 |
Less than 12 months, Unrealized Loss | (478,000) | (424,000) |
12 months or greater, Fair Value | 409,000 | 274,000 |
12 months or greater, Unrealized Loss | (55,000) | (49,000) |
Total, Fair Value | 5,217,000 | 4,431,000 |
Total, Unrealized Loss | $ (533,000) | $ (473,000) |
Investments (Details Narrative)
Investments (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
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 | $ 118,000 | $ 121,000 | 403,000 | 465,000 |
Gross realized losses | 69,000 | 27,000 | 522,000 | 61,000 |
Gross realized gains debts | 0 | 0 | 0 | 0 |
Gross realized loss debt | $ 5,000 | $ 3,000 | $ 46,000 | $ 13,000 |
Schedule of Inventories (Detail
Schedule of Inventories (Details) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 8,926,000 | $ 6,772,000 |
Work in process | 616,000 | 618,000 |
Finished goods | 1,130,000 | 838,000 |
Inventory gross | 10,672,000 | 8,228,000 |
Less: allowance for obsolete inventory | (369,000) | (288,000) |
Inventories, net | $ 10,303,000 | $ 7,940,000 |
Schedule of Financial Informati
Schedule of Financial Information Relating to Industry Segments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | |
Segment Reporting Information [Line Items] | |||||
Total net revenue | $ 4,366,000 | $ 5,054,000 | $ 15,194,000 | $ 15,252,000 | |
Total income from operations | 900,000 | 1,144,000 | 3,878,000 | 4,098,000 | |
Total depreciation and amortization | 113,000 | 106,000 | 332,000 | 319,000 | |
Total capital expenditures | 12,000 | 124,000 | 221,000 | 164,000 | |
Total assets | 54,916,000 | 54,916,000 | $ 54,031,000 | ||
Security Alarm Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenue | 3,712,000 | 4,377,000 | 13,079,000 | 13,180,000 | |
Total income from operations | 774,000 | 988,000 | 3,339,000 | 3,541,000 | |
Total depreciation and amortization | 48,000 | 42,000 | 143,000 | 117,000 | |
Total capital expenditures | 113,000 | 74,000 | 153,000 | ||
Total assets | 12,811,000 | 12,811,000 | 11,537,000 | ||
Cable & Wiring Tools [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenue | 486,000 | 498,000 | 1,561,000 | 1,553,000 | |
Total income from operations | 93,000 | 117,000 | 398,000 | 418,000 | |
Total depreciation and amortization | 30,000 | 31,000 | 92,000 | 92,000 | |
Total capital expenditures | |||||
Total assets | 2,576,000 | 2,576,000 | 2,509,000 | ||
Other Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenue | 168,000 | 179,000 | 554,000 | 519,000 | |
Total income from operations | 33,000 | 39,000 | 141,000 | 139,000 | |
Total depreciation and amortization | 21,000 | 18,000 | 57,000 | 60,000 | |
Total capital expenditures | 12,000 | 11,000 | 147,000 | 11,000 | |
Total assets | 870,000 | 870,000 | 732,000 | ||
Corporate General [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total depreciation and amortization | 14,000 | 15,000 | 40,000 | 50,000 | |
Total capital expenditures | |||||
Total assets | $ 38,659,000 | $ 38,659,000 | $ 39,253,000 |
Schedule of Basic and Diluted E
Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Per Share of Common Stock | ||||
Net income | $ 2,009,000 | $ 161,000 | $ 3,667,000 | $ 3,595,000 |
Basic EPS, Income | $ 2,009,000 | $ 161,000 | $ 3,667,000 | $ 3,595,000 |
Basic EPS, Shares | 4,930,800 | 4,943,985 | 4,930,929 | 4,945,192 |
Basic EPS, Per-Share Amount | $ 0.41 | $ 0.03 | $ 0.74 | $ 0.73 |
Effect of dilutive Convertible Preferred Stock, Income | ||||
Effect of dilutive Convertible Preferred Stock, Shares | 20,500 | 20,500 | 20,500 | 20,500 |
Effect of dilutive Convertible Preferred Stock, Per-Share Amount | ||||
Diluted EPS, Income | $ 2,009,000 | $ 161,000 | $ 3,667,000 | $ 3,595,000 |
Diluted EPS, Shares | 4,951,300 | 4,964,485 | 4,951,429 | 4,965,692 |
Diluted EPS, Per-Share Amount | $ 0.41 | $ 0.03 | $ 0.74 | $ 0.72 |
Retirement Benefit Plan (Detail
Retirement Benefit Plan (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 01, 1998 | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Retirement Benefits [Abstract] | |||||
Description of employees eligibility | Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company. | ||||
Employees vesting percentage | 100% | ||||
Employer matching contribution vesting period | P6Y | ||||
Employees matching contributions | $ 14,000 | $ 16,000 | $ 43,000 | $ 48,000 |
Schedule of Assets Measured at
Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Jan. 31, 2023 | 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 | $ 31,470,000 | $ 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 | 5,397,000 | 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 | 81,000 | 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 | 25,044,000 | 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 | 948,000 | 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 | 25,992,000 | 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 | 25,044,000 | 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 | 948,000 | 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 | 5,478,000 | 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 | 5,397,000 | 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 | 81,000 | 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 |