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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
10-K
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended April 30, 2024
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________ to _________
Commission
File Number: 000-05378
George
Risk Industries, Inc.
(Exact
name of registrant as specified in its charter)
Colorado |
|
84-0524756 |
(State
of incorporation) |
|
(IRS
Employer Identification No.) |
|
|
|
802
South Elm St., Kimball, NE
|
|
69145
|
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number (308) 235–4645
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
|
Name
of Exchange on Which Registered |
None |
|
None |
Securities
registered under Section 12(g) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Class
A Common Stock, $0.10 par value |
|
RSKIA |
|
OTC
Markets |
Convertible
Preferred Stock, $20 stated value |
|
RSKIA |
|
OTC
Markets |
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
☐ No ☒
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Sections 15(d) of the Act.
Yes
☐ No ☒
Indicate
by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject
to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 229-405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”,
“smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer ☐ |
|
Accelerated filer ☐ |
|
Non-accelerated filer ☐ |
|
Smaller reporting company ☒ |
|
|
|
Emerging
growth company ☐
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes
☐ No ☒
Based on the closing sale price on October 31, 2023, the aggregate market
value of the voting stock held by non-affiliates (assuming, for this purpose, that all directors, officers and owners of 5% or more of
the registrant’s common stock are deemed affiliates) of the registrant was $23,660,000.
The
number of outstanding shares of the common stock as of July 30, 2024, was 4,896,730.
Part
I
Preliminary
Note Regarding Forward-Looking Statements and Currency Disclosure
This
annual report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events or our future financial performance.
In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”,
“plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”
or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors” that
may cause our, or our industry’s, actual results, levels of activity, performance or achievements to be materially different from
any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although
we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels
of activity, performance, or achievements. We do not intend to update any of the forward-looking statements to conform these statements
to actual results except as required by applicable law, including the securities laws of the United States.
Our
financial statements are stated in United States dollars, rounded to the nearest thousand, and are prepared in accordance with United
States Generally Accepted Accounting Principles.
Business
Development
George
Risk Industries, Inc. (“GRI” or the “Company”) was incorporated in 1967 in Colorado. The Company is presently
engaged in the design, manufacture, and sale of custom computer keyboards, proximity switches, security alarm components and systems,
pool access alarms, EZ Duct wire covers, water sensors, electronic switching devices, high security switches and wire and cable installation
tools.
Products,
Market, and Distribution
The
Company designs, manufactures, and sells computer keyboards, proximity switches, security alarm components and systems, pool access alarms,
water sensors, electronic switching devices, high security switches, and wire and cable installation tools. The Security sales division,
which concentrates on selling products for security purposes, comprises approximately 96.0% of net revenues and these goods are sold
to distributors and alarm dealers/installers.
The
security segment has approximately 1,000 current customers. One of the distributors, Ademco, Inc. (previously known as ADI), accounts
for approximately 37.7% of the Company’s sales of these products. Anixter, Inc. accounts for another 23.5% of the security segment
of the Company sales. The loss of these distributors would be significant to the Company. However, both companies have purchased products
from the Company for many years and are expected to continue. The Company also has a written agreement with Ademco. This agreement was
signed in February 2011 and was initiated by the customer. The contents of the agreement include product terms, purchasing, payment terms,
term and termination, product marketing, representations and warranties, product support, mutual confidentiality, indemnification and
insurance, and general provisions.
The
keyboard and proximity switch segment has approximately 300 customers. These products are primarily sold to original equipment manufacturers
to their specifications and to distributors of off-the-shelf keyboards of proprietary design.
Competition
The
Company has intense competition in the keyboard/proximity and security/burglar alarm lines.
The
security/burglar alarm segment has approximately six major competitors. The Company competes well based on price, product design, quality,
customization, and having products made in the USA.
The
competitors in the keyboard/proximity segment are larger companies with automated production facilities. GRI has emphasized small custom
order sales that many of its competitors decline or discourage.
Research
and Development
The
Company conducts research and development for its customers when needed and as requested. Costs in connection with such product development
have been borne by the customers. Costs associated with the development of new products are expensed as incurred. The Company’s
internal research and development activities support the development of new products.
Employees
GRI
has approximately 185 employees.
We
believe a proactive approach to cybersecurity risks and threats is essential to achieving our business objectives and protecting our
business. We therefore have processes for assessing, identifying, and managing risks from cybersecurity threats, that are conducted both
in-house and with the aid of a third-party IT service, Five Nines, and have integrated these processes into our overall risk management
system. We continually monitor our safeguards and provide our employees at all levels with the tools and training on these safeguards.
Five Nine’s security specialists monitor and aid with industry best practices and compliance and assist us in implementing our
cybersecurity procedures. Additionally, they routinely assess risks from cybersecurity threats, including but not limited to changes
to firmware, disruption/denial of service and any potential unauthorized occurrence on or conducted through our information systems that
may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing
therein. We have established policies for tracking, managing, and safely disposing of physical hardware that may contain confidential
information. We intend to continually evaluate best practices and methods, including continued cyber defense systems and training programs
to protect our business from a wide range of potential threats and the ever-evolving cybersecurity risks.
Governance
Our
company IT Manager continually monitors company computers and information systems for potential malware, ransomware and other malicious
activity. The IT Manager works directly with our third-party IT service, Five Nines, and periodically updates the CEO on our cybersecurity
and information security policies, training, new concerns, and plans. The CEO reports, as and if needed, directly to the audit committee
and board of directors. The board of directors and audit committee will be apprised of any cybersecurity incidents deemed to have a moderate
or higher business impact and will be provided with updates as necessary.
The
Company owns the manufacturing and the office facilities that it operates in. Total square footage of the plant in Kimball, Nebraska
is approximately 50,000 sq. ft. A 7,500 sq. ft. warehouse for raw material storage was purchased in June 2017 when the Company acquired
its cable and wiring segment, and another 9,600 sq. ft. building was purchased in April 2020 to provide for additional expansion. Additionally,
the Company purchased the 15,000 sq. ft. building that it previously leased from Bonita Risk, which is used mainly for offices, in November
2019. Bonita Risk is a director of the Company.
The
Company also owns a building in Gering, NE that is 7,200 sq. ft. in size. This is used for manufacturing. Currently, there are approximately
37 employees at the Gering site.
None.
Item 4 |
Mine Safety Disclosures |
Not
applicable.
Part
II
Item 5 |
Market for the Registrant’s
Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities |
Principal
Market
The
Company’s Class A Common Stock, which is traded under the ticker symbol RSKIA, is currently quoted on the OTC Bulletin Board by
one market maker.
Stock
Prices and Dividends Information
2024
Fiscal Year | |
High | | |
Low | |
May 1—July 31 | |
$ | 11.10 | | |
$ | 9.81 | |
August 1—October 31 | |
| 12.25 | | |
| 10.99 | |
November 1—January 31 | |
| 12.80 | | |
| 11.24 | |
February 1—April 30 | |
| 14.10 | | |
| 11.06 | |
2023
Fiscal Year | |
High | | |
Low | |
May 1—July 31 | |
$ | 12.24 | | |
$ | 11.02 | |
August 1—October 31 | |
| 12.00 | | |
| 9.52 | |
November 1—January 31 | |
| 11.60 | | |
| 10.35 | |
February 1—April 30 | |
| 11.69 | | |
| 10.62 | |
On
September 30, 2023, a dividend of $0.65 per common share was declared for the fiscal year ending April 30, 2024.
For
the prior fiscal year, a dividend of $0.60 per common share was declared on September 30, 2022.
The
number of holders of record of the Company’s Class A Common Stock as of April 30, 2024, was approximately 1,084.
Repurchases
of Equity Securities
On
September 18, 2008, the Board of Directors approved an authorization for the repurchase of up to 500,000 shares of the Company’s
common stock. Purchases can be made in the open market or in privately negotiated transactions. The Board did not specify an expiration
date for the authorization.
The
following tables show repurchases of GRI’s common stock made on a quarterly basis:
2024
Fiscal Year | |
Number
of shares repurchased | |
May 1—July 31 | |
| 2,035 | |
August 1—October 31 | |
| 1,715 | |
November 1—January 31 | |
| 27,963 | |
February 1—April 30 | |
| 2,100 | |
2023
Fiscal Year | |
Number
of shares repurchased | |
May 1—July 31 | |
| 200 | |
August 1—October 31 | |
| 70 | |
November 1—January 31 | |
| 175 | |
February 1—April 30 | |
| 200 | |
There
are still approximately 192,000 shares available to be repurchased under the current resolution.
Not
Applicable
Item 7 |
Management’s Discussion and Analysis of Financial
Condition and Results of Operations |
Executive
Overview
George
Risk Industries, Inc. (“GRI” or the “Company”) is a diversified manufacturer of electronic components, encompassing
the security industry’s widest variety of door and window contact switches, environmental products, wire and cable installation
tools, proximity switches and custom keyboards. The security products division comprises the largest portion of GRI sales and products
are sold worldwide through distributors, who in turn sell these products to security installation companies. These products are used
for residential, commercial, industrial and government installations. International sales accounted for approximately 10.3% of revenues
for fiscal year 2024 and 11.1% for 2023.
GRI
is known for its quality American made products, top-notch customer service and the willingness to work with customers on their special
applications.
GRI
owns and operates its main manufacturing plant and offices in Kimball, Nebraska with a satellite plant 40 miles away in Gering, Nebraska.
The
Company has substantial marketable securities holdings, and these holdings have a material impact on the financial results. For the year
ending April 30, 2024, net other income accounted for 39.08% of income before income taxes. In comparison, for the year ending April
30, 2023, net other income accounted for 12.98% of the income before income taxes. Management’s philosophy behind having holdings
in marketable securities is to keep the money working and to gain interest on the cash that is not needed to be put back into the business.
Over the years, the investments have kept the earnings per share up when the results from operations have not fared as well.
Management
is always open to the possibility of acquiring a business that would complement our existing operations, such as the October 2017 purchase
of substantially all of the assets from Labor Saving Devices, Inc. (“LSDI”) and Roy Bowling.
There
are no known seasonal trends with any of GRI’s products, since the Company mostly sells to distributors and original equipment
manufacturers. The products are tied to the housing industry and will fluctuate with building trends.
Liquidity
and Capital Resources
Operating
Net
cash increased by $2,169,000 during the year ended April 30, 2024, compared to a decrease of $1,135,000 during the year ended April 30,
2023. Accounts receivable increased by $417,000 during the current fiscal year compared to a $627,000 decrease in the prior fiscal year.
The current fiscal year increase in cash flow from accounts receivable is the result of a combination of slightly faster collection of
accounts receivable and increased sales. The average collection time in days for the year ended April 30, 2024, is 66 days, compared
to 65 days for the year ended April 30, 2023. As of April 30, 2024, 68.12% of receivables were aged less than 60 days (“Current”)
and 8.53% were aged over 90 days. In comparison, 79.90% of the receivables were considered Current and 4.95% were over 90 days past due
at April 30, 2023.
Inventories
increased by $93,000 for the year ended April 30, 2024, compared to an increase of $3,604,000 for the year ended April 30, 2023. The
smaller current fiscal year increase is a result of having slightly less raw materials on hand and an increase in raw material costs.
In turn, with material and labor costs rising, the work in process inventory has increased while the finished goods inventory has decreased
since there were more sales than the previous fiscal year.
Prepaid
expenses and other assets decreased by $418,000 and $761,000 in the current and prior fiscal years, respectively. The current fiscal
year’s decrease is due to not having as many prepayments for raw materials than at the last fiscal year-end and not having to
renew multi-year subscriptions in the current fiscal year.
For
the year ended April 30, 2024, accounts payable decreased by $254,000 compared to an increase of $226,000 for the year ended April 30,
2023. The change in cash with regards to accounts payable is largely based on timing. Payables are paid within terms and fluctuate based
primarily on inventory needs for production. Accrued expenses increased $41,000 for the year ended April 30, 2024, due to having more
accrued payroll calculated as compared to the year ended April 30, 2023.
The
Company had an increase in cash flow towards income tax payable of $508,000 for the year ended April 30, 2024, compared to a
decrease of $680,000 in cash flow towards income tax receivable for the year ended April 30, 2023. The current fiscal year income
tax payable is the result of timing between recording and paying the income tax liability. The receivable in the 2023 fiscal year
was due to an overpayment of tax liability.
Investing
As
for investment activities, $378,000 was spent on purchases of property and equipment during the year ended April 30, 2024, compared to
$548,000 during the year ended April 30, 2023. These capitalized costs mainly consisted of purchases of machinery and equipment and making
capital improvements. Additionally, the Company continues to purchase marketable securities, which include municipal bonds and quality
stocks. Cash spent on purchases of marketable securities for the year ended April 30, 2024, was $699,000 versus $764,000 spent for the
year ended April 30, 2023. Conversely, net proceeds from the sale of marketable securities were $527,000 and $25,000 at April 30, 2024
and 2023, respectively. The Company uses “money manager” accounts for most stock transactions. By doing this, the Company
gives an independent third-party firm, who are experts in this field, permission to buy and sell stocks at will. The Company pays quarterly
service fees based on the value of the investments.
Financing
Cash
used in financing activities consists of two items. First, for the year ended April 30, 2024, $2,915,000 was spent on the payment of
dividends. The Company declared a dividend of $0.65 per share of common stock on September 30, 2023, for the current fiscal year, while
a $0.60 per share of common stock dividend was declared on September 30, 2022 and issued in the prior fiscal year. Second, the Company
continues to purchase back its Class A common stock when the opportunity arises. For the year ended April 30, 2024, the Company purchased
$391,000 of treasury stock and $7,000 was bought back for the year ended April 30, 2023. In an effort to repurchase its Class A Common
Stock, the Company has been actively searching for stockholders that have been “lost” over the years.
As
of April 30, 2024, working capital showed a year-over -year increase of 10.04%. The Company measures liquidity using the quick ratio,
which is the ratio of cash, securities and accounts receivables to current obligations. The Company’s quick ratio increased to
12.118 for the year ended April 30, 2024, compared to 11.135 for the year ended April 30, 2023.
Results
of Operations
GRI
completed the year ending April 30, 2024 with a net profit of 34.72% of net sales. Net sales for the current fiscal year were $21,767,000,
up 8.95% over the previous fiscal year. The increase in sales is a result of a strengthening economy in which inflation leveled up as
compared to the previous year. Cost of goods sold was 50.2% of net sales for the year ended April 30, 2024, and 53.08% for the same period
last year. Management aims to keep the cost of goods sold percentage within 50% and was just slightly over that percentage for the current
year. Management strives to be as efficient as possible as wages and material costs continue to increase. Management offset some of these
added expenses by implementing a 2.5% price increase effective January 1, 2024, and a price increase of 10% that was effective on January
1, 2023.
Operating
expenses were 20.91% of net sales for the year ended April 30, 2024, compared to 21.59% for the year ended April 30 ,2023. Management’s
goal is to keep the operating expenses around 25% or less of net sales, so the goal has been met for the current fiscal year. Income
from operations for the year ended April 30, 2024 was $6,289,000, which is a 24.29% increase from the year ended April 30, 2023, which
had income from operations of $5,060,000.
Other
income and expense results for the year ended April 30, 2024, produced net other income of $4,034,000, compared to a net other income
of $755,000 for the year ending April 30, 2023. Dividend and interest income was $1,116,000 for the current fiscal year, which is up
4.49% over the $1,068,000 dividend and interest income for the prior fiscal year. Investments in marketable securities are presented
at fair value and an unrealized gain or loss is recorded within the statements of operations, a non-cash entry. As a result, an unrealized
gain of $2,771,000 was recorded for the year ending April 30, 2024, and an unrealized loss of $31,000 was recorded for the year ending
April 30, 2023. Net gain on the sale of investments for the current fiscal year was $148,000, which is a 150.86% increase over the net
loss on the sale of investments of $291,000 for the prior fiscal year.
Net
income for the year ended April 30, 2024 was $7,558,000, which is up 58.88% from the $4,757,000 net income for the year ended April 30,
2023. Basic earnings per common share (“EPS”) for the year ended April 30, 2024, was $1.54 per share, and the diluted earnings
per common share for the same period was $1.53. Basic and diluted EPS for the year ended April 30, 2023, was $0.96 per share.
Management
is hopeful that sales will continue to increase for the fiscal year ending April 30, 2025. Opportunities for Management include focusing
on finding ways to get our products out to our customers in a timelier manner. One way we are doing this is by looking into more automation.
Challenges facing Management include obtaining certain raw materials and the increased costs of most raw materials because of inflation.
The Company also struggles to get enough workers to fill production needs. Our Security sales division, which is our largest sales generator,
is directly tied to the housing industry and we normally experience the same fluctuations. We are always researching and developing new
products that will help our sales increase. Although there were not any new products to hit the market during fiscal year 2024, we are
confident that there will be more released soon, and we are searching for products that complement our current offerings. Management
is always open to the possibility of acquiring a business or product line that would complement our existing operations. Due to the Company’s
strong cash position, management believes this could be achieved without the need for outside financing. The intent is to utilize the
equipment, marketing techniques and established customers to deliver new products and increase sales and profits.
New
product development
The
GRI Engineering department continues to develop enhancements to our existing products as well as to develop new products that will continue
to secure our position in the industry.
Explosion
proof contacts that will be UL listed for hazardous locations are in development. There has been demand from our customers for this type
of high security magnetic reed switch.
The
Company is developing magnetic contacts which are listed under UL 634 Level 2. These sensors are for high security applications such
as government buildings, military use, nuclear facilities, and financial institutions.
Research
is being done on updating our small profile glass break detector, in addition to looking at development of programmable temperature and
humidity sensors with built-in hysteresis. An expansion of the GR3045 panic switch is in the works to include single pull, double throw
(SPDT) versions, latching, and non-latching with LED indicator lights. A miniature profile overhead door contact based on the popular
4532 is also in development.
Wireless
technology is a main area of focus for product development. We are considering adding wireless technology to some of our current products.
A wireless contact switch is in the final stages of development. Also, we are working on wireless versions of monitoring devices which
include glass break detection, tilt sensing and environmental monitoring. A redesign of our brass water valve shut-off system is near
completion.
Critical
Accounting Policies
The
discussion and analysis of the financial condition and results of operations are based upon the financial statements, which have been
prepared in conformity with generally accepted accounting principles in the United States. The preparation of these financial statements
requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses reported
in those financial statements. These judgments can be subjective and complex, and consequently actual results could differ from those
estimates. The most critical accounting policies relate to accounts receivable; marketable securities; inventory; income taxes; and segment
reporting.
Accounts
receivable—Accounts receivable are customer obligations due under normal trade terms. The Company sells its products to security
alarm distributors, alarm installers, and original equipment manufacturers. Management performs continuing credit evaluations of its
customers’ financial condition, and the Company generally does not require collateral.
The
Company records an allowance for credit losses based on an analysis of specifically identified customer balances. The Company has a limited
number of customers with individually large amounts due at any given date. Any unanticipated change in any one of these customers’
credit worthiness or other matters affecting the collectability of amounts due from such customers could have a material effect on the
results of operations in the period in which such changes or events occur. After all attempts to collect a receivable have failed, the
receivable is written off.
Marketable
securities—The Company has investments in publicly traded equity securities, state and municipal debt securities, and real-estate
investment trusts (REITs). The investments in securities are reported at fair value. The Company uses the average cost method to determine
the cost of securities sold and any unrealized gains or losses on equity securities are reported in the respective period’s earnings.
Unrealized gains and losses on debt securities are excluded from earnings and reported separately as a component of stockholder’s
equity. Dividend and interest income are reported as earned.
In
accordance with the Generally Accepted Accounting Principles in the United States (“US GAAP”), the Company evaluates all
marketable securities for other-than temporary declines in fair value. When the cost basis exceeds the fair market value for approximately
one year, management evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized
loss position. When it is determined that a security will likely remain impaired, a recognized loss is recorded and the investment is
written down to its new fair value. The investments are periodically evaluated to determine if impairment changes are required.
Inventories—Inventories
are valued at the lower of cost or net realizable value. Costs are determined using the average cost-pricing method. The Company uses
actual costs to price its manufactured inventories, approximating average costs. The reported net value of inventory includes finished
saleable products, work-in-process and raw materials that will be sold or used in future periods. Inventory costs include raw materials,
direct labor and overhead. The Company’s overhead expenses are applied, based in part, upon estimates of the proportion of those
expenses that are related to procuring and storing raw materials as compared to the manufacture and assembly of finished products. These
proportions, the method of their application, and the resulting overhead included in ending inventory, are based in part on subjective
estimates and approximations and actual results could differ from those estimates.
In
addition, the Company records an inventory obsolescence reserve, which represents the cost of the inventory that has had no movement
in over two years. There is inherent professional judgment and subjectivity made by management in determining the estimated obsolescence
percentage. In addition, and as necessary, the Company may establish specific reserves for future known or anticipated events.
Income
Taxes—US GAAP requires use of the assets and liability method; whereby current and deferred tax assets and liabilities are
determined based on tax rates and laws enacted as of the balance sheet date. Deferred tax expense represents the change in the deferred
tax asset/liability balances.
Segment
Reporting and Related Information—The Company designates the internal organization that is used by management for allocating
resources and assessing performance as the source of the Company’s reportable segments. US GAAP also requires disclosures about
products and services, geographic area, and major customers.
Related
Party Transactions — One of the directors of the board, Joel Wiens, is the principal shareholder of FirsTier Bank. FirsTier
Bank is the financial institution the Company uses for its day-to-day banking operations. The year end balances of accounts held at this
bank were $6,712,000 and $4,637,000 for the years ended April 30, 2024 and 2023, respectively. The Company also received interest income
from FirsTier Bank in the amount of approximately $170,000 for the year ended April 30, 2024, and approximately $103,000 was received
for the year ended April 30, 2023.
Item 8 |
Financial Statements and Supplementary Data |
Index
to Financial Statements
George
Risk Industries, Inc.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and
Stockholders
of George Risk Industries, Inc.
Opinion
on the Financial Statements
We
have audited the accompanying balance sheets of George Risk Industries, Inc. (the Company) as of April 30, 2024 and 2023, and the related
statements of income, comprehensive income, stockholders’ equity, and cash flows for each of the years in the two-year period ended
April 30, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements
present fairly, in all material respects, the financial position of the Company as of April 30, 2024 and 2023, and the results of its
operations and its cash flows for each of the years in the two-year period ended April 30, 2024, in conformity with accounting principles
generally accepted in the United States of America.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
Critical
Audit Matters
The
critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated
or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Critical
Audit Matter – Inventory Valuation
Critical Audit Matter Description
The
Company manufactures its inventory, which involves the capture of direct labor and manufacturing overhead costs to inventory instead
of as an expense when valuing work-in-process and finished goods inventory. This process involves complex calculations based on employee
hours worked on manufacturing inventory, and the amount of overhead that will be captured is based on management’s subjective judgements.
These judgements can have a significant impact on the Company’s reported assets and earnings if they should prove to be significantly
inaccurate.
How
the Critical Audit Matter was Addressed in the Audit
Our
principal procedures related to the Company’s valuation of work-in-process and finished goods inventory included the following:
|
● |
We
evaluated management’s significant accounting policies related to the valuation of manufactured inventory, including the methodology
of how manufactured overhead is applied to inventory. |
|
● |
We
tested the direct labor applied to a sample of work-in-process and finished goods inventory items by agreeing employees’ applied
costs to their pay rates per their human resources file maintained by the company. |
|
● |
We
tested the application of manufacturing overhead to a sample of work-in-process and finished goods inventory by recalculating the
overhead we would expect to be applied based on the company’s standard overhead rate and the number of direct labor hours applied
to the inventory. |
Critical
Audit Matter – Valuation of Investments
Critical Audit Matter Description
The
company has investments in publicly traded equity securities, state and municipal debt securities, REITS, and money markets and they
are recorded at fair value. Some of these investments are Level 2 investments and can be hard to value. In addition, as the securities
are held at fair value, management must assess securities that are in a significant unrealized loss position for other than temporary
impairment. For these securities, management must make difficult and subjective judgments about the ability of the issuer to be able
to meet its obligations under terms of the security. These judgments can have a significant impact on the Company’s reported earnings
if they should prove to be significantly inaccurate.
How
the Critical Audit Matter was Addressed in the Audit
Our
principal procedures related to the Company’s process for debt securities valuations as well as the process for equity securities
other than temporary impairment evaluation included are the following:
|
● |
We
evaluated management’s significant accounting policies related to the identification of other than temporary impairment. |
|
● |
Valuation
specialists, with specialized skills and knowledge, were involved in the assessment of the fair values for a sample of Level 2 investments. |
|
● |
We
performed testing over a sample of securities to determine if conclusions reached by management regarding other than temporary impairment
were appropriate. |
Haynie
and Company
We
have served as the Company’s auditor since 1992. |
|
Salt Lake City, UT
Firm
ID 457 |
|
July
30, 2024 |
|
George
Risk Industries, Inc.
Balance
Sheets
As
of April 30, 2024 and 2023
| |
2024 | | |
2023 | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash and
cash equivalents | |
$ | 7,112,000 | | |
$ | 4,943,000 | |
Investments and securities | |
| 34,488,000 | | |
| 31,363,000 | |
Accounts receivable: | |
| | | |
| | |
Trade, net of allowance
for credit losses of $34,256 and $17,922 for 2024 and 2023, respectively | |
| 3,903,000 | | |
| 3,503,000 | |
Other | |
| 66,000 | | |
| 59,000 | |
Income tax overpayment | |
| — | | |
| 403,000 | |
Inventories, net | |
| 11,558,000 | | |
| 11,443,000 | |
Prepaid expenses | |
| 315,000 | | |
| 651,000 | |
Total Current Assets | |
| 57,442,000 | | |
| 52,365,000 | |
| |
| | | |
| | |
Property and Equipment, at cost, net | |
| 2,003,000 | | |
| 1,997,000 | |
| |
| | | |
| | |
Other Assets | |
| | | |
| | |
Investment in Limited
Land Partnership, at cost | |
| 294,000 | | |
| 344,000 | |
Projects in process | |
| 13,000 | | |
| 83,000 | |
Other | |
| — | | |
| 13,000 | |
Total Other Assets | |
| 307,000 | | |
| 440,000 | |
| |
| | | |
| | |
Intangible Assets, net | |
| 1,028,000 | | |
| 1,149,000 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 60,780,000 | | |
$ | 55,951,000 | |
The
accompanying notes are an integral part of these financial statements.
George
Risk Industries, Inc.
Balance
Sheets (Continued)
As
of April 30, 2024 and 2023
| |
2024 | | |
2023 | |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts
payable, trade | |
$ | 291,000 | | |
$ | 546,000 | |
Dividends payable | |
| 2,853,000 | | |
| 2,565,000 | |
Deferred income | |
| 23,000 | | |
| 43,000 | |
Accrued expenses | |
| 483,000 | | |
| 421,000 | |
Income tax payable | |
| 105,000 | | |
| — | |
Total Current Liabilities | |
| 3,755,000 | | |
| 3,575,000 | |
| |
| | | |
| | |
Long-Term Liabilities | |
| | | |
| | |
Deferred income taxes | |
| 2,388,000 | | |
| 1,727,000 | |
Total Long-Term Liabilities | |
| 2,388,000 | | |
| 1,727,000 | |
| |
| | | |
| | |
Total Liabilities | |
| 6,143,000 | | |
| 5,302,000 | |
| |
| | | |
| | |
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 (loss) | |
| (137,000 | ) | |
| (161,000 | ) |
Retained earnings | |
| 56,836,000 | | |
| 52,481,000 | |
Less: treasury stock,
3,606,151 and 3,572,338 shares, at cost | |
| (4,945,000 | ) | |
| (4,554,000 | ) |
Total Stockholders’ Equity | |
| 54,637,000 | | |
| 50,649,000 | |
| |
| | | |
| | |
TOTAL LIABILITES AND STOCKHOLDERS’
EQUITY | |
$ | 60,780,000 | | |
$ | 55,951,000 | |
The
accompanying notes are an integral part of these financial statements.
George
Risk Industries, Inc.
Income
Statements
For
the years ended April 30, 2024 and 2023
| |
Year ended | | |
Year ended | |
| |
April
30, 2024 | | |
April
30, 2023 | |
| |
| | |
| |
Net Sales | |
$ | 21,767,000 | | |
$ | 19,979,000 | |
Less: Cost of Goods Sold | |
| (10,926,000 | ) | |
| (10,605,000 | ) |
Gross Profit | |
| 10,841,000 | | |
| 9,374,000 | |
| |
| | | |
| | |
Operating Expenses: | |
| | | |
| | |
General and Administrative | |
| 1,492,000 | | |
| 1,380,000 | |
Selling | |
| 2,958,000 | | |
| 2,836,000 | |
Engineering | |
| 102,000 | | |
| 98,000 | |
Total Operating Expenses | |
| 4,552,000 | | |
| 4,314,000 | |
| |
| | | |
| | |
Income From Operations | |
| 6,289,000 | | |
| 5,060,000 | |
| |
| | | |
| | |
Other Income (Expense) | |
| | | |
| | |
Other Income | |
| 37,000 | | |
| 6,000 | |
Impairment on Investment
in Limited Land Partnership | |
| (38,000 | ) | |
| — | |
Dividend and Interest
Income | |
| 1,116,000 | | |
| 1,068,000 | |
Unrealized Gain (Loss)
on Equity Securities | |
| 2,771,000 | | |
| (31,000 | ) |
Gain (Loss) on Sale
of Investment | |
| 148,000 | | |
| (291,000 | ) |
Gain on Sale of Assets | |
| — | | |
| 3,000 | |
Total Other Income (Expense) | |
| 4,034,000 | | |
| 755,000 | |
| |
| | | |
| | |
| |
| | | |
| | |
Provisions for Income Taxes | |
| | | |
| | |
Current Expense | |
| 2,115,000 | | |
| 1,226,000 | |
Deferred tax expense
(benefit) | |
| 650,000 | | |
| (168,000 | ) |
Total Income Tax Expense | |
| 2,765,000 | | |
| 1,058,000 | |
| |
| | | |
| | |
Net Income | |
$ | 7,558,000 | | |
$ | 4,757,000 | |
| |
| | | |
| | |
Earnings Per Share of Common Stock | |
| | | |
| | |
Basic | |
$ | 1.54 | | |
$ | 0.96 | |
Diluted | |
$ | 1.53 | | |
$ | 0.96 | |
| |
| | | |
| | |
Weighted Average Number of Common Shares
Outstanding (Basic) | |
| 4,913,676 | | |
| 4,930,835 | |
Weighted Average Number of Common Shares
Outstanding (Diluted) | |
| 4,934,176 | | |
| 4,951,335 | |
The
accompanying notes are an integral part of these financial statements.
George
Risk Industries, Inc.
Statements
of Comprehensive Income
For
the years ended April 30, 2024 and 2023
| |
Year ended | | |
Year ended | |
| |
April
30, 2024 | | |
April
30, 2023 | |
| |
| | |
| |
Net Income | |
$ | 7,558,000 | | |
$ | 4,757,000 | |
| |
| | | |
| | |
Other Comprehensive Income (Loss), Net of
Tax | |
| | | |
| | |
Unrealized gain (loss)
on debt securities: | |
| | | |
| | |
Unrealized holding gains
(losses) arising during period | |
| 34,000 | | |
| (33,000 | ) |
Income
tax benefit (expense) related to other comprehensive income | |
| (10,000 | ) | |
| 9,000 | |
Other
Comprehensive Income (Loss) | |
| 24,000 | | |
| (24,000 | ) |
| |
| | | |
| | |
Comprehensive Income | |
$ | 7,582,000 | | |
$ | 4,733,000 | |
The
accompanying notes are an integral part of these financial statements.
George
Risk Industries, Inc.
Statements
of Stockholders’ Equity
For
the Years Ended April 30, 2024 and 2023
| |
Shares | | |
Amount | | |
Shares | | |
Amount | |
| |
Preferred
Stock | | |
Common
Stock Class A | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | |
Balances,
April 30, 2022 | |
| 4,100 | | |
$ | 99,000 | | |
| 8,502,881 | | |
$ | 850,000 | |
| |
| | | |
| | | |
| | | |
| | |
Prior period adjustment for provisions related
to depreciation | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Purchases of common stock | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Dividend declared at $0.60 per common share
outstanding | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Unrealized gain (loss), net of tax effect | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Net Income | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Balances, April 30, 2023 | |
| 4,100 | | |
| 99,000 | | |
| 8,502,881 | | |
| 850,000 | |
| |
| | | |
| | | |
| | | |
| | |
Purchases of common stock | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Dividend declared at $0.65 per common share
outstanding | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Unrealized gain (loss), net of tax effect | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Net Income | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Balance, April 30, 2024 | |
| 4,100 | | |
$ | 99,000 | | |
| 8,502,881 | | |
$ | 850,000 | |
The
accompanying notes are an integral part of these financial statements.
George
Risk Industries, Inc.
Statements
of Stockholders’ Equity
For
the Years Ended April 30, 2024 and 2023
|
Capital | | |
Shares | | |
Amount | | |
Income | | |
Earnings | | |
Total | |
|
|
|
|
Treasury
Stock
(Common
Class A) |
|
|
Accumulated
Other
Comprehensive
Income
(Loss) |
|
|
|
|
|
|
|
|
Paid-In
Capital |
|
|
Shares |
|
|
Amount |
|
|
|
|
Retained
Earnings |
|
|
Total |
|
Balances, April 30, 2022 |
$ |
1,934,000 |
|
|
|
3,571,693 |
|
|
$ |
(4,547,000 |
) |
|
$ |
(137,000 |
) |
|
$ |
50,843,000 |
|
|
$ |
49,042,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior period adjustment
for provisions related to depreciation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(161,000 |
) |
|
|
(161,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of common stock |
|
— |
|
|
|
645 |
|
|
|
(7,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend declared at $0.60 per common share outstanding |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,958,000 |
) |
|
|
(2,958,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss), net of tax effect |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24,000 |
) |
|
|
— |
|
|
|
(24,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,757,000 |
|
|
|
4,757,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
April 30, 2023 |
|
1,934,000 |
|
|
|
3,572,338 |
|
|
|
(4,554,000 |
) |
|
|
(161,000 |
) |
|
|
52,481,000 |
|
|
|
50,649,000 |
|
Balance |
|
1,934,000 |
|
|
|
3,572,338 |
|
|
|
(4,554,000 |
) |
|
|
(161,000 |
) |
|
|
52,481,000 |
|
|
|
50,649,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of common stock |
|
— |
|
|
|
33,813 |
|
|
|
(391,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
(391,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend declared at $0.65 per common share outstanding |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,203,000 |
) |
|
|
(3,203,000 |
) |
Dividend declared per common share
outstanding |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,203,000 |
) |
|
|
(3,203,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss), net of tax effect |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24,000 |
|
|
|
— |
|
|
|
24,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,558,000 |
|
|
|
7,558,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, April 30, 2024 |
$ |
1,934,000 |
|
|
|
3,606,151 |
|
|
$ |
(4,945,000 |
) |
|
$ |
(137,000 |
) |
|
$ |
56,836,000 |
|
|
$ |
54,637,000 |
|
Balance |
$ |
1,934,000 |
|
|
|
3,606,151 |
|
|
$ |
(4,945,000 |
) |
|
$ |
(137,000 |
) |
|
$ |
56,836,000 |
|
|
$ |
54,637,000 |
|
The
accompanying notes are an integral part of these financial statements.
George
Risk Industries, Inc.
Statements
of Cash Flows
| |
Year ended | | |
Year ended | |
| |
April
30, 2024 | | |
April
30, 2023 | |
| |
| | |
| |
Cash Flows From Operating
Activities: | |
| | | |
| | |
Net Income | |
$ | 7,558,000 | | |
$ | 4,757,000 | |
Adjustments to reconcile
net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 487,000 | | |
| 445,000 | |
Realized (gain) loss
on sale of investments | |
| (170,000 | ) | |
| 224,000 | |
Impairment on investments | |
| 22,000 | | |
| 67,000 | |
Unrealized (gain) loss
on equity securities | |
| (2,771,000 | ) | |
| 31,000 | |
Impairment on investment
in limited land partnership | |
| 38,000 | | |
| — | |
Provision for credit
losses on accounts receivable | |
| 16,000 | | |
| (16,000 | ) |
Reserve for obsolete
inventory | |
| (21,000 | ) | |
| 100,000 | |
(Gain) on sale of assets | |
| — | | |
| (3,000 | ) |
Deferred income taxes | |
| 650,000 | | |
| (167,000 | ) |
Changes in assets and
liabilities: | |
| | | |
| | |
(Increase) decrease
in: | |
| | | |
| | |
Accounts receivable | |
| (417,000 | ) | |
| 627,000 | |
Inventories | |
| (93,000 | ) | |
| (3,604,000 | ) |
Prepaid expenses | |
| 418,000 | | |
| 761,000 | |
Other receivables | |
| (7,000 | ) | |
| (43,000 | ) |
Income tax overpayment | |
| — | | |
| (680,000 | ) |
Increase (decrease)
in: | |
| | | |
| | |
Accounts payable | |
| (254,000 | ) | |
| 226,000 | |
Accrued expenses | |
| 41,000 | | |
| 111,000 | |
Income tax payable | |
| 508,000 | | |
| — | |
Net cash from operating
activities | |
| 6,005,000 | | |
| 2,836,000 | |
| |
| | | |
| | |
Cash Flows From Investing
Activities: | |
| | | |
| | |
Proceeds from sale of
assets | |
| 8,000 | | |
| 12,000 | |
(Purchase) of property
and equipment | |
| (378,000 | ) | |
| (548,000 | ) |
Proceeds from sale of
marketable securities | |
| 527,000 | | |
| 25,000 | |
Distribution from investment in limited land partnership | |
| 12,000 | | |
| — | |
Net cash from investing
activities | |
| (530,000 | ) | |
| (1,275,000 | ) |
| |
| | | |
| | |
Cash Flows From Financing
Activities: | |
| | | |
| | |
(Purchase) of treasury
stock | |
| (391,000 | ) | |
| (7,000 | ) |
Dividends paid | |
| (2,915,000 | ) | |
| (2,689,000 | ) |
Net cash from financing
activities | |
| (3,306,000 | ) | |
| (2,696,000 | ) |
| |
| | | |
| | |
Net Change in Cash and
Cash Equivalents | |
| 2,169,000 | | |
| (1,135,000 | ) |
| |
| | | |
| | |
Cash and Cash Equivalents,
beginning of year | |
| 4,943,000 | | |
| 6,078,000 | |
| |
| | | |
| | |
Cash and Cash Equivalents,
end of year | |
$ | 7,112,000 | | |
$ | 4,943,000 | |
| |
| | | |
| | |
Supplemental Disclosure
for Cash Flow Information: | |
| | | |
| | |
Cash payments for: | |
| | | |
| | |
Income taxes paid | |
$ | 1,485,000 | | |
$ | 2,070,000 | |
Interest expense | |
| — | | |
| — | |
| |
| | | |
| | |
Cash receipts for: | |
| | | |
| | |
Income taxes | |
$ | 57,000 | | |
$ | 176,000 | |
The
accompanying notes are an integral part of these financial statements.
George
Risk Industries, Inc.
Notes
to Financial Statements
April
30, 2024
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
George
Risk Industries, Inc. (GRI or the Company) was incorporated in 1967 in Colorado. The Company is presently engaged in the design, manufacture,
and sale of custom computer keyboards, proximity switches, security alarm components and systems, pool access alarms, EZ Duct wire covers,
water sensors, electronic switching devices, high security switches, and wire and cable installation tools.
Nature
of Business — The Company is engaged in the design, manufacture, and marketing of custom computer keyboards, proximity sensors,
security alarm components, pool access alarms, liquid detection sensors, raceway wire covers, wire and cable installation tools and various
other sensors and devices.
Cash
and Cash Equivalents — The Company considers all investments with a maturity of three months or less to be cash equivalents.
The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company
continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes
it is not exposed to any significant credit risk on cash and cash equivalents.
Accounts
Receivable and Allowance for Estimated Credit Losses — Accounts receivable are customer obligations due under normal trade
terms. The Company sells its products to security alarm distributors, alarm installers, and original equipment manufacturers. The Company
extends credit to its customers based on their credit worthiness and performs continuing credit evaluations of its customers’ financial
condition. If the Company believes the extension of credit is not advisable, other payment methods such as prepayments are required.
Balances deemed uncollectible by the Company are written off against our allowance for credit loss accounts.
The
Company maintains an allowance for estimated credit losses related to accounts receivable for future expected credit losses resulting
from the inability or unwillingness of our customers to make required payments. We estimate our allowance for credit losses based on
relevant information such as historical experience, current conditions, and future expectation of specifically identified customer balances.
This allowance is adjusted as appropriate to reflect current conditions. The Company has recorded an allowance for estimated credit losses
of $34,256 for the year ended April 30, 2024, and $17,922 for the year ended April 30, 2023. For the year ended April 30, 2024, the provision
for credit losses on accounts receivable was an expense of $16,334 compared to a provision of $17,171 for the year ended April 30, 2023.
Concentrations
of Credit Risk — The Company has a limited number of customers with individually substantial amounts due at any given date.
Any unanticipated change in any one of these customers’ credit worthiness or other matters affecting the collectability of amounts
due from such customers could have a material effect on the results of operations in the period in which such changes or events occur.
Inventories
— Inventories are stated at the lower of cost or net realized value. Cost is determined using the average cost-pricing method.
The Company uses actual costs to price its manufactured inventories, approximating average costs.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
Property
and Equipment — Property and equipment are recorded at cost. Depreciation is calculated based on the following estimated useful
lives using the straight-line method:
Schedule
of Property and Equipment
Classification | |
Useful
Life in Years | |
2024
Cost | | |
2023
Cost | |
Dies, jigs, and molds | |
3–7 | |
$ | 1,871,000 | | |
$ | 1,871,000 | |
Machinery and equipment | |
5–10 | |
| 2,832,000 | | |
| 2,632,000 | |
Furniture and fixtures | |
5–10 | |
| 222,000 | | |
| 222,000 | |
Improvements | |
5–32 | |
| 638,000 | | |
| 605,000 | |
Buildings | |
20–39 | |
| 1,151,000 | | |
| 1,151,000 | |
Automotive | |
3–5 | |
| 131,000 | | |
| 126,000 | |
Software | |
2–5 | |
| 425,000 | | |
| 425,000 | |
Land | |
N/A | |
| 80,000 | | |
| 80,000 | |
Property and equipment, gross | |
| |
| 7,350,000 | | |
| 7,112,000 | |
Accumulated depreciation | |
| |
| (5,347,000 | ) | |
| (5,115,000 | ) |
Property and equipment,
net | |
| |
$ | 2,003,000 | | |
$ | 1,997,000 | |
Depreciation
expense of $366,000 and $323,000 was charged to operations for the years ended April 30, 2024 and 2023, respectively.
Maintenance
and repairs are charged to expense as incurred, and expenditures for major improvements are capitalized. When assets are retired or otherwise
disposed of, the property accounts are relieved of costs and accumulated depreciation and any resulting gain or loss is credited or charged
to operations.
Investment
in Limited Land Partnership (LLP) — In November 2002, the Company purchased 6.67% of a prime 22-acre land parcel for development
in Winter Park-Grand County, CO for investment purposes for a total of $200,000. Over the years, there has been a total of $144,000 of
additional contributions to aid in improvements and recurring expenses such as debt service, utilities, taxes, maintenance, insurance,
and professional fees. The goal of the investment was to hold the property for resale(s) in 2-5 years, but many efforts to sell the property
did not materialize for many years. Fortunately, the sale finally happened on June 30, 2023. Disbursement of the sale proceeds are contingent
on finishing wetland restoration of the land, but the LLP made a distribution of the net proceeds in January 2024 in the amount of $12,000.
Upon receiving information from the LLP management team, additional details about the contingent ongoing expenses were given to GRI and
it has been determined that there is a $38,000 impairment on this investment, which has been accounted for during the year ended April
30, 2024.
Subsequently,
an additional distribution of the net proceeds from the sale of the LLP in the amount of $255,000 was paid to GRI in July 2024.
Intangible
Assets — Intangible assets are amortized on a straight-line basis over their estimated useful lives, unless it is determined
their lives to be indefinite. The intangible asset currently being amortized is intellectual property with a useful life of 15 years.
As of April 30, 2024, the Company had $1,028,000 of net intangible assets, compared to net intangible assets of $1,149,000 as of April
30, 2023. Amortization expense was $121,000 and $122,000 for the years ended April 30, 2024 and 2023, respectively.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
As
of April 30, 2024, future amortization of intangible assets is expected as follows:
Schedule
of Future Amortization of Intangible Assets
Fiscal
year end | |
Amortization
amount | |
2025 | |
$ | 121,000 | |
2026 | |
$ | 121,000 | |
2027 | |
$ | 121,000 | |
2028 | |
$ | 121,000 | |
2029 | |
$ | 121,000 | |
Thereafter | |
$ | 423,000 | |
Total | |
$ | 1,028,000 | |
Basic
and Diluted Earnings per Share — The Company computes earnings per share in accordance with Accounting Standards Codification
(“ASC”) 260-10-45 Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face
of the statement of income. Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted
average number of outstanding common shares during the period. Diluted earnings per share gives effect to all dilutive potential common
shares outstanding during the period. Dilutive earnings per share exclude all potential common shares if their effect is anti-dilutive.
Advertising
— Advertising costs are expensed as incurred and are included in selling expenses. Advertising expense amounted to $116,000
and $105,000 for the years ended April 30, 2024 and 2023, respectively.
Income
Taxes — Deferred tax assets and liabilities are recorded for the future consequences of events that have been recognized in
the Company’s financial statements or tax returns. Measurement of the deferred tax items is based on enacted tax laws. In the event
the future consequences of differences between financial reporting bases and tax bases of the Company’s assets or liabilities result
in a deferred tax asset, we evaluate the probability of realizing the future benefits comprising that asset and record a valuation allowance
if considered necessary.
Accounting
standards prescribe a recognition threshold and a measurement attribute for the financial statement recognition and measurement of the
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than
not to be sustained upon examination by taxing authorities. A “more likely than not” tax position is measured as the largest
amount of benefit that is greater than a fifty percent likelihood of being realized upon ultimate settlement, or else a full reserve
is established against the tax asset or a liability is recorded. The Internal Revenue Service (“IRS”) may generally access
additional income tax records for the most recent three years. This would generally prevent the IRS from opening an examination for years
ending on or before April 30, 2020. However, there are exceptions that can extend the statute of limitations to six years, and in some
cases, prevent the statute of limitations from ever expiring. Interest and penalties accrued on uncertain tax positions are recorded
as income tax expense.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
It
has been determined that the Company does not have uncertain tax positions on its tax returns for the years 2023, 2022, and prior. Based
on evaluation of the 2024 transactions and events, the Company does not have any material uncertain tax positions that require measurement.
Accounting
Estimates — The preparation of these financial statements requires the use of estimates and assumptions including the carrying
value of assets. The estimates and assumptions result in approximate rather than exact amounts.
Fair
Value of Financial Instruments — Certain financial instruments are required to be recorded at fair value. Changes in assumptions
or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact
on our financial condition, results of operations or cash flows. Other financial instruments, including cash equivalents, certain investments
and short-term debt, are recorded at cost, which approximates fair value. The fair values of long-term debt and financial instruments
are disclosed in Note 11.
Investments
— The accounting policies for the Company’s principal investments are as follows: Debt Securities and Equity Securities:
Effective May 1, 2018, the Company adopted Accounting Standards Update 2016-01 “Financial Instruments-Overall (ASC Subtopic 825-10):
Recognition and Measurement of Financial Assets and Financial Liabilities”. As a result, the Company measures its equity securities
at fair value and recognizes any changes in fair value in net income. Prior to adoption, equity securities were designated as available-for-sale
and reported at fair value with unrealized capital gains (losses) recorded in Accumulated other comprehensive income (loss) (“AOCI”).
The Company’s debt securities are currently designated as available-for-sale. Available-for-sale securities are reported at fair
value and unrealized capital gains (losses) on these securities are recorded directly in AOCI and presented, net of related changes,
in deferred income taxes. Purchases and sales of debt securities and equity securities are recorded on the trade date. Investment gains
and losses on sales of securities are generally determined on a first-in-first-out (“FIFO”) basis.
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.
Revenue
Recognition —The Company accounts for revenue using the guidance provided by ASC 606, “Revenue from Contracts with Customers.”
The Company recognizes product revenue using a five-step approach to determine the amount and timing of revenue to be recognized. The
five-step approach requires (1) identifying the contract with the customer, (2) identifying the performance obligations in the contract,
(3) determining the transaction price, (4) allocating the transaction price to the performance
obligations in the contract and (5) recognizing revenue when performance obligations are satisfied. The Company recognizes revenue for
product sales upon transfer of title to the customer. Customer purchase orders and/or contracts are generally used to determine the existence
of an arrangement. Shipping documents and the completion of any customer acceptance requirements, when applicable, are used to verify
product delivery or that services have been rendered. The Company assesses whether a price is fixed or determinable based upon the payment
terms associated with the transaction and whether the sales price is subject to refund or adjustment. Payments received from customers
in advance of product shipment or revenue recognition are treated as deferred revenues and recognized when the product is shipped.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
Variable
Consideration — The Company measures revenue as the amount of consideration for which it expects to be entitled in exchange
for transferring goods. Certain customers may receive cash and/or non-cash incentives such as cash rebates, customer discounts (such
as volume or trade discounts), which are accounted for as variable consideration. In some cases, the Company must apply judgment, including
contractual rates and historical payment trends, when estimating variable consideration.
Product
Returns — In the normal course of business, the Company may allow customers to return products per the provisions in a sale
agreement. Estimated product returns are recorded as a reduction in reported revenues with offsetting entries recorded in the balance
sheet quarterly based upon historical product return experience, adjusted for known trends, to arrive at the amount of consideration
expected to receive.
Product
Warranties — In the normal course of business, the Company offers warranties for a variety of its products. The specific terms
and conditions of the warranties vary depending upon the specific product and markets in which the products were sold. The Company accrues
for the estimated cost of product warranty at the time of sale based on historical experience.
Shipping
and Handling Costs — The Company considers all shipping and handling to be fulfillment activities and not a separate performance
obligation. Shipping and handling costs are recorded as cost of sales.
Research
and Development Costs — Generally, costs related to the research, design, and development of products are charged to engineering
expense as incurred. Certain research and development costs are recognized under assets in the balance sheet.
Comprehensive
Income — US GAAP requires disclosure of total non-stockholder changes in equity in interim periods and additional disclosures
of the components of non-stockholder changes in equity on an annual basis. Total non-stockholder changes in equity include all changes
in equity during a period except those resulting from fiscal investments by and distributions to stockholders.
Segment
Reporting and Related Information — The Company designates the internal organization that is used by management for allocating
resources and assessing performance as the source of the Company’s reportable segments. US GAAP also requires disclosures about
products and services, geographic area and major customers. At April 30, 2024, the Company operated in three segments organized by security
line products, cable and wiring tools (Labor Saving Devices - LSDI) products, and all other products. See Note 9 for further segment
information disclosures.
Recently
Issued Accounting Pronouncements — In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic280): Improvements
to Reportable Segment Disclosures. The new guidance is intended to improve reportable segment disclosure requirements primarily through
enhanced disclosures about significant segment expenses. The amendments are effective retrospectively for fiscal years beginning after
December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating
the impact that the adoption of this ASU will have to the financial statements and related disclosures, which is not expected to be material.
In
December 2023, the FASB issued ASU No. 2023-09, Improvements to Tax Disclosures (Topic 740), to enhance the transparency and decision
usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. This guidance is effective
for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this
new accounting guidance on its Consolidated Financial Statements.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
Subsequent
Events – Other than those discussed at the Investment in Limited Land Partnership section of this note, Management
has evaluated all events or transactions that occurred after April 30, 2024 through the date of the filing. During this period, the Company did not have any material recognizable subsequent events.
Inventories
at April 30, 2024 and 2023, consisted of the following:
Schedule
of Inventories
| |
2024 | | |
2023 | |
Raw materials | |
$ | 10,130,000 | | |
$ | 9,886,000 | |
Work in process | |
| 753,000 | | |
| 678,000 | |
Finished goods | |
| 1,042,000 | | |
| 1,267,000 | |
Inventory, gross | |
| 11,925,000 | | |
| 11,831,000 | |
Less: allowance for obsolete inventory | |
| (367,000 | ) | |
| (388,000 | ) |
Inventories, net | |
$ | 11,558,000 | | |
$ | 11,443,000 | |
The
Company has investments in publicly traded equity securities, state and municipal debt securities, REITs, and money markets and they
are recorded at fair value. The investments in debt securities, which include municipal bonds and bond funds, mature between July 2024
and July 2041. The Company uses the average cost method to determine the cost of equity securities sold with any unrealized gains or
losses reported in the respective period’s earnings. Dividend and interest income are reported as earned.
As
of April 30, 2024 and 2023, investments consisted of the following:
Schedule
of Investments
| |
| | |
Gross | | |
Gross | | |
| |
Investments at | |
Cost | | |
Unrealized | | |
Unrealized | | |
Reported | |
April 30, 2024 | |
Basis | | |
Gains | | |
Losses | | |
Value | |
Municipal bonds | |
$ | 7,057,000 | | |
$ | 28,000 | | |
$ | (100,000 | ) | |
$ | 6,985,000 | |
REITs | |
$ | 74,000 | | |
$ | - | | |
$ | (8,000 | ) | |
$ | 66,000 | |
Equity securities | |
$ | 17,408,000 | | |
$ | 9,303,000 | | |
$ | (209,000 | ) | |
$ | 26,502,000 | |
Money Markets and CDs | |
$ | 935,000 | | |
$ | - | | |
$ | - | | |
$ | 935,000 | |
Total | |
$ | 25,474,000 | | |
$ | 9,331,000 | | |
$ | (317,000 | ) | |
$ | 34,488,000 | |
| |
| | |
Gross | | |
Gross | | |
| |
Investments at | |
Cost | | |
Unrealized | | |
Unrealized | | |
Reported | |
April 30, 2023 | |
Basis | | |
Gains | | |
Losses | | |
Value | |
Municipal bonds | |
$ | 5,396,000 | | |
$ | 46,000 | | |
$ | (230,000 | ) | |
$ | 5,212,000 | |
REITs | |
$ | 93,000 | | |
$ | - | | |
$ | (22,000 | ) | |
$ | 71,000 | |
Equity securities | |
$ | 18,605,000 | | |
$ | 6,915,000 | | |
$ | (501,000 | ) | |
$ | 25,019,000 | |
Money Markets and CDs | |
$ | 1,060,000 | | |
$ | 1,000 | | |
$ | - | | |
$ | 1,061,000 | |
Total | |
$ | 25,154,000 | | |
$ | 6,962,000 | | |
$ | (753,000 | ) | |
$ | 31,363,000 | |
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 investments 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 other than a temporary decline is identified, the Company will decrease the cost of the investment
to the new fair value and recognize a loss. The investments are periodically evaluated to determine if impairment changes are required.
As a result of this standard, management recorded impairment losses of $22,000 and $67,000 for the years ended April 30, 2024 and 2023,
respectively.
The
Company’s investments are actively traded in the stock and bond markets. Therefore, there is either a realized gain or loss that
is recorded when a sale happens. For the fiscal year ended April 30, 2024, the Company had sales of equity securities which yielded gross
realized gains of $789,000 and gross realized losses of $613,000. For the same period, there were not any sales of debt securities for
gross realized gains, but sales of debt securities yielded gross realized losses of $28,000. Comparatively, the Company recorded gross
realized gains on equity securities of $512,000 and gross realized losses of $740,000 for the fiscal year ending April 30, 2023. As for
debt securities, there were not any sales of debt securities for gross realized gains, but sales of debt securities yielded gross realized
losses of $63,000 for the fiscal year ending April 30, 2023. The gross realized loss numbers include the impaired figures listed in the
previous paragraph. Additionally, proceeds from sales of securities available for sale were $527,000 and $25,000 for the years ended
April 30, 2024 and 2023 respectively.
3. |
Investments, continued |
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, as of April 30,
2024 and 2023.
Schedule
of Unrealized Loss Breakdown by Investment Type
Unrealized
Loss Breakdown by Investment Type as of April 30, 2024
Schedule of Unrealized Loss Breakdown by Investment Type
Description | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | |
| |
Less than 12 months | | |
12 months or greater | | |
Total | |
Description | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | |
Municipal bonds | |
$ | 5,897,000 | | |
$ | (20,000 | ) | |
$ | 773,000 | | |
$ | (80,000 | ) | |
$ | 6,670,000 | | |
$ | (100,000 | ) |
REITs | |
$ | — | | |
$ | — | | |
$ | 66,000 | | |
$ | (8,000 | ) | |
$ | 66,000 | | |
$ | (8,000 | ) |
Equity securities | |
$ | 2,255,000 | | |
$ | (72,000 | ) | |
$ | 766,000 | | |
$ | (137,000 | ) | |
$ | 3,021,000 | | |
$ | (209,000 | ) |
Total | |
$ | 8,152,000 | | |
$ | (92,000 | ) | |
$ | 1,605,000 | | |
$ | (225,000 | ) | |
$ | 9,757,000 | | |
$ | (317,000 | ) |
Unrealized
Loss Breakdown by Investment Type as of April 30, 2023
Description | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | |
| |
Less than 12 months | | |
12 months or greater | | |
Total | |
Description | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | |
Municipal bonds | |
$ | 868,000 | | |
$ | (6,000 | ) | |
$ | 3,769,000 | | |
$ | (224,000 | ) | |
$ | 4,637,000 | | |
$ | (230,000 | ) |
REITs | |
$ | 36,000 | | |
$ | (9,000 | ) | |
$ | 35,000 | | |
$ | (13,000 | ) | |
$ | 71,000 | | |
$ | (22,000 | ) |
Equity securities | |
$ | 3,048,000 | | |
$ | (140,000 | ) | |
$ | 2,209,000 | | |
$ | (361,000 | ) | |
$ | 5,257,000 | | |
$ | (501,000 | ) |
Total | |
$ | 3,952,000 | | |
$ | (155,000 | ) | |
$ | 6,013,000 | | |
$ | (598,000 | ) | |
$ | 9,965,000 | | |
$ | (753,000 | ) |
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 occurs, which may be maturity, the Company does not
consider these investments to be other-than-temporarily impaired as of April 30, 2024 and 2023.
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. Management has evaluated the individual holdings and does not consider
these investments to be other-than-temporarily impaired as of April 30, 2024 and 2023.
4. |
Retirement Benefit Plan |
On
January 1, 1998, the Company adopted the George Risk Industries, Inc. Retirement Savings Plan (the “Plan”). The Plan is a
defined contribution savings plan designed to provide retirement income to eligible employees of the Company. The Plan is intended to
be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. It is funded by voluntary pre-tax and Roth (taxable)
contributions from eligible employees who may contribute a percentage of their eligible compensation, limited and subject to statutory
limits. Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service
in any plan year with the Company. Upon leaving the Company, each participant is 100% vested with respect to the participants’
contributions while the Company’s matching contributions are vested over a six-year period in accordance with the Plan document.
Contributions are invested, as directed by the participant, in investment funds available under the Plan. Matching contributions of approximately
$60,000 and $58,000 were paid during the years ending April 30, 2024 and 2023, respectively.
Preferred
Stock—Each share of the Series #1 preferred stock is convertible at the option of the holder into five shares of Class A common
stock and is also redeemable at the option of the board of directors at $20 per share. The holders of the convertible preferred stock
shall be entitled to a dividend at a rate up to $1 per share annually, payable quarterly as declared by the board of directors. No dividends
were declared or paid during the two years ended April 30, 2024 and 2023.
Convertible
preferred stock without par value may be issued from time to time as determined by the board of directors. Shares of different series
shall be of equal rank but may vary as to terms and conditions.
Class
A Common Stock—The holders of the Class A common stock are entitled to receive dividends as declared by the board of directors.
A dividend for the four prior quarters and provision has been made for the full dividend in the current fiscal year.
During
the fiscal year ended April 30, 2024, the Company purchased 33,813 shares of Class A common stock. This was initiated by stockholders
contacting the Company.
Stock
Transfer Agent—The Company does not have an independent stock transfer agent. The Company maintains all stock records.
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
| |
April 30, 2024 | |
| |
Income | | |
Shares | | |
Per-Share | |
| |
(Numerator) | | |
(Denominator) | | |
Amount | |
Net income | |
$ | 7,558,000 | | |
| | | |
| | |
Basic EPS | |
$ | 7,558,000 | | |
| 4,913,676 | | |
$ | 1.54 | |
Effect of dilutive Convertible Preferred Stock | |
| – | | |
| 20,500 | | |
| (0.01 | ) |
Diluted EPS | |
$ | 7,558,000 | | |
| 4,934,176 | | |
$ | 1.53 | |
| |
April 30, 2023 | |
| |
Income | | |
Shares | | |
Per-Share | |
| |
(Numerator) | | |
(Denominator) | | |
Amount | |
Net income | |
$ | 4,757,000 | | |
| | | |
| | |
Basic EPS | |
$ | 4,757,000 | | |
| 4,930,835 | | |
$ | 0.96 | |
Effect of dilutive Convertible Preferred Stock | |
| – | | |
| 20,500 | | |
| — | |
Diluted EPS | |
$ | 4,757,000 | | |
| 4,951,335 | | |
$ | 0.96 | |
7. |
Commitments, Contingencies, and Related Party Transactions |
One
of the directors of the board, Joel Wiens, is the principal shareholder of FirsTier Bank. FirsTier Bank is the financial institution
the Company uses for its day-to-day banking operations. Year end balances of accounts held at this bank are $6,712,000 and $4,637,000
for the years ended April 30, 2024 and 2023, respectively. The Company also received interest income from FirsTier Bank in the amount
of approximately $170,000 for the year ended April 30, 2024 and $103,000 for the year ended April 30, 2023.
From
time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in
any litigation that we believe could have a material adverse effect on its financial condition or results of operations.
The
Company utilizes the liability method of accounting for income taxes. The liability method measures the expected income tax impact of
future income and deductions implicit in the Balance Sheets. The income tax provision for the fiscal year ended April 30, 2024 and 2023
consisted of the following:
Schedule
of Income Tax Provision
Year Ended April 30, | |
2024 | | |
2023 | |
Current: | |
| | |
| |
Federal | |
$ | 1,604,000 | | |
| 1,051,000 | |
State | |
| 511,000 | | |
| 175,000 | |
Deferred: | |
| | | |
| | |
Federal | |
| 495,000 | | |
| (108,000 | ) |
State | |
| 155,000 | | |
| (60,000 | ) |
Total income tax provision | |
$ | 2,765,000 | | |
$ | 1,058,000 | |
Reconciliation
of income taxes with Federal and State taxable income:
Schedule
of Reconciliation of Income Taxes with Federal and State Taxable Income
| |
2024 | | |
2023 | |
State income tax deduction | |
| (478,000 | ) | |
| (351,000 | ) |
Interest and dividend income | |
| (489,000 | ) | |
| (511,000 | ) |
Nondeductible expenses and timing differences | |
| (2,379,000 | ) | |
| (11,000 | ) |
Taxable income | |
$ | 6,977,000 | | |
$ | 4,942,000 | |
The
following schedule reconciles the provision for income taxes to the amount computed by applying the statutory rate to income before income
taxes:
Schedule
of Statutory Rate to Income Before Taxes
| |
2024 | | |
2023 | |
Income tax provision at statutory rate | |
$ | 2,916,000 | | |
$ | 1,657,000 | |
Increase (decrease) income taxes resulting from: | |
| | | |
| | |
State income taxes | |
| (135,000 | ) | |
| (100,000 | ) |
Interest and dividend income | |
| (138,000 | ) | |
| (146,000 | ) |
Deferred taxes | |
| 650,000 | | |
| (168,000 | ) |
Other temporary and permanent differences | |
| (528,000 | ) | |
| (185,000 | ) |
Income tax expense | |
$ | 2,765,000 | | |
$ | 1,058,000 | |
| |
| | | |
| | |
Federal tax rate | |
| 21.00 | % | |
| 21.00 | % |
State tax rate | |
| 7.25 | % | |
| 7.50 | % |
Blended statutory rate | |
| 28.25 | % | |
| 28.50 | % |
Deferred
tax assets (liabilities) consist of the following components as of April 30, 2024 and 2023:
Summary of Deferred Tax Assets (Liabilities)
| |
2024 | | |
2023 | |
Deferred tax assets (liabilities): | |
| | | |
| | |
Depreciation | |
$ | (312,000 | ) | |
$ | (276,000 | ) |
Capitalized R&D expense | |
| 320,000 | | |
$ | 165,000 | |
Inventory valuation | |
| 104,000 | | |
| 111,000 | |
Allowance for doubtful accounts | |
| 10,000 | | |
| 5,000 | |
Accrued vacation | |
| 37,000 | | |
| 37,000 | |
Accumulated unrealized (gain)/loss on investments | |
| (2,547,000 | ) | |
| (1,769,000 | ) |
Net deferred tax assets (liabilities) | |
$ | (2,388,000 | ) | |
$ | (1,727,000 | ) |
The
following is financial information relating to industry segments:
Schedule
of Financial Information Relating to Industry Segments
| |
Quarter ended | | |
Year ended | | |
Year ended | |
| |
April 30, | | |
April 30, | | |
April 30, | |
| |
2024 | | |
2024 | | |
2023 | |
| |
(Unaudited) | | |
| | |
| |
Net revenue: | |
| | | |
| | | |
| | |
Security alarm products | |
$ | 5,002,000 | | |
$ | 19,630,000 | | |
$ | 17,428,000 | |
Cable & wiring tools | |
| 368,000 | | |
| 1,484,000 | | |
| 1,870,000 | |
Other products | |
| 222,000 | | |
| 653,000 | | |
| 681,000 | |
Total net revenue | |
$ | 5,592,000 | | |
$ | 21,767,000 | | |
$ | 19,979,000 | |
| |
| | | |
| | | |
| | |
Income from operations: | |
| | | |
| | | |
| | |
Security alarm products | |
| 1,457,000 | | |
| 5,672,000 | | |
| 4,414,000 | |
Cable & wiring tools | |
| 110,000 | | |
| 429,000 | | |
| 474,000 | |
Other products | |
| 48,000 | | |
| 188,000 | | |
| 172,000 | |
Total income from operations | |
$ | 1,615,000 | | |
$ | 6,289,000 | | |
$ | 5,060,000 | |
| |
| | | |
| | | |
| | |
Depreciation and amortization: | |
| | | |
| | | |
| | |
Security alarm products | |
| 56,000 | | |
| 202,000 | | |
| 194,000 | |
Cable & wiring tools | |
| 30,000 | | |
| 121,000 | | |
| 122,000 | |
Other products | |
| 24,000 | | |
| 92,000 | | |
| 81,000 | |
Corporate general | |
| 13,000 | | |
| 72,000 | | |
| 48,000 | |
Total depreciation and amortization | |
$ | 123,000 | | |
$ | 487,000 | | |
$ | 445,000 | |
| |
| | | |
| | | |
| | |
Capital expenditures: | |
| | | |
| | | |
| | |
Security alarm products | |
| 97,000 | | |
| 321,000 | | |
| 237,000 | |
Cable & wiring tools | |
| — | | |
| — | | |
| — | |
Other products | |
| — | | |
| 20,000 | | |
| 268,000 | |
Corporate general | |
| 18,000 | | |
| 37,000 | | |
| 43,000 | |
Total capital expenditures | |
$ | 115,000 | | |
$ | 378,000 | | |
$ | 548,000 | |
|
| April 30, 2024 | |
| April 30, 2023 |
Identifiable assets: |
| | |
| | |
Security alarm products |
| 15,263,000 | |
| 14,251,000 | |
Cable & wiring tools |
| 2,082,000 | |
| 2,548,000 | |
Other products |
| 859,000 | |
| 981,000 | |
Corporate general |
| 42,576,000 | |
| 38,171,000 | |
Total assets |
$ | 60,780,000 | |
$ | 55,951,000 | |
The
Company maintains the majority of its cash balance in a financial institution in Kimball, Nebraska. Accounts at this institution are
insured by the Federal Deposit Insurance Corporation for up to $250,000. For the years ended April 30, 2024 and 2023, the Company had
uninsured balances of $6,494,000, and $4,530,000, respectively. Management believes that this financial institution is financially sound
and the risk of loss is minimal.
Management
also has cash funds with Wells Fargo Bank with uninsured balances of $151,000 and $56,000 for the years ending April 30, 2024 and 2023,
respectively. Management believes that this financial institution is financially sound and the risk of loss is minimal.
The
Company has sales to a security alarm distributor representing 37% of total sales for the year ended April 30, 2024 and 36% of total
sales for the year ended April 30, 2023. This distributor accounted for 56% and 44% of accounts receivable at April 30, 2024 and 2023,
respectively.
Security
switch sales made up 90% of total sales for the fiscal year ending April 30, 2024 and 87% of total sales for the fiscal year ending April
30, 2023.
11. |
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 measurements) 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 the use of option pricing models, discounted cash flow models and similar techniques. |
Investments
and Marketable Securities
As
of April 30, 2024 and 2023, The Company’s investments consisted of money markets, publicly traded equity securities, REITs as well
as certain state and municipal bonds. 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 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 April 30, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Assets: | |
| | |
| | |
| | |
| |
Municipal Bonds | |
| — | | |
$ | 6,985,000 | | |
| — | | |
$ | 6,985,000 | |
REITs | |
| — | | |
$ | 66,000 | | |
| — | | |
$ | 66,000 | |
Equity Securities | |
$ | 26,502,000 | | |
| — | | |
| — | | |
$ | 26,502,000 | |
Money Markets and CDs | |
$ | 935,000 | | |
| — | | |
| — | | |
$ | 935,000 | |
Total fair value of assets measured on a recurring basis | |
$ | 27,437,000 | | |
$ | 7,051,000 | | |
| — | | |
$ | 34,488,000 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
Assets Measured at Fair Value on a Recurring
Basis as of April 30, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Assets: | |
| | |
| | |
| | |
| |
Municipal Bonds | |
| — | | |
$ | 5,212,000 | | |
| — | | |
$ | 5,212,000 | |
REITs | |
| — | | |
$ | 71,000 | | |
| — | | |
$ | 71,000 | |
Equity Securities | |
$ | 25,019,000 | | |
| — | | |
| — | | |
$ | 25,019,000 | |
Money Markets and CDs | |
$ | 1,061,000 | | |
| — | | |
| — | | |
$ | 1,061,000 | |
Total fair value of assets measured on a recurring basis | |
$ | 26,080,000 | | |
$ | 5,283,000 | | |
| — | | |
$ | 31,363,000 | |
Item
9 |
Changes
in and Disagreements with Accountants on Accounting and Financial Disclosures |
There
were no disagreements with accountants on accounting and financial disclosure.
Item
9A |
Controls
and Procedures |
Evaluation
of disclosure controls and procedures:
Based
on their evaluation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as
of April 30, 2024 our president and chief executive officer (also working as our chief financial officer) has concluded that our disclosure
controls and procedures are not effective such that information required to be disclosed by us in the reports that we file or submit
under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission’s rules and (ii) accumulated and communicated to our management, including our chief executive officer (also working
as our chief financial officer), as appropriate to allow timely decisions regarding disclosure. A control system cannot provide absolute
assurance, however, that the objectives of the control systems are met, and no evaluation of controls can provide absolute assurance
that all control issues and instances of fraud, if any, within a company have been detected.
Internal
control over financial reporting:
The
Company’s management is responsible for establishing and maintaining adequate internal controls over financial reporting for the
Company. Due to limited resources, Management conducted an evaluation of internal controls based on criteria established in Internal
Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). For
the year ended April 30, 2023, Management’s evaluation determined that our internal control over financial reporting was ineffective
due to the material weakness discussed below.
Management’s
assessment identified the following material weakness in internal control over financial reporting for the year ended April 30, 2023:
● |
The
small size of our Company limits our ability to achieve the desired level of separation of duties for proper internal controls and
financial reporting, particularly as it relates to financial reporting to assure material disclosures or implementation of newly
issued accounting standards are included. A secondary review of annual and quarterly filings does occur with an outside
party. Due to the departure of the Controller, the current CEO and CFO roles are being fulfilled by the same individual. We
do not have an audit committee. We do not believe we have met the full requirement for separation of duties for financial
reporting purposes. |
The
following steps were taken to mitigate the above material weakness during the year ended April 30, 2024:
● |
The
Company hired a part-time controller in March 2023;and in March 2024 this controller became a full-time position with the Company. This
hire has enabled more separation of duties within the accounting department and provided an opportunity for a second internal review
of financial information. |
● |
We
continue to have our quarterly and annual financial statements reviewed by a third-party CPA. This third party ensures we have fulfilled
our material disclosures and that newly issued accounting standards have been reviewed and addressed if necessary. |
● |
We
have begun increasing our knowledge and training around internal controls over financial reporting and will continue to do so. |
A
material weakness in internal control over financial reporting is defined as a deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or
interim financial statements will not be prevented or detected on a timely basis. A significant deficiency is a deficiency, or a combination
of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit
attention by those responsible for oversight of our financial reporting.
Management
believes that the steps the Company has taken to mitigate the 2023 material weakness have improved our internal controls; however, due
to our size the CEO and the CFO roles continue to be filled by the same individual, so we have not achieved complete segregation of duties,
and we still do not have an audit committee. As such, Management is optimistic in our ability to downgrade the material weakness to a significate
deficiency in a future period.
Because
of the material weakness and significant deficiency in internal control over financial reporting described above, the Company’s
management has concluded that, as of April 30, 2024 and 2023, the Company’s internal control over financial reporting was not effective
based on the criteria in Internal Control - Integrated Framework issued by the COSO.
We
will continue to follow the standards for the Public Company Accounting Oversight Board (United States) for internal control over financial
reporting to include procedures that:
● |
Pertain
to the maintenance of records in reasonable detail that fairly reflect the transactions and dispositions of the Company’s assets; |
● |
Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations
of management and the Board of Directors; and |
● |
Provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets
that could have a material effect on the financial statements. |
This
annual report does not include an attestation report of the Corporation’s registered public accounting firm regarding internal
control over financial reporting. Management’s report was not subject to attestation by the Corporation’s independent registered
public accounting firm pursuant to Section 404(c) of the Sarbanes-Oxley Act of 2002, as amended, that permit the Corporation to provide
only the management’s report in this annual report.
Item
9B |
Other
Information |
None.
Part
III
Item
10 |
Directors
and Executive Officers and Corporate Governance |
(a
& b) Identification of Directors and Executive Officers
All
the executive officers of the corporation serve at the pleasure of the board of directors and do not have fixed terms.
The
following information as of April 30, 2024, is furnished with respect to each director and executive officer:
Name |
|
Principal
Occupation or Employment |
|
Age |
|
Director
or Officer Since |
Stephanie
M. Risk-McElroy |
|
Chairman
of the Board, Chief Executive Officer, and Chief Financial Officer |
|
52 |
|
August
8,1999 |
Ryan
T. McElroy |
|
Secretary/Treasurer |
|
49 |
|
December
13, 2023 |
Donna
Debowey |
|
Director,
retired GRI plant manager |
|
86 |
|
July
12, 2005 |
Joel
H. Wiens |
|
Director,
FirsTier Banks |
|
94 |
|
September
6, 2007 |
Bonita
P. Risk |
|
Director,
Stock Transfer Agent at GRI |
|
74 |
|
March
15, 2013 |
Jerry
Knutsen |
|
Director,
retired business owner |
|
81 |
|
August
29, 2016 |
The
following director compensation table is furnished with respect to each director that served during the year ended April 30, 2024:
Name | |
Director’s Fees Paid | | |
Stock Awards | | |
Option Awards | | |
Non-equity incentive plan compen-sation | | |
Non-qualified deferred compensation earnings | | |
Total | |
Stephanie Risk-McElroy (1) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Sharon Westby (1) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Ryan T. McElroy (1) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Donna Debowey (2) | |
$ | 800 | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 800 | |
Joel H. Wiens (2) | |
$ | 600 | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 600 | |
Bonita P. Risk (1) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Jerry Knutsen | |
$ | 600 | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 600 | |
The
inside directors (1), or employees of the Company, do not receive additional compensation for their services. Outside directors (2) are
paid $200 per meeting for their services.
(c)
Identification of Certain Significant Employees
None.
(d)
Family Relationships
Stephanie
Risk-McElroy and Bonita Risk have a daughter - mother relationship. Stephanie Risk-McElroy and Ryan McElory are married. Bonita Risk
and Ryan McElroy are mother-in-law/son-in-law, respectively.
(e)
Business Experience of Directors and Executive Officers
Stephanie
Risk-McElroy, Chairman of the Board, Chief Executive Officer, and Chief Financial Officer, has over thirty years of experience in
the accounting field. Mrs. Risk-McElroy graduated from Hastings College with a degree in Accounting. Stephanie worked for Platte Valley
Sales from May 1990 until January 1997 as a staff accountant. In 1997, she pursued her career with an accounting manager position at
Kershner’s Auto Korner in Hastings, NE. She joined the accounting staff at GRI in 1999 and then was promoted to CFO upon retirement
of the prior CFO. Upon the death of her father, Ken R. Risk, in February 2013, she was appointed to the position of Chairman of the Board
and Chief Executive Officer.
Mrs.
Risk-McElroy serves on the Board of Directors of GRI, as a direct link to the financial condition of the Company. She and her staff oversee
all the accounting obligations of the Company. She has knowledge and experience in business outside of the Company that makes her an
asset to the Board. And as President of the Company, she oversees all of the day-to-day operations as well.
Ryan
McElroy, the Corporate Secretary, started his career by working on the family farm and ranch. In 1993 he attended college in McCook,
NE for Criminal Justice and worked at the local Radio Shack, moving up to being responsible for opening/closing duties. After college
he moved back to the Sidney, NE area and started working at Wheelers/Country General as a tire tech and soon was moved up to opening/closing
duties. He then became employed as a Jailer with the Cheyenne County Sheriff’s Office and became a Deputy a few years later. He went
back to college in Sidney and studied Information Technology (IT) while working for the Cheyenne County Community Center. He then went
to a local parts store as a counter man then moved up to opening/closing and order entry. He was transferred to Chappel, NE store where
he became Manager until a position opened at GRI as the Purchasing Manager and worked his way up to Vice President of Operations.
Donna
Debowey, Director, worked in various retail stores and restaurants until she started at GRI in 1968. She started on the production
line, but quickly worked her way up the ranks. She has been a Production Line Supervisor, Director of Quality Control and was named Plant
Manager and Senior Vice President in 1998. She held that position until her retirement in 2003.
Mrs.
Debowey made the transition from employee of GRI to a member of the Board of Directors with no hesitation after her retirement. She brings
her 50+ years of experience in the industry to the table and has a vested interest in seeing the continued success of the Company that
she helped to build.
Joel
H. Wiens, Director, is an entrepreneur with many business interests. He is a director and principal shareholder of FirsTier Banks
Nebraska/Wyoming, director of FirsTier II BanCorporation (which owns FirsTier Bank Nebraska/Wyoming), Chairman of Rite-A-Way Industries
(lodging and hospitality industries), real estate investments, and ranching and livestock.
Mr.
Wiens took his place on the Board of Directors when his predecessor Mike Nelson, (who is affiliated with Mr. Wiens’ financial institutions)
retired from the Board to take another position within the banks and moved away. Joel’s knowledge and experience in business and
industry span 60+ years and serves as a valuable asset to GRI.
Bonita
P. Risk, Director, attended Wayne State College, in Wayne, Nebraska. Upon returning back home to Columbus, NE, she worked in factory
positions. Upon her marriage to Ken Risk, she became a homemaker, raising 3 children and working at several sales positions. In 1981,
she and Ken started Platte Valley Sales in Hastings, Nebraska, and her expertise was in accounting and sales. For 8 years, she ran the
Hastings business while Ken devoted his time to both GRI in Kimball and Platte Valley Sales in Hastings. Ken and Bonita moved to Kimball
in 1997. In 1998, she began at GRI in sales support. She continues in sales support and became the Company stock transfer agent in 2004
upon the retirement of Eileen Risk and is an assistant to the chief financial officer.
Jerry
Knutsen, Director, has lived in Kimball, Nebraska most of his life. He left the community for a few years to attend the University
of Nebraska at Lincoln. Before his retirement, Jerry owned and operated several businesses over his career, including Knutsen Oil, Inc.,
Marv’s LP Gas, Inc., and Jerry Knutsen, Inc., and he co-owned Kimball Ford-Lincoln-Mercury. He served 24 years and held several
positions on the school board in Kimball, NE. Mr. Knutsen is a past member and president of The Nebraska Propane Gas Association and
The Nebraska Petroleum Marketers & Convenience Store Association. Other boards he is presently serving on include the Kimball Schools
Foundation Board of Directors and Kimball Health Services Board of Trustees.
(f)
Involvement in Certain Legal Proceedings
None.
(g)
Promoters and Control Persons
None.
Compliance
with Section 16(a) of the Securities Exchange Act of 1934
Section
16(a) of the Exchange Act requires our executive officers and directors and persons who own more than 10% of a registered class of our
equity securities to file with the SEC initial statements of beneficial ownership, reports of changes in ownership and annual reports
concerning their ownership of our common stock and other equity securities, on Forms 3, 4 and 5 respectively. Executive officers, directors
and greater than 10% shareholders are required by the SEC regulations to furnish us with copies of all Section 16(a) reports that they
file.
Based
solely on our review of copies of the Section 16(a) reports filed for the fiscal year ended April 30, 2024, we believe that all filing
requirements applicable to our officers, directors, and greater than 10% beneficial owners were complied with.
Code
of Ethics and Code of Business Conduct
The
Company does not have a written code of ethics at this time. The Company is a small business and employees know that the President of
the Company must approve all material business. The Company also has checks and balances to make sure that there is not any fraud or
illegal activities taking place.
Corporate
Governance
Nominating
and Compensation Committees
We
do not have standing nominating or compensation committees, or committees performing similar functions. Our Board of Directors believes
that it is not necessary to have a standing compensation committee at this time because our Board of Directors adequately performs the
functions of such committees.
Our
Board of Directors also is of the view that it is appropriate for us not to have a standing nominating committee because our Board of
Directors has performed and will perform adequately the functions of a nominating committee. Our Board of Directors has not adopted a
charter for the nomination committee. There have not been any defined policy or procedure requirements for stockholders to submit recommendations
or nomination for directors. Our Board of Directors does not believe that a defined policy with regard to the consideration of candidates
recommended by stockholders is necessary at this time because we believe that, given the early stages of our development, a specific
nominating policy would be premature and of little assistance until our business operations are at a more advanced level.
Audit
Committee
We
do not have a standing audit committee at the present time. Our Board of Directors has determined that we do not have a board member
that qualifies as an “audit committee financial expert” as defined in Item 401(h) of Regulation S-K, nor do we have a board
member that qualifies as “independent” as the term is used in Item 7(d)(3)(iv) of Schedule 14A under the Securities Exchange
Act of 1934, as amended.
Other
Committees
All
proceedings of our Board of Directors for the year ended April 30, 2024, were conducted by resolutions consented to in writing by our
directors and filed with the minutes of the proceedings of the Board of Directors. Our Company currently does not have any committees.
Item
11 |
Executive
Compensation |
The
following table sets forth certain information regarding the compensation paid to or accrued by the Company to executive officers for
services rendered in all capacities during each of the Company’s fiscal years ended April 30, 2024 and 2023.
Name and principal position | |
Year | | |
Salary | | |
Bonus | | |
Stock Awards | | |
Option Awards | | |
Non-Equity Incentive Plan Compen-sation | | |
Change in Pension Value and Non-qualified Deferred Compen-sation Earnings | | |
All Other Compen-sation | | |
Total | |
Bonita Risk, Director, | |
| 2024 | | |
$ | 44,000 | | |
$ | — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 147,000 | | |
$ | 191,000 | |
Shareholder, Employee | |
| 2023 | | |
$ | 42,000 | | |
$ | — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 132,000 | | |
$ | 174,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stephanie Risk-McElroy, | |
| 2024 | | |
$ | 110,000 | | |
$ | — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 66,000 | | |
$ | 176,000 | |
CEO/CFO, Director, Shareholder | |
| 2023 | | |
$ | 104,000 | | |
$ | — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 56,000 | | |
$ | 160,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Scott McMurray, | |
| 2024 | | |
$ | 57,000 | | |
$ | — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 101,000 | | |
$ | 158,000 | |
Director of Sales | |
| 2023 | | |
$ | 55,000 | | |
$ | — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 83,000 | | |
$ | 138,000 | |
Bonita
Risk, Stephanie Risk-McElroy, and Scott McMurray receive a base salary and bonus/commission based on a percentage of sales for the year.
There
were no other officers compensated in excess of $100,000 for the fiscal years ended April 30, 2024 and 2023.
Item
12 |
Security
Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
The
following table sets forth certain information regarding our Common Stock beneficially owned as of April 30, 2024, for (i) each stockholder
known to be the beneficial owner of 5% or more of our outstanding Common Stock, (ii) each executive officer and director, and (iii) all
executive officers and directors as a group. In general, a person is deemed to be a beneficial owner of a security if that person has
or shares the power to vote or direct the voting of such security, or the power to dispose or to direct the disposition of such security.
A person is also deemed to be a beneficial owner of any securities of which the person has the right to acquire beneficial ownership
within 60 days. Shares of Common Stock subject to options, warrants or convertible securities exercisable or convertible within 60 days
are deemed outstanding for computing the percentage of the person or entity holding such options, warrants or convertible securities
but are not deemed outstanding for computing the percentage of any other person. Percentages are determined based on 4,896,730 shares
of Common Stock of the Company issued and outstanding and less treasury shares as of April 30, 2024. To the best of our knowledge, subject
to community and marital property laws, all persons named have sole voting and investment power with respect to such shares, except as
otherwise noted.
Name and Address of Beneficial Owner (1) | |
Number of Shares of
Common Stock (2) | | |
% of Class of Stock
Outstanding (3) | |
Executive Officers and Directors: | |
| | | |
| | |
Bonita Risk – Director | |
| 2,947,128 | | |
| 60.19 | % |
The above director has beneficial ownership over the Kenneth Risk Trust that
owns 2,187,056 shares, Bonita Risk Family Irrevocable Trust that owns 732,470 shares, and 27,602 shares owned personally. As a
result, combined, they have voting and shared dispositive control. | |
| | | |
| | |
| |
| | | |
| | |
Stephanie M. Risk-McElroy Chairman, CEO, & CFO | |
| 1,775 | | |
| Less than 1% | |
Donna Debowey – Director | |
| 500 | | |
| Less than 1% | |
| |
| | | |
| | |
All Officers and Directors as a group | |
| 2,949,403 | | |
| 60.23 | % |
(1) |
Unless
otherwise indicated, the address of the named beneficial owner is George Risk Industries, Inc., 802 S. Elm St., Kimball, NE 69145. |
|
|
(2) |
Security
ownership information for named beneficial owners (other than executive officers and directors of the Company) is taken from statements
filed with the Securities and Exchange Commission pursuant to information made known by the Company and from the Company’s
transfer agent. |
|
|
(3) |
Based
on the net shares outstanding as of April 30, 2024. This consists of Common Shares issued and outstanding (8,502,881)
less treasury shares (3,606,151). |
Changes
in Control
We
are not aware of any arrangements, including any pledge by any person of our securities, the operation of which may result in a change
in control of the Company.
Item
13 |
Certain
Relationships and Related Transactions, and Director Independence |
During
each of three years ended April 30, 2024, 2023, and 2022, the Company executed transactions with related entities and individuals. Each
of the transactions was in terms at least as favorable as could be obtained from unrelated third parties.
Related Party | |
2024 | | |
2023 | | |
2022 | |
Bank Balances
Joel Wiens, Director | |
$ | 6,711,558 | | |
$ | 4,636,584 | | |
$ | 5,058,307 | |
| |
| | | |
| | | |
| | |
Interest Income
Joel Wiens, Director | |
$ | 170,187 | | |
$ | 102,713 | | |
$ | 58,751 | |
Item
14 |
Principal
Accountant Fees and Services |
For
each of the last two fiscal years the Company incurred aggregate fees and expenses for professional services rendered by our principal
accountants for the audit of our annual financial statements and review of our financial statements for Form 10-Q. The amounts are listed
below:
FYE 2024 | |
$ | 84,500 | | |
Haynie & Company |
| |
$ | 1,613 | | |
Carey Schroeder, CPA |
| |
| | | |
|
FYE 2023 | |
$ | 78,000 | | |
Haynie & Company |
| |
$ | 1,763 | | |
Carey Schroeder, CPA |
The
Company incurred aggregate fees and expenses for professional services rendered by our principal accountants for the audit of the Company’s
employee benefit plan. The amounts are listed below:
FYE 2024 | |
$ | 10,500 | | |
Haynie & Company |
| |
| | | |
|
FYE 2023 | |
$ | 10,500 | | |
Haynie & Company |
| |
| | | |
|
The
Company incurred aggregate fees or expenses for professional services rendered by tax accountants for tax compliance, tax advice, and
tax planning for the last two fiscal years.
FYE 2024 | |
$ | 9,100 | | |
Haynie & Company |
| |
$ | 4,840 | | |
Tax Resources Group, Inc. |
| |
| | | |
|
FYE 2023 | |
$ | 6,000 | | |
Haynie & Company |
| |
$ | 4,900 | | |
Tax Resources Group, Inc. |
The
Company incurred aggregate fees and expenses for professional services rendered by our principal accountants for restatement of some
of the Company’s 10-Qs and 10-K. The amounts are listed below:
FYE 2024 | |
None |
| |
|
FYE 2023 | |
None |
5) | The
Board of Directors considered whether, and determined that, the auditor’s provisions
of non-audit services were compatible with maintaining the auditor’s independence.
All the services described above were approved by the Board of Directors pursuant to its
policies and procedures. |
Part
IV
Item
15 |
Exhibits
and Financial Statement Schedules |
3.(1).a |
Articles
of Incorporation—Filed as Exhibit 5 to the Registrant’s Form 10–K for the fiscal year ended April 10, 1970, and
incorporated by reference herein |
|
|
3.(i).b |
Certificate
of Amendment to the Articles of Incorporation of the Registrant—Filed as Exhibit 1.2 to the Registrant’s Form 10–K
for the fiscal year ended April 30, 1971, and incorporated by reference herein |
|
|
3.(ii).c |
By-laws—Filed
as Exhibit 1.3 to the Registrant’s Form 10–K for the fiscal year ended April 10, 1971, and incorporated by reference
herein |
|
|
10.1 |
Vendor agreement dated as of February 16, 2011 between Honeywell International, Inc., acting through the ADI business of its Security Group (“ADI”) and George Risk Industries, Inc. – Filed as Exhibit 10.1 to the Registrant’s Form 10-K for the fiscal year ended April 30, 2012, and incorporated by reference herein. * |
|
|
31.1 |
Certification pursuant to Rule 13a-14(a) of the Chief Executive Officer (Principal Financial and Accounting Officer) |
|
|
32.1 |
Certification pursuant to 18 U.S.C. 1350 of the Chief Executive Officer (Principal Financial and Accounting Officer) |
|
|
101. |
INS
Inline XBRL Instance Document |
|
|
101. |
SCH
Inline XBRL Taxonomy Extension Schema Document |
|
|
101. |
CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
101. |
DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document |
|
|
101. |
LAB
Inline XBRL Taxonomy Extension Label Linkbase Document |
|
|
101. |
PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
|
|
101. |
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
*
Portions of this exhibit have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities Exchange
Act of 1934.
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
/s/ STEPHANIE
M. RISK-MCELROY |
|
July
31, 2024 |
STEPHANIE
M. RISK-MCELROY
President and Chairman of the Board |
|
Date
|
Pursuant
to the requirements of the securities exchange act of 1934, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
/s/ STEPHANIE
M. RISK-MCELROY |
|
July
31, 2024 |
STEPHANIE M. RISK-MCELROY
President and Chairman of the Board |
|
Date
|
|
|
|
/s/ DONNA
DEBOWEY |
|
July
31, 2024 |
DONNA
DEBOWEY
Director |
|
Date
|
|
|
|
/s/ JOEL
H. WIENS |
|
July
31, 2024 |
JOEL
H. WIENS
Director |
|
Date
|
|
|
|
/s/ BONITA
P. RISK |
|
July
31, 2024 |
BONITA
P. RISK
Director |
|
Date
|
|
|
|
/s/ JERRY
KNUTSEN |
|
July
31, 2024 |
JERRY
KNUTSEN
Director |
|
Date |
Exhibit 31.1
CERTIFICATION
OF STEPHANIE M. RISK-MCELROY, CHIEF EXECUTIVE AND FINANCIAL OFFICER, PURSUANT TO RULE 13a-14 OF THE SECURITIES EXCHANGE ACT OF 1934
SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Stephanie
M. Risk-McElroy, certify that:
(1) I have reviewed this annual
report on Form 10K of George Risk Industries, Inc.;
(2) Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
(3) Based on my knowledge, the
financial statements, and other financial information included in this annual report, fairly present in all material respects the financial
condition, results of operations and cash flows of the smaller reporting company issuer as of, and for, the periods presented in this
report;
(4) The smaller reporting company
issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the smaller reporting company issuer and have:
(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the smaller reporting company issuer, including its subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) Designed such internal control
over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
(c) Evaluated the effectiveness
of the smaller reporting company issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report
any change in the smaller reporting company issuer’s internal control over financial reporting that occurred during the smaller reporting
company issuer’s most recent fiscal quarter (the smaller reporting company issuer’s fourth fiscal quarter in the case of this annual report)
that has materially affected, or is reasonably likely to materially affect, the smaller reporting company issuer’s internal control over
financial reporting; and
(5) The smaller reporting company
issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the smaller reporting company issuer’s auditors and the audit committee of the smaller reporting company issuer’s board of directors
(or persons performing the equivalent functions):
(a) All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the smaller reporting company issuer’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not
material, that involves management or other employees who have a significant role in the smaller reporting company issuer’s internal control
over financial reporting.
Date: July
31, 2024
/s/ Stephanie M. Risk-McElroy |
|
Stephanie M. Risk-McElroy |
|
Chief Executive and Financial Officer |
|
Exhibit
32.1
CERTIFICATION
OF CHIEF EXECUTIVE AND FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002
I,
Stephanie M. Risk-McElroy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, that the annual report of George Risk Industries, Inc. on Form 10-K dated April 30, 2024 fully complies with the requirements
of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10K fairly presents
in all material respects the financial condition and results of operations of George Risk Industries, Inc.
Date: July 31, 2024 |
/s/ Stephanie M. Risk-McElroy |
|
Stephanie M. Risk-McElroy |
|
Chief Executive and Financial Officer |
v3.24.2
Cover - USD ($)
|
12 Months Ended |
|
|
Apr. 30, 2024 |
Jul. 30, 2024 |
Oct. 31, 2023 |
Document Type |
10-K
|
|
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|
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|
|
|
Document Fiscal Period Focus |
FY
|
|
|
Document Fiscal Year Focus |
2024
|
|
|
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
|
|
|
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No
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|
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|
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Auditor Name |
Haynie
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|
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Auditor Location |
Salt Lake City, UT
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|
Auditor Firm ID |
457
|
|
|
Class A Common Stock, $0.10 par value |
|
|
|
Title of 12(b) Security |
Class
A Common Stock, $0.10 par value
|
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Trading Symbol |
RSKIA
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|
|
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v3.24.2
Balance Sheets - USD ($)
|
Apr. 30, 2024 |
Apr. 30, 2023 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 7,112,000
|
$ 4,943,000
|
Investments and securities |
34,488,000
|
31,363,000
|
Accounts receivable: |
|
|
Trade, net of allowance for credit losses of $34,256 and $17,922 for 2024 and 2023, respectively |
3,903,000
|
3,503,000
|
Other |
66,000
|
59,000
|
Income tax overpayment |
|
403,000
|
Inventories, net |
11,558,000
|
11,443,000
|
Prepaid expenses |
315,000
|
651,000
|
Total Current Assets |
57,442,000
|
52,365,000
|
Property and Equipment, at cost, net |
2,003,000
|
1,997,000
|
Other Assets |
|
|
Investment in Limited Land Partnership, at cost |
294,000
|
344,000
|
Projects in process |
13,000
|
83,000
|
Other |
|
13,000
|
Total Other Assets |
307,000
|
440,000
|
Intangible Assets, net |
1,028,000
|
1,149,000
|
TOTAL ASSETS |
60,780,000
|
55,951,000
|
Current Liabilities |
|
|
Accounts payable, trade |
291,000
|
546,000
|
Dividends payable |
2,853,000
|
2,565,000
|
Deferred income |
23,000
|
43,000
|
Accrued expenses |
483,000
|
421,000
|
Income tax payable |
105,000
|
|
Total Current Liabilities |
3,755,000
|
3,575,000
|
Long-Term Liabilities |
|
|
Deferred income taxes |
2,388,000
|
1,727,000
|
Total Long-Term Liabilities |
2,388,000
|
1,727,000
|
Total Liabilities |
6,143,000
|
5,302,000
|
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 (loss) |
(137,000)
|
(161,000)
|
Retained earnings |
56,836,000
|
52,481,000
|
Less: treasury stock, 3,606,151 and 3,572,338 shares, at cost |
(4,945,000)
|
(4,554,000)
|
Total Stockholders’ Equity |
54,637,000
|
50,649,000
|
TOTAL LIABILITES AND STOCKHOLDERS’ EQUITY |
$ 60,780,000
|
$ 55,951,000
|
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v3.24.2
Balance Sheets (Parenthetical) - USD ($)
|
Apr. 30, 2024 |
Apr. 30, 2023 |
Trade, allowance for credit loss, current |
$ 34,256
|
$ 17,922
|
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 |
3,606,151
|
3,572,338
|
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
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.24.2
Income Statements - USD ($)
|
12 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Income Statement [Abstract] |
|
|
Net Sales |
$ 21,767,000
|
$ 19,979,000
|
Less: Cost of Goods Sold |
(10,926,000)
|
(10,605,000)
|
Gross Profit |
10,841,000
|
9,374,000
|
Operating Expenses: |
|
|
General and Administrative |
1,492,000
|
1,380,000
|
Selling |
2,958,000
|
2,836,000
|
Engineering |
102,000
|
98,000
|
Total Operating Expenses |
4,552,000
|
4,314,000
|
Income From Operations |
6,289,000
|
5,060,000
|
Other Income (Expense) |
|
|
Other Income |
37,000
|
6,000
|
Impairment on Investment in Limited Land Partnership |
(38,000)
|
|
Dividend and Interest Income |
1,116,000
|
1,068,000
|
Unrealized Gain (Loss) on Equity Securities |
2,771,000
|
(31,000)
|
Gain (Loss) on Sale of Investment |
148,000
|
(291,000)
|
Gain on Sale of Assets |
|
3,000
|
Total Other Income (Expense) |
4,034,000
|
755,000
|
Income Before Provisions for Income Taxes |
10,323,000
|
5,815,000
|
Provisions for Income Taxes |
|
|
Current Expense |
2,115,000
|
1,226,000
|
Deferred tax expense (benefit) |
650,000
|
(168,000)
|
Total Income Tax Expense |
2,765,000
|
1,058,000
|
Net Income |
$ 7,558,000
|
$ 4,757,000
|
Earnings Per Share of Common Stock |
|
|
Basic |
$ 1.54
|
$ 0.96
|
Diluted |
$ 1.53
|
$ 0.96
|
Weighted Average Number of Common Shares Outstanding (Basic) |
4,913,676
|
4,930,835
|
Weighted Average Number of Common Shares Outstanding (Diluted) |
4,934,176
|
4,951,335
|
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v3.24.2
Statements of Comprehensive Income - USD ($)
|
12 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Income Statement [Abstract] |
|
|
Net Income |
$ 7,558,000
|
$ 4,757,000
|
Unrealized gain (loss) on debt securities: |
|
|
Unrealized holding gains (losses) arising during period |
34,000
|
(33,000)
|
Income tax benefit (expense) related to other comprehensive income |
(10,000)
|
9,000
|
Other Comprehensive Income (Loss) |
24,000
|
(24,000)
|
Comprehensive Income |
$ 7,582,000
|
$ 4,733,000
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.24.2
Statements of Stockholders' Equity - USD ($)
|
Preferred Stock [Member] |
Common Stock Class A [Member] |
Additional Paid-in Capital [Member] |
Treasury Stock Common ClassA (Member) |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
Balance at Apr. 30, 2022 |
$ 99,000
|
$ 850,000
|
$ 1,934,000
|
$ (4,547,000)
|
$ (137,000)
|
$ 50,843,000
|
$ 49,042,000
|
Balance, shares at Apr. 30, 2022 |
4,100
|
8,502,881
|
|
3,571,693
|
|
|
|
Prior period adjustment for provisions related to depreciation |
|
|
|
|
|
(161,000)
|
(161,000)
|
Purchases of common stock |
|
|
|
$ (7,000)
|
|
|
(7,000)
|
Purchases of common stock, shares |
|
|
|
645
|
|
|
|
Dividend declared per common share outstanding |
|
|
|
|
|
(2,958,000)
|
(2,958,000)
|
Unrealized gain (loss), net of tax effect |
|
|
|
|
(24,000)
|
|
(24,000)
|
Net Income |
|
|
|
|
|
4,757,000
|
4,757,000
|
Balance, shares at Apr. 30, 2023 |
4,100
|
8,502,881
|
|
3,572,338
|
|
|
|
Balance at Apr. 30, 2023 |
$ 99,000
|
$ 850,000
|
1,934,000
|
$ (4,554,000)
|
(161,000)
|
52,481,000
|
50,649,000
|
Purchases of common stock |
|
|
|
$ (391,000)
|
|
|
(391,000)
|
Purchases of common stock, shares |
|
|
|
33,813
|
|
|
|
Dividend declared per common share outstanding |
|
|
|
|
|
(3,203,000)
|
(3,203,000)
|
Unrealized gain (loss), net of tax effect |
|
|
|
|
24,000
|
|
24,000
|
Net Income |
|
|
|
|
|
7,558,000
|
7,558,000
|
Balance, shares at Apr. 30, 2024 |
4,100
|
8,502,881
|
|
3,606,151
|
|
|
|
Balance at Apr. 30, 2024 |
$ 99,000
|
$ 850,000
|
$ 1,934,000
|
$ (4,945,000)
|
$ (137,000)
|
$ 56,836,000
|
$ 54,637,000
|
X |
- DefinitionAmount of decrease in additional paid in capital (APIC) resulting from dividends legally declared (or paid) in excess of retained earnings balance.
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v3.24.2
Statements of Cash Flows - USD ($)
|
12 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Cash Flows From Operating Activities: |
|
|
Net Income |
$ 7,558,000
|
$ 4,757,000
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
487,000
|
445,000
|
Realized (gain) loss on sale of investments |
(170,000)
|
224,000
|
Impairment on investments |
22,000
|
67,000
|
Unrealized (gain) loss on equity securities |
(2,771,000)
|
31,000
|
Impairment on investment in limited land partnership |
38,000
|
|
Provision for credit losses on accounts receivable |
16,000
|
(16,000)
|
Reserve for obsolete inventory |
(21,000)
|
100,000
|
(Gain) on sale of assets |
|
(3,000)
|
Deferred income taxes |
650,000
|
(167,000)
|
(Increase) decrease in: |
|
|
Accounts receivable |
(417,000)
|
627,000
|
Inventories |
(93,000)
|
(3,604,000)
|
Prepaid expenses |
418,000
|
761,000
|
Other receivables |
(7,000)
|
(43,000)
|
Income tax overpayment |
|
(680,000)
|
Increase (decrease) in: |
|
|
Accounts payable |
(254,000)
|
226,000
|
Accrued expenses |
41,000
|
111,000
|
Income tax payable |
508,000
|
|
Net cash from operating activities |
6,005,000
|
2,836,000
|
Cash Flows From Investing Activities: |
|
|
Proceeds from sale of assets |
8,000
|
12,000
|
(Purchase) of property and equipment |
(378,000)
|
(548,000)
|
Proceeds from sale of marketable securities |
527,000
|
25,000
|
(Purchase) of marketable securities |
(699,000)
|
(764,000)
|
Distribution from investment in limited land partnership |
12,000
|
|
Net cash from investing activities |
(530,000)
|
(1,275,000)
|
Cash Flows From Financing Activities: |
|
|
(Purchase) of treasury stock |
(391,000)
|
(7,000)
|
Dividends paid |
(2,915,000)
|
(2,689,000)
|
Net cash from financing activities |
(3,306,000)
|
(2,696,000)
|
Net Change in Cash and Cash Equivalents |
2,169,000
|
(1,135,000)
|
Cash and Cash Equivalents, beginning of year |
4,943,000
|
6,078,000
|
Cash and Cash Equivalents, end of year |
7,112,000
|
4,943,000
|
Supplemental Disclosure for Cash Flow Information: |
|
|
Income taxes paid |
1,485,000
|
2,070,000
|
Interest expense |
|
|
Cash receipts for: |
|
|
Income taxes |
$ 57,000
|
$ 176,000
|
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v3.24.2
Nature of Business and Summary of Significant Accounting Policies
|
12 Months Ended |
Apr. 30, 2024 |
Accounting Policies [Abstract] |
|
Nature of Business and Summary of Significant Accounting Policies |
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
George
Risk Industries, Inc. (GRI or the Company) was incorporated in 1967 in Colorado. The Company is presently engaged in the design, manufacture,
and sale of custom computer keyboards, proximity switches, security alarm components and systems, pool access alarms, EZ Duct wire covers,
water sensors, electronic switching devices, high security switches, and wire and cable installation tools.
Nature
of Business — The Company is engaged in the design, manufacture, and marketing of custom computer keyboards, proximity sensors,
security alarm components, pool access alarms, liquid detection sensors, raceway wire covers, wire and cable installation tools and various
other sensors and devices.
Cash
and Cash Equivalents — The Company considers all investments with a maturity of three months or less to be cash equivalents.
The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company
continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes
it is not exposed to any significant credit risk on cash and cash equivalents.
Accounts
Receivable and Allowance for Estimated Credit Losses — Accounts receivable are customer obligations due under normal trade
terms. The Company sells its products to security alarm distributors, alarm installers, and original equipment manufacturers. The Company
extends credit to its customers based on their credit worthiness and performs continuing credit evaluations of its customers’ financial
condition. If the Company believes the extension of credit is not advisable, other payment methods such as prepayments are required.
Balances deemed uncollectible by the Company are written off against our allowance for credit loss accounts.
The
Company maintains an allowance for estimated credit losses related to accounts receivable for future expected credit losses resulting
from the inability or unwillingness of our customers to make required payments. We estimate our allowance for credit losses based on
relevant information such as historical experience, current conditions, and future expectation of specifically identified customer balances.
This allowance is adjusted as appropriate to reflect current conditions. The Company has recorded an allowance for estimated credit losses
of $34,256 for the year ended April 30, 2024, and $17,922 for the year ended April 30, 2023. For the year ended April 30, 2024, the provision
for credit losses on accounts receivable was an expense of $16,334 compared to a provision of $17,171 for the year ended April 30, 2023.
Concentrations
of Credit Risk — The Company has a limited number of customers with individually substantial amounts due at any given date.
Any unanticipated change in any one of these customers’ credit worthiness or other matters affecting the collectability of amounts
due from such customers could have a material effect on the results of operations in the period in which such changes or events occur.
Inventories
— Inventories are stated at the lower of cost or net realized value. Cost is determined using the average cost-pricing method.
The Company uses actual costs to price its manufactured inventories, approximating average costs.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
Property
and Equipment — Property and equipment are recorded at cost. Depreciation is calculated based on the following estimated useful
lives using the straight-line method:
Schedule
of Property and Equipment
Classification | |
Useful
Life in Years | |
2024
Cost | | |
2023
Cost | |
Dies, jigs, and molds | |
3–7 | |
$ | 1,871,000 | | |
$ | 1,871,000 | |
Machinery and equipment | |
5–10 | |
| 2,832,000 | | |
| 2,632,000 | |
Furniture and fixtures | |
5–10 | |
| 222,000 | | |
| 222,000 | |
Improvements | |
5–32 | |
| 638,000 | | |
| 605,000 | |
Buildings | |
20–39 | |
| 1,151,000 | | |
| 1,151,000 | |
Automotive | |
3–5 | |
| 131,000 | | |
| 126,000 | |
Software | |
2–5 | |
| 425,000 | | |
| 425,000 | |
Land | |
N/A | |
| 80,000 | | |
| 80,000 | |
Property and equipment, gross | |
| |
| 7,350,000 | | |
| 7,112,000 | |
Accumulated depreciation | |
| |
| (5,347,000 | ) | |
| (5,115,000 | ) |
Property and equipment,
net | |
| |
$ | 2,003,000 | | |
$ | 1,997,000 | |
Depreciation
expense of $366,000 and $323,000 was charged to operations for the years ended April 30, 2024 and 2023, respectively.
Maintenance
and repairs are charged to expense as incurred, and expenditures for major improvements are capitalized. When assets are retired or otherwise
disposed of, the property accounts are relieved of costs and accumulated depreciation and any resulting gain or loss is credited or charged
to operations.
Investment
in Limited Land Partnership (LLP) — In November 2002, the Company purchased 6.67% of a prime 22-acre land parcel for development
in Winter Park-Grand County, CO for investment purposes for a total of $200,000. Over the years, there has been a total of $144,000 of
additional contributions to aid in improvements and recurring expenses such as debt service, utilities, taxes, maintenance, insurance,
and professional fees. The goal of the investment was to hold the property for resale(s) in 2-5 years, but many efforts to sell the property
did not materialize for many years. Fortunately, the sale finally happened on June 30, 2023. Disbursement of the sale proceeds are contingent
on finishing wetland restoration of the land, but the LLP made a distribution of the net proceeds in January 2024 in the amount of $12,000.
Upon receiving information from the LLP management team, additional details about the contingent ongoing expenses were given to GRI and
it has been determined that there is a $38,000 impairment on this investment, which has been accounted for during the year ended April
30, 2024.
Subsequently,
an additional distribution of the net proceeds from the sale of the LLP in the amount of $255,000 was paid to GRI in July 2024.
Intangible
Assets — Intangible assets are amortized on a straight-line basis over their estimated useful lives, unless it is determined
their lives to be indefinite. The intangible asset currently being amortized is intellectual property with a useful life of 15 years.
As of April 30, 2024, the Company had $1,028,000 of net intangible assets, compared to net intangible assets of $1,149,000 as of April
30, 2023. Amortization expense was $121,000 and $122,000 for the years ended April 30, 2024 and 2023, respectively.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
As
of April 30, 2024, future amortization of intangible assets is expected as follows:
Schedule
of Future Amortization of Intangible Assets
Fiscal
year end | |
Amortization
amount | |
2025 | |
$ | 121,000 | |
2026 | |
$ | 121,000 | |
2027 | |
$ | 121,000 | |
2028 | |
$ | 121,000 | |
2029 | |
$ | 121,000 | |
Thereafter | |
$ | 423,000 | |
Total | |
$ | 1,028,000 | |
Basic
and Diluted Earnings per Share — The Company computes earnings per share in accordance with Accounting Standards Codification
(“ASC”) 260-10-45 Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face
of the statement of income. Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted
average number of outstanding common shares during the period. Diluted earnings per share gives effect to all dilutive potential common
shares outstanding during the period. Dilutive earnings per share exclude all potential common shares if their effect is anti-dilutive.
Advertising
— Advertising costs are expensed as incurred and are included in selling expenses. Advertising expense amounted to $116,000
and $105,000 for the years ended April 30, 2024 and 2023, respectively.
Income
Taxes — Deferred tax assets and liabilities are recorded for the future consequences of events that have been recognized in
the Company’s financial statements or tax returns. Measurement of the deferred tax items is based on enacted tax laws. In the event
the future consequences of differences between financial reporting bases and tax bases of the Company’s assets or liabilities result
in a deferred tax asset, we evaluate the probability of realizing the future benefits comprising that asset and record a valuation allowance
if considered necessary.
Accounting
standards prescribe a recognition threshold and a measurement attribute for the financial statement recognition and measurement of the
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than
not to be sustained upon examination by taxing authorities. A “more likely than not” tax position is measured as the largest
amount of benefit that is greater than a fifty percent likelihood of being realized upon ultimate settlement, or else a full reserve
is established against the tax asset or a liability is recorded. The Internal Revenue Service (“IRS”) may generally access
additional income tax records for the most recent three years. This would generally prevent the IRS from opening an examination for years
ending on or before April 30, 2020. However, there are exceptions that can extend the statute of limitations to six years, and in some
cases, prevent the statute of limitations from ever expiring. Interest and penalties accrued on uncertain tax positions are recorded
as income tax expense.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
It
has been determined that the Company does not have uncertain tax positions on its tax returns for the years 2023, 2022, and prior. Based
on evaluation of the 2024 transactions and events, the Company does not have any material uncertain tax positions that require measurement.
Accounting
Estimates — The preparation of these financial statements requires the use of estimates and assumptions including the carrying
value of assets. The estimates and assumptions result in approximate rather than exact amounts.
Fair
Value of Financial Instruments — Certain financial instruments are required to be recorded at fair value. Changes in assumptions
or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact
on our financial condition, results of operations or cash flows. Other financial instruments, including cash equivalents, certain investments
and short-term debt, are recorded at cost, which approximates fair value. The fair values of long-term debt and financial instruments
are disclosed in Note 11.
Investments
— The accounting policies for the Company’s principal investments are as follows: Debt Securities and Equity Securities:
Effective May 1, 2018, the Company adopted Accounting Standards Update 2016-01 “Financial Instruments-Overall (ASC Subtopic 825-10):
Recognition and Measurement of Financial Assets and Financial Liabilities”. As a result, the Company measures its equity securities
at fair value and recognizes any changes in fair value in net income. Prior to adoption, equity securities were designated as available-for-sale
and reported at fair value with unrealized capital gains (losses) recorded in Accumulated other comprehensive income (loss) (“AOCI”).
The Company’s debt securities are currently designated as available-for-sale. Available-for-sale securities are reported at fair
value and unrealized capital gains (losses) on these securities are recorded directly in AOCI and presented, net of related changes,
in deferred income taxes. Purchases and sales of debt securities and equity securities are recorded on the trade date. Investment gains
and losses on sales of securities are generally determined on a first-in-first-out (“FIFO”) basis.
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.
Revenue
Recognition —The Company accounts for revenue using the guidance provided by ASC 606, “Revenue from Contracts with Customers.”
The Company recognizes product revenue using a five-step approach to determine the amount and timing of revenue to be recognized. The
five-step approach requires (1) identifying the contract with the customer, (2) identifying the performance obligations in the contract,
(3) determining the transaction price, (4) allocating the transaction price to the performance
obligations in the contract and (5) recognizing revenue when performance obligations are satisfied. The Company recognizes revenue for
product sales upon transfer of title to the customer. Customer purchase orders and/or contracts are generally used to determine the existence
of an arrangement. Shipping documents and the completion of any customer acceptance requirements, when applicable, are used to verify
product delivery or that services have been rendered. The Company assesses whether a price is fixed or determinable based upon the payment
terms associated with the transaction and whether the sales price is subject to refund or adjustment. Payments received from customers
in advance of product shipment or revenue recognition are treated as deferred revenues and recognized when the product is shipped.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
Variable
Consideration — The Company measures revenue as the amount of consideration for which it expects to be entitled in exchange
for transferring goods. Certain customers may receive cash and/or non-cash incentives such as cash rebates, customer discounts (such
as volume or trade discounts), which are accounted for as variable consideration. In some cases, the Company must apply judgment, including
contractual rates and historical payment trends, when estimating variable consideration.
Product
Returns — In the normal course of business, the Company may allow customers to return products per the provisions in a sale
agreement. Estimated product returns are recorded as a reduction in reported revenues with offsetting entries recorded in the balance
sheet quarterly based upon historical product return experience, adjusted for known trends, to arrive at the amount of consideration
expected to receive.
Product
Warranties — In the normal course of business, the Company offers warranties for a variety of its products. The specific terms
and conditions of the warranties vary depending upon the specific product and markets in which the products were sold. The Company accrues
for the estimated cost of product warranty at the time of sale based on historical experience.
Shipping
and Handling Costs — The Company considers all shipping and handling to be fulfillment activities and not a separate performance
obligation. Shipping and handling costs are recorded as cost of sales.
Research
and Development Costs — Generally, costs related to the research, design, and development of products are charged to engineering
expense as incurred. Certain research and development costs are recognized under assets in the balance sheet.
Comprehensive
Income — US GAAP requires disclosure of total non-stockholder changes in equity in interim periods and additional disclosures
of the components of non-stockholder changes in equity on an annual basis. Total non-stockholder changes in equity include all changes
in equity during a period except those resulting from fiscal investments by and distributions to stockholders.
Segment
Reporting and Related Information — The Company designates the internal organization that is used by management for allocating
resources and assessing performance as the source of the Company’s reportable segments. US GAAP also requires disclosures about
products and services, geographic area and major customers. At April 30, 2024, the Company operated in three segments organized by security
line products, cable and wiring tools (Labor Saving Devices - LSDI) products, and all other products. See Note 9 for further segment
information disclosures.
Recently
Issued Accounting Pronouncements — In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic280): Improvements
to Reportable Segment Disclosures. The new guidance is intended to improve reportable segment disclosure requirements primarily through
enhanced disclosures about significant segment expenses. The amendments are effective retrospectively for fiscal years beginning after
December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating
the impact that the adoption of this ASU will have to the financial statements and related disclosures, which is not expected to be material.
In
December 2023, the FASB issued ASU No. 2023-09, Improvements to Tax Disclosures (Topic 740), to enhance the transparency and decision
usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. This guidance is effective
for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this
new accounting guidance on its Consolidated Financial Statements.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
Subsequent
Events – Other than those discussed at the Investment in Limited Land Partnership section of this note, Management
has evaluated all events or transactions that occurred after April 30, 2024 through the date of the filing. During this period, the Company did not have any material recognizable subsequent events.
|
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- DefinitionThe entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles.
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v3.24.2
Inventories
|
12 Months Ended |
Apr. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Inventories |
Inventories
at April 30, 2024 and 2023, consisted of the following:
Schedule
of Inventories
| |
2024 | | |
2023 | |
Raw materials | |
$ | 10,130,000 | | |
$ | 9,886,000 | |
Work in process | |
| 753,000 | | |
| 678,000 | |
Finished goods | |
| 1,042,000 | | |
| 1,267,000 | |
Inventory, gross | |
| 11,925,000 | | |
| 11,831,000 | |
Less: allowance for obsolete inventory | |
| (367,000 | ) | |
| (388,000 | ) |
Inventories, net | |
$ | 11,558,000 | | |
$ | 11,443,000 | |
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.24.2
Investments
|
12 Months Ended |
Apr. 30, 2024 |
Investments, Debt and Equity Securities [Abstract] |
|
Investments |
The
Company has investments in publicly traded equity securities, state and municipal debt securities, REITs, and money markets and they
are recorded at fair value. The investments in debt securities, which include municipal bonds and bond funds, mature between July 2024
and July 2041. The Company uses the average cost method to determine the cost of equity securities sold with any unrealized gains or
losses reported in the respective period’s earnings. Dividend and interest income are reported as earned.
As
of April 30, 2024 and 2023, investments consisted of the following:
Schedule
of Investments
| |
| | |
Gross | | |
Gross | | |
| |
Investments at | |
Cost | | |
Unrealized | | |
Unrealized | | |
Reported | |
April 30, 2024 | |
Basis | | |
Gains | | |
Losses | | |
Value | |
Municipal bonds | |
$ | 7,057,000 | | |
$ | 28,000 | | |
$ | (100,000 | ) | |
$ | 6,985,000 | |
REITs | |
$ | 74,000 | | |
$ | - | | |
$ | (8,000 | ) | |
$ | 66,000 | |
Equity securities | |
$ | 17,408,000 | | |
$ | 9,303,000 | | |
$ | (209,000 | ) | |
$ | 26,502,000 | |
Money Markets and CDs | |
$ | 935,000 | | |
$ | - | | |
$ | - | | |
$ | 935,000 | |
Total | |
$ | 25,474,000 | | |
$ | 9,331,000 | | |
$ | (317,000 | ) | |
$ | 34,488,000 | |
| |
| | |
Gross | | |
Gross | | |
| |
Investments at | |
Cost | | |
Unrealized | | |
Unrealized | | |
Reported | |
April 30, 2023 | |
Basis | | |
Gains | | |
Losses | | |
Value | |
Municipal bonds | |
$ | 5,396,000 | | |
$ | 46,000 | | |
$ | (230,000 | ) | |
$ | 5,212,000 | |
REITs | |
$ | 93,000 | | |
$ | - | | |
$ | (22,000 | ) | |
$ | 71,000 | |
Equity securities | |
$ | 18,605,000 | | |
$ | 6,915,000 | | |
$ | (501,000 | ) | |
$ | 25,019,000 | |
Money Markets and CDs | |
$ | 1,060,000 | | |
$ | 1,000 | | |
$ | - | | |
$ | 1,061,000 | |
Total | |
$ | 25,154,000 | | |
$ | 6,962,000 | | |
$ | (753,000 | ) | |
$ | 31,363,000 | |
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 investments 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 other than a temporary decline is identified, the Company will decrease the cost of the investment
to the new fair value and recognize a loss. The investments are periodically evaluated to determine if impairment changes are required.
As a result of this standard, management recorded impairment losses of $22,000 and $67,000 for the years ended April 30, 2024 and 2023,
respectively.
The
Company’s investments are actively traded in the stock and bond markets. Therefore, there is either a realized gain or loss that
is recorded when a sale happens. For the fiscal year ended April 30, 2024, the Company had sales of equity securities which yielded gross
realized gains of $789,000 and gross realized losses of $613,000. For the same period, there were not any sales of debt securities for
gross realized gains, but sales of debt securities yielded gross realized losses of $28,000. Comparatively, the Company recorded gross
realized gains on equity securities of $512,000 and gross realized losses of $740,000 for the fiscal year ending April 30, 2023. As for
debt securities, there were not any sales of debt securities for gross realized gains, but sales of debt securities yielded gross realized
losses of $63,000 for the fiscal year ending April 30, 2023. The gross realized loss numbers include the impaired figures listed in the
previous paragraph. Additionally, proceeds from sales of securities available for sale were $527,000 and $25,000 for the years ended
April 30, 2024 and 2023 respectively.
3. |
Investments, continued |
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, as of April 30,
2024 and 2023.
Schedule
of Unrealized Loss Breakdown by Investment Type
Unrealized
Loss Breakdown by Investment Type as of April 30, 2024
Schedule of Unrealized Loss Breakdown by Investment Type
Description | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | |
| |
Less than 12 months | | |
12 months or greater | | |
Total | |
Description | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | |
Municipal bonds | |
$ | 5,897,000 | | |
$ | (20,000 | ) | |
$ | 773,000 | | |
$ | (80,000 | ) | |
$ | 6,670,000 | | |
$ | (100,000 | ) |
REITs | |
$ | — | | |
$ | — | | |
$ | 66,000 | | |
$ | (8,000 | ) | |
$ | 66,000 | | |
$ | (8,000 | ) |
Equity securities | |
$ | 2,255,000 | | |
$ | (72,000 | ) | |
$ | 766,000 | | |
$ | (137,000 | ) | |
$ | 3,021,000 | | |
$ | (209,000 | ) |
Total | |
$ | 8,152,000 | | |
$ | (92,000 | ) | |
$ | 1,605,000 | | |
$ | (225,000 | ) | |
$ | 9,757,000 | | |
$ | (317,000 | ) |
Unrealized
Loss Breakdown by Investment Type as of April 30, 2023
Description | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | |
| |
Less than 12 months | | |
12 months or greater | | |
Total | |
Description | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | |
Municipal bonds | |
$ | 868,000 | | |
$ | (6,000 | ) | |
$ | 3,769,000 | | |
$ | (224,000 | ) | |
$ | 4,637,000 | | |
$ | (230,000 | ) |
REITs | |
$ | 36,000 | | |
$ | (9,000 | ) | |
$ | 35,000 | | |
$ | (13,000 | ) | |
$ | 71,000 | | |
$ | (22,000 | ) |
Equity securities | |
$ | 3,048,000 | | |
$ | (140,000 | ) | |
$ | 2,209,000 | | |
$ | (361,000 | ) | |
$ | 5,257,000 | | |
$ | (501,000 | ) |
Total | |
$ | 3,952,000 | | |
$ | (155,000 | ) | |
$ | 6,013,000 | | |
$ | (598,000 | ) | |
$ | 9,965,000 | | |
$ | (753,000 | ) |
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 occurs, which may be maturity, the Company does not
consider these investments to be other-than-temporarily impaired as of April 30, 2024 and 2023.
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. Management has evaluated the individual holdings and does not consider
these investments to be other-than-temporarily impaired as of April 30, 2024 and 2023.
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- DefinitionThe entire disclosure for investments in certain debt and equity securities.
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v3.24.2
Retirement Benefit Plan
|
12 Months Ended |
Apr. 30, 2024 |
Retirement Benefits [Abstract] |
|
Retirement Benefit Plan |
4. |
Retirement Benefit Plan |
On
January 1, 1998, the Company adopted the George Risk Industries, Inc. Retirement Savings Plan (the “Plan”). The Plan is a
defined contribution savings plan designed to provide retirement income to eligible employees of the Company. The Plan is intended to
be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. It is funded by voluntary pre-tax and Roth (taxable)
contributions from eligible employees who may contribute a percentage of their eligible compensation, limited and subject to statutory
limits. Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service
in any plan year with the Company. Upon leaving the Company, each participant is 100% vested with respect to the participants’
contributions while the Company’s matching contributions are vested over a six-year period in accordance with the Plan document.
Contributions are invested, as directed by the participant, in investment funds available under the Plan. Matching contributions of approximately
$60,000 and $58,000 were paid during the years ending April 30, 2024 and 2023, respectively.
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v3.24.2
Stockholders’ Equity
|
12 Months Ended |
Apr. 30, 2024 |
Equity [Abstract] |
|
Stockholders’ Equity |
Preferred
Stock—Each share of the Series #1 preferred stock is convertible at the option of the holder into five shares of Class A common
stock and is also redeemable at the option of the board of directors at $20 per share. The holders of the convertible preferred stock
shall be entitled to a dividend at a rate up to $1 per share annually, payable quarterly as declared by the board of directors. No dividends
were declared or paid during the two years ended April 30, 2024 and 2023.
Convertible
preferred stock without par value may be issued from time to time as determined by the board of directors. Shares of different series
shall be of equal rank but may vary as to terms and conditions.
Class
A Common Stock—The holders of the Class A common stock are entitled to receive dividends as declared by the board of directors.
A dividend for the four prior quarters and provision has been made for the full dividend in the current fiscal year.
During
the fiscal year ended April 30, 2024, the Company purchased 33,813 shares of Class A common stock. This was initiated by stockholders
contacting the Company.
Stock
Transfer Agent—The Company does not have an independent stock transfer agent. The Company maintains all stock records.
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v3.24.2
Earnings Per Share
|
12 Months Ended |
Apr. 30, 2024 |
Earnings Per Share of Common Stock |
|
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
| |
April 30, 2024 | |
| |
Income | | |
Shares | | |
Per-Share | |
| |
(Numerator) | | |
(Denominator) | | |
Amount | |
Net income | |
$ | 7,558,000 | | |
| | | |
| | |
Basic EPS | |
$ | 7,558,000 | | |
| 4,913,676 | | |
$ | 1.54 | |
Effect of dilutive Convertible Preferred Stock | |
| – | | |
| 20,500 | | |
| (0.01 | ) |
Diluted EPS | |
$ | 7,558,000 | | |
| 4,934,176 | | |
$ | 1.53 | |
| |
April 30, 2023 | |
| |
Income | | |
Shares | | |
Per-Share | |
| |
(Numerator) | | |
(Denominator) | | |
Amount | |
Net income | |
$ | 4,757,000 | | |
| | | |
| | |
Basic EPS | |
$ | 4,757,000 | | |
| 4,930,835 | | |
$ | 0.96 | |
Effect of dilutive Convertible Preferred Stock | |
| – | | |
| 20,500 | | |
| — | |
Diluted EPS | |
$ | 4,757,000 | | |
| 4,951,335 | | |
$ | 0.96 | |
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v3.24.2
Commitments, Contingencies, and Related Party Transactions
|
12 Months Ended |
Apr. 30, 2024 |
Commitments Contingencies And Related Party Transactions |
|
Commitments, Contingencies, and Related Party Transactions |
7. |
Commitments, Contingencies, and Related Party Transactions |
One
of the directors of the board, Joel Wiens, is the principal shareholder of FirsTier Bank. FirsTier Bank is the financial institution
the Company uses for its day-to-day banking operations. Year end balances of accounts held at this bank are $6,712,000 and $4,637,000
for the years ended April 30, 2024 and 2023, respectively. The Company also received interest income from FirsTier Bank in the amount
of approximately $170,000 for the year ended April 30, 2024 and $103,000 for the year ended April 30, 2023.
From
time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in
any litigation that we believe could have a material adverse effect on its financial condition or results of operations.
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v3.24.2
Income Taxes
|
12 Months Ended |
Apr. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
The
Company utilizes the liability method of accounting for income taxes. The liability method measures the expected income tax impact of
future income and deductions implicit in the Balance Sheets. The income tax provision for the fiscal year ended April 30, 2024 and 2023
consisted of the following:
Schedule
of Income Tax Provision
Year Ended April 30, | |
2024 | | |
2023 | |
Current: | |
| | |
| |
Federal | |
$ | 1,604,000 | | |
| 1,051,000 | |
State | |
| 511,000 | | |
| 175,000 | |
Deferred: | |
| | | |
| | |
Federal | |
| 495,000 | | |
| (108,000 | ) |
State | |
| 155,000 | | |
| (60,000 | ) |
Total income tax provision | |
$ | 2,765,000 | | |
$ | 1,058,000 | |
Reconciliation
of income taxes with Federal and State taxable income:
Schedule
of Reconciliation of Income Taxes with Federal and State Taxable Income
| |
2024 | | |
2023 | |
State income tax deduction | |
| (478,000 | ) | |
| (351,000 | ) |
Interest and dividend income | |
| (489,000 | ) | |
| (511,000 | ) |
Nondeductible expenses and timing differences | |
| (2,379,000 | ) | |
| (11,000 | ) |
Taxable income | |
$ | 6,977,000 | | |
$ | 4,942,000 | |
The
following schedule reconciles the provision for income taxes to the amount computed by applying the statutory rate to income before income
taxes:
Schedule
of Statutory Rate to Income Before Taxes
| |
2024 | | |
2023 | |
Income tax provision at statutory rate | |
$ | 2,916,000 | | |
$ | 1,657,000 | |
Increase (decrease) income taxes resulting from: | |
| | | |
| | |
State income taxes | |
| (135,000 | ) | |
| (100,000 | ) |
Interest and dividend income | |
| (138,000 | ) | |
| (146,000 | ) |
Deferred taxes | |
| 650,000 | | |
| (168,000 | ) |
Other temporary and permanent differences | |
| (528,000 | ) | |
| (185,000 | ) |
Income tax expense | |
$ | 2,765,000 | | |
$ | 1,058,000 | |
| |
| | | |
| | |
Federal tax rate | |
| 21.00 | % | |
| 21.00 | % |
State tax rate | |
| 7.25 | % | |
| 7.50 | % |
Blended statutory rate | |
| 28.25 | % | |
| 28.50 | % |
Deferred
tax assets (liabilities) consist of the following components as of April 30, 2024 and 2023:
Summary of Deferred Tax Assets (Liabilities)
| |
2024 | | |
2023 | |
Deferred tax assets (liabilities): | |
| | | |
| | |
Depreciation | |
$ | (312,000 | ) | |
$ | (276,000 | ) |
Capitalized R&D expense | |
| 320,000 | | |
$ | 165,000 | |
Inventory valuation | |
| 104,000 | | |
| 111,000 | |
Allowance for doubtful accounts | |
| 10,000 | | |
| 5,000 | |
Accrued vacation | |
| 37,000 | | |
| 37,000 | |
Accumulated unrealized (gain)/loss on investments | |
| (2,547,000 | ) | |
| (1,769,000 | ) |
Net deferred tax assets (liabilities) | |
$ | (2,388,000 | ) | |
$ | (1,727,000 | ) |
|
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v3.24.2
Business Segments
|
12 Months Ended |
Apr. 30, 2024 |
Segment Reporting [Abstract] |
|
Business Segments |
The
following is financial information relating to industry segments:
Schedule
of Financial Information Relating to Industry Segments
| |
Quarter ended | | |
Year ended | | |
Year ended | |
| |
April 30, | | |
April 30, | | |
April 30, | |
| |
2024 | | |
2024 | | |
2023 | |
| |
(Unaudited) | | |
| | |
| |
Net revenue: | |
| | | |
| | | |
| | |
Security alarm products | |
$ | 5,002,000 | | |
$ | 19,630,000 | | |
$ | 17,428,000 | |
Cable & wiring tools | |
| 368,000 | | |
| 1,484,000 | | |
| 1,870,000 | |
Other products | |
| 222,000 | | |
| 653,000 | | |
| 681,000 | |
Total net revenue | |
$ | 5,592,000 | | |
$ | 21,767,000 | | |
$ | 19,979,000 | |
| |
| | | |
| | | |
| | |
Income from operations: | |
| | | |
| | | |
| | |
Security alarm products | |
| 1,457,000 | | |
| 5,672,000 | | |
| 4,414,000 | |
Cable & wiring tools | |
| 110,000 | | |
| 429,000 | | |
| 474,000 | |
Other products | |
| 48,000 | | |
| 188,000 | | |
| 172,000 | |
Total income from operations | |
$ | 1,615,000 | | |
$ | 6,289,000 | | |
$ | 5,060,000 | |
| |
| | | |
| | | |
| | |
Depreciation and amortization: | |
| | | |
| | | |
| | |
Security alarm products | |
| 56,000 | | |
| 202,000 | | |
| 194,000 | |
Cable & wiring tools | |
| 30,000 | | |
| 121,000 | | |
| 122,000 | |
Other products | |
| 24,000 | | |
| 92,000 | | |
| 81,000 | |
Corporate general | |
| 13,000 | | |
| 72,000 | | |
| 48,000 | |
Total depreciation and amortization | |
$ | 123,000 | | |
$ | 487,000 | | |
$ | 445,000 | |
| |
| | | |
| | | |
| | |
Capital expenditures: | |
| | | |
| | | |
| | |
Security alarm products | |
| 97,000 | | |
| 321,000 | | |
| 237,000 | |
Cable & wiring tools | |
| — | | |
| — | | |
| — | |
Other products | |
| — | | |
| 20,000 | | |
| 268,000 | |
Corporate general | |
| 18,000 | | |
| 37,000 | | |
| 43,000 | |
Total capital expenditures | |
$ | 115,000 | | |
$ | 378,000 | | |
$ | 548,000 | |
|
| April 30, 2024 | |
| April 30, 2023 |
Identifiable assets: |
| | |
| | |
Security alarm products |
| 15,263,000 | |
| 14,251,000 | |
Cable & wiring tools |
| 2,082,000 | |
| 2,548,000 | |
Other products |
| 859,000 | |
| 981,000 | |
Corporate general |
| 42,576,000 | |
| 38,171,000 | |
Total assets |
$ | 60,780,000 | |
$ | 55,951,000 | |
|
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v3.24.2
Concentrations
|
12 Months Ended |
Apr. 30, 2024 |
Risks and Uncertainties [Abstract] |
|
Concentrations |
The
Company maintains the majority of its cash balance in a financial institution in Kimball, Nebraska. Accounts at this institution are
insured by the Federal Deposit Insurance Corporation for up to $250,000. For the years ended April 30, 2024 and 2023, the Company had
uninsured balances of $6,494,000, and $4,530,000, respectively. Management believes that this financial institution is financially sound
and the risk of loss is minimal.
Management
also has cash funds with Wells Fargo Bank with uninsured balances of $151,000 and $56,000 for the years ending April 30, 2024 and 2023,
respectively. Management believes that this financial institution is financially sound and the risk of loss is minimal.
The
Company has sales to a security alarm distributor representing 37% of total sales for the year ended April 30, 2024 and 36% of total
sales for the year ended April 30, 2023. This distributor accounted for 56% and 44% of accounts receivable at April 30, 2024 and 2023,
respectively.
Security
switch sales made up 90% of total sales for the fiscal year ending April 30, 2024 and 87% of total sales for the fiscal year ending April
30, 2023.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.24.2
Fair Value Measurements
|
12 Months Ended |
Apr. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
11. |
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 measurements) 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 the use of option pricing models, discounted cash flow models and similar techniques. |
Investments
and Marketable Securities
As
of April 30, 2024 and 2023, The Company’s investments consisted of money markets, publicly traded equity securities, REITs as well
as certain state and municipal bonds. 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 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 April 30, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Assets: | |
| | |
| | |
| | |
| |
Municipal Bonds | |
| — | | |
$ | 6,985,000 | | |
| — | | |
$ | 6,985,000 | |
REITs | |
| — | | |
$ | 66,000 | | |
| — | | |
$ | 66,000 | |
Equity Securities | |
$ | 26,502,000 | | |
| — | | |
| — | | |
$ | 26,502,000 | |
Money Markets and CDs | |
$ | 935,000 | | |
| — | | |
| — | | |
$ | 935,000 | |
Total fair value of assets measured on a recurring basis | |
$ | 27,437,000 | | |
$ | 7,051,000 | | |
| — | | |
$ | 34,488,000 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
Assets Measured at Fair Value on a Recurring
Basis as of April 30, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Assets: | |
| | |
| | |
| | |
| |
Municipal Bonds | |
| — | | |
$ | 5,212,000 | | |
| — | | |
$ | 5,212,000 | |
REITs | |
| — | | |
$ | 71,000 | | |
| — | | |
$ | 71,000 | |
Equity Securities | |
$ | 25,019,000 | | |
| — | | |
| — | | |
$ | 25,019,000 | |
Money Markets and CDs | |
$ | 1,061,000 | | |
| — | | |
| — | | |
$ | 1,061,000 | |
Total fair value of assets measured on a recurring basis | |
$ | 26,080,000 | | |
$ | 5,283,000 | | |
| — | | |
$ | 31,363,000 | |
|
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- DefinitionThe entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.
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v3.24.2
Nature of Business and Summary of Significant Accounting Policies (Policies)
|
12 Months Ended |
Apr. 30, 2024 |
Accounting Policies [Abstract] |
|
Nature of Business |
Nature
of Business — The Company is engaged in the design, manufacture, and marketing of custom computer keyboards, proximity sensors,
security alarm components, pool access alarms, liquid detection sensors, raceway wire covers, wire and cable installation tools and various
other sensors and devices.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents — The Company considers all investments with a maturity of three months or less to be cash equivalents.
The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company
continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes
it is not exposed to any significant credit risk on cash and cash equivalents.
|
Accounts Receivable and Allowance for Estimated Credit Losses |
Accounts
Receivable and Allowance for Estimated Credit Losses — Accounts receivable are customer obligations due under normal trade
terms. The Company sells its products to security alarm distributors, alarm installers, and original equipment manufacturers. The Company
extends credit to its customers based on their credit worthiness and performs continuing credit evaluations of its customers’ financial
condition. If the Company believes the extension of credit is not advisable, other payment methods such as prepayments are required.
Balances deemed uncollectible by the Company are written off against our allowance for credit loss accounts.
The
Company maintains an allowance for estimated credit losses related to accounts receivable for future expected credit losses resulting
from the inability or unwillingness of our customers to make required payments. We estimate our allowance for credit losses based on
relevant information such as historical experience, current conditions, and future expectation of specifically identified customer balances.
This allowance is adjusted as appropriate to reflect current conditions. The Company has recorded an allowance for estimated credit losses
of $34,256 for the year ended April 30, 2024, and $17,922 for the year ended April 30, 2023. For the year ended April 30, 2024, the provision
for credit losses on accounts receivable was an expense of $16,334 compared to a provision of $17,171 for the year ended April 30, 2023.
|
Concentrations of Credit Risk |
Concentrations
of Credit Risk — The Company has a limited number of customers with individually substantial amounts due at any given date.
Any unanticipated change in any one of these customers’ credit worthiness or other matters affecting the collectability of amounts
due from such customers could have a material effect on the results of operations in the period in which such changes or events occur.
|
Inventories |
Inventories
— Inventories are stated at the lower of cost or net realized value. Cost is determined using the average cost-pricing method.
The Company uses actual costs to price its manufactured inventories, approximating average costs.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
|
Property and Equipment |
Property
and Equipment — Property and equipment are recorded at cost. Depreciation is calculated based on the following estimated useful
lives using the straight-line method:
Schedule
of Property and Equipment
Classification | |
Useful
Life in Years | |
2024
Cost | | |
2023
Cost | |
Dies, jigs, and molds | |
3–7 | |
$ | 1,871,000 | | |
$ | 1,871,000 | |
Machinery and equipment | |
5–10 | |
| 2,832,000 | | |
| 2,632,000 | |
Furniture and fixtures | |
5–10 | |
| 222,000 | | |
| 222,000 | |
Improvements | |
5–32 | |
| 638,000 | | |
| 605,000 | |
Buildings | |
20–39 | |
| 1,151,000 | | |
| 1,151,000 | |
Automotive | |
3–5 | |
| 131,000 | | |
| 126,000 | |
Software | |
2–5 | |
| 425,000 | | |
| 425,000 | |
Land | |
N/A | |
| 80,000 | | |
| 80,000 | |
Property and equipment, gross | |
| |
| 7,350,000 | | |
| 7,112,000 | |
Accumulated depreciation | |
| |
| (5,347,000 | ) | |
| (5,115,000 | ) |
Property and equipment,
net | |
| |
$ | 2,003,000 | | |
$ | 1,997,000 | |
Depreciation
expense of $366,000 and $323,000 was charged to operations for the years ended April 30, 2024 and 2023, respectively.
Maintenance
and repairs are charged to expense as incurred, and expenditures for major improvements are capitalized. When assets are retired or otherwise
disposed of, the property accounts are relieved of costs and accumulated depreciation and any resulting gain or loss is credited or charged
to operations.
|
Investment in Limited Land Partnership (LLP) |
Investment
in Limited Land Partnership (LLP) — In November 2002, the Company purchased 6.67% of a prime 22-acre land parcel for development
in Winter Park-Grand County, CO for investment purposes for a total of $200,000. Over the years, there has been a total of $144,000 of
additional contributions to aid in improvements and recurring expenses such as debt service, utilities, taxes, maintenance, insurance,
and professional fees. The goal of the investment was to hold the property for resale(s) in 2-5 years, but many efforts to sell the property
did not materialize for many years. Fortunately, the sale finally happened on June 30, 2023. Disbursement of the sale proceeds are contingent
on finishing wetland restoration of the land, but the LLP made a distribution of the net proceeds in January 2024 in the amount of $12,000.
Upon receiving information from the LLP management team, additional details about the contingent ongoing expenses were given to GRI and
it has been determined that there is a $38,000 impairment on this investment, which has been accounted for during the year ended April
30, 2024.
Subsequently,
an additional distribution of the net proceeds from the sale of the LLP in the amount of $255,000 was paid to GRI in July 2024.
|
Intangible Assets |
Intangible
Assets — Intangible assets are amortized on a straight-line basis over their estimated useful lives, unless it is determined
their lives to be indefinite. The intangible asset currently being amortized is intellectual property with a useful life of 15 years.
As of April 30, 2024, the Company had $1,028,000 of net intangible assets, compared to net intangible assets of $1,149,000 as of April
30, 2023. Amortization expense was $121,000 and $122,000 for the years ended April 30, 2024 and 2023, respectively.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
As
of April 30, 2024, future amortization of intangible assets is expected as follows:
Schedule
of Future Amortization of Intangible Assets
Fiscal
year end | |
Amortization
amount | |
2025 | |
$ | 121,000 | |
2026 | |
$ | 121,000 | |
2027 | |
$ | 121,000 | |
2028 | |
$ | 121,000 | |
2029 | |
$ | 121,000 | |
Thereafter | |
$ | 423,000 | |
Total | |
$ | 1,028,000 | |
|
Basic and Diluted Earnings per Share |
Basic
and Diluted Earnings per Share — The Company computes earnings per share in accordance with Accounting Standards Codification
(“ASC”) 260-10-45 Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face
of the statement of income. Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted
average number of outstanding common shares during the period. Diluted earnings per share gives effect to all dilutive potential common
shares outstanding during the period. Dilutive earnings per share exclude all potential common shares if their effect is anti-dilutive.
|
Advertising |
Advertising
— Advertising costs are expensed as incurred and are included in selling expenses. Advertising expense amounted to $116,000
and $105,000 for the years ended April 30, 2024 and 2023, respectively.
|
Income Taxes |
Income
Taxes — Deferred tax assets and liabilities are recorded for the future consequences of events that have been recognized in
the Company’s financial statements or tax returns. Measurement of the deferred tax items is based on enacted tax laws. In the event
the future consequences of differences between financial reporting bases and tax bases of the Company’s assets or liabilities result
in a deferred tax asset, we evaluate the probability of realizing the future benefits comprising that asset and record a valuation allowance
if considered necessary.
Accounting
standards prescribe a recognition threshold and a measurement attribute for the financial statement recognition and measurement of the
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than
not to be sustained upon examination by taxing authorities. A “more likely than not” tax position is measured as the largest
amount of benefit that is greater than a fifty percent likelihood of being realized upon ultimate settlement, or else a full reserve
is established against the tax asset or a liability is recorded. The Internal Revenue Service (“IRS”) may generally access
additional income tax records for the most recent three years. This would generally prevent the IRS from opening an examination for years
ending on or before April 30, 2020. However, there are exceptions that can extend the statute of limitations to six years, and in some
cases, prevent the statute of limitations from ever expiring. Interest and penalties accrued on uncertain tax positions are recorded
as income tax expense.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
It
has been determined that the Company does not have uncertain tax positions on its tax returns for the years 2023, 2022, and prior. Based
on evaluation of the 2024 transactions and events, the Company does not have any material uncertain tax positions that require measurement.
|
Accounting Estimates |
Accounting
Estimates — The preparation of these financial statements requires the use of estimates and assumptions including the carrying
value of assets. The estimates and assumptions result in approximate rather than exact amounts.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments — Certain financial instruments are required to be recorded at fair value. Changes in assumptions
or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact
on our financial condition, results of operations or cash flows. Other financial instruments, including cash equivalents, certain investments
and short-term debt, are recorded at cost, which approximates fair value. The fair values of long-term debt and financial instruments
are disclosed in Note 11.
|
Investments |
Investments
— The accounting policies for the Company’s principal investments are as follows: Debt Securities and Equity Securities:
Effective May 1, 2018, the Company adopted Accounting Standards Update 2016-01 “Financial Instruments-Overall (ASC Subtopic 825-10):
Recognition and Measurement of Financial Assets and Financial Liabilities”. As a result, the Company measures its equity securities
at fair value and recognizes any changes in fair value in net income. Prior to adoption, equity securities were designated as available-for-sale
and reported at fair value with unrealized capital gains (losses) recorded in Accumulated other comprehensive income (loss) (“AOCI”).
The Company’s debt securities are currently designated as available-for-sale. Available-for-sale securities are reported at fair
value and unrealized capital gains (losses) on these securities are recorded directly in AOCI and presented, net of related changes,
in deferred income taxes. Purchases and sales of debt securities and equity securities are recorded on the trade date. Investment gains
and losses on sales of securities are generally determined on a first-in-first-out (“FIFO”) basis.
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.
|
Revenue Recognition |
Revenue
Recognition —The Company accounts for revenue using the guidance provided by ASC 606, “Revenue from Contracts with Customers.”
The Company recognizes product revenue using a five-step approach to determine the amount and timing of revenue to be recognized. The
five-step approach requires (1) identifying the contract with the customer, (2) identifying the performance obligations in the contract,
(3) determining the transaction price, (4) allocating the transaction price to the performance
obligations in the contract and (5) recognizing revenue when performance obligations are satisfied. The Company recognizes revenue for
product sales upon transfer of title to the customer. Customer purchase orders and/or contracts are generally used to determine the existence
of an arrangement. Shipping documents and the completion of any customer acceptance requirements, when applicable, are used to verify
product delivery or that services have been rendered. The Company assesses whether a price is fixed or determinable based upon the payment
terms associated with the transaction and whether the sales price is subject to refund or adjustment. Payments received from customers
in advance of product shipment or revenue recognition are treated as deferred revenues and recognized when the product is shipped.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
|
Variable Consideration |
Variable
Consideration — The Company measures revenue as the amount of consideration for which it expects to be entitled in exchange
for transferring goods. Certain customers may receive cash and/or non-cash incentives such as cash rebates, customer discounts (such
as volume or trade discounts), which are accounted for as variable consideration. In some cases, the Company must apply judgment, including
contractual rates and historical payment trends, when estimating variable consideration.
|
Product Returns |
Product
Returns — In the normal course of business, the Company may allow customers to return products per the provisions in a sale
agreement. Estimated product returns are recorded as a reduction in reported revenues with offsetting entries recorded in the balance
sheet quarterly based upon historical product return experience, adjusted for known trends, to arrive at the amount of consideration
expected to receive.
|
Product Warranties |
Product
Warranties — In the normal course of business, the Company offers warranties for a variety of its products. The specific terms
and conditions of the warranties vary depending upon the specific product and markets in which the products were sold. The Company accrues
for the estimated cost of product warranty at the time of sale based on historical experience.
|
Shipping and Handling Costs |
Shipping
and Handling Costs — The Company considers all shipping and handling to be fulfillment activities and not a separate performance
obligation. Shipping and handling costs are recorded as cost of sales.
|
Research and Development Costs |
Research
and Development Costs — Generally, costs related to the research, design, and development of products are charged to engineering
expense as incurred. Certain research and development costs are recognized under assets in the balance sheet.
|
Comprehensive Income |
Comprehensive
Income — US GAAP requires disclosure of total non-stockholder changes in equity in interim periods and additional disclosures
of the components of non-stockholder changes in equity on an annual basis. Total non-stockholder changes in equity include all changes
in equity during a period except those resulting from fiscal investments by and distributions to stockholders.
|
Segment Reporting and Related Information |
Segment
Reporting and Related Information — The Company designates the internal organization that is used by management for allocating
resources and assessing performance as the source of the Company’s reportable segments. US GAAP also requires disclosures about
products and services, geographic area and major customers. At April 30, 2024, the Company operated in three segments organized by security
line products, cable and wiring tools (Labor Saving Devices - LSDI) products, and all other products. See Note 9 for further segment
information disclosures.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements — In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic280): Improvements
to Reportable Segment Disclosures. The new guidance is intended to improve reportable segment disclosure requirements primarily through
enhanced disclosures about significant segment expenses. The amendments are effective retrospectively for fiscal years beginning after
December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating
the impact that the adoption of this ASU will have to the financial statements and related disclosures, which is not expected to be material.
In
December 2023, the FASB issued ASU No. 2023-09, Improvements to Tax Disclosures (Topic 740), to enhance the transparency and decision
usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. This guidance is effective
for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this
new accounting guidance on its Consolidated Financial Statements.
1. |
Nature of Business and Summary of Significant Accounting Policies, continued |
|
Subsequent Events |
Subsequent
Events – Other than those discussed at the Investment in Limited Land Partnership section of this note, Management
has evaluated all events or transactions that occurred after April 30, 2024 through the date of the filing. During this period, the Company did not have any material recognizable subsequent events.
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v3.24.2
Nature of Business and Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Apr. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Property and Equipment |
Schedule
of Property and Equipment
Classification | |
Useful
Life in Years | |
2024
Cost | | |
2023
Cost | |
Dies, jigs, and molds | |
3–7 | |
$ | 1,871,000 | | |
$ | 1,871,000 | |
Machinery and equipment | |
5–10 | |
| 2,832,000 | | |
| 2,632,000 | |
Furniture and fixtures | |
5–10 | |
| 222,000 | | |
| 222,000 | |
Improvements | |
5–32 | |
| 638,000 | | |
| 605,000 | |
Buildings | |
20–39 | |
| 1,151,000 | | |
| 1,151,000 | |
Automotive | |
3–5 | |
| 131,000 | | |
| 126,000 | |
Software | |
2–5 | |
| 425,000 | | |
| 425,000 | |
Land | |
N/A | |
| 80,000 | | |
| 80,000 | |
Property and equipment, gross | |
| |
| 7,350,000 | | |
| 7,112,000 | |
Accumulated depreciation | |
| |
| (5,347,000 | ) | |
| (5,115,000 | ) |
Property and equipment,
net | |
| |
$ | 2,003,000 | | |
$ | 1,997,000 | |
|
Schedule of Future Amortization of Intangible Assets |
As
of April 30, 2024, future amortization of intangible assets is expected as follows:
Schedule
of Future Amortization of Intangible Assets
Fiscal
year end | |
Amortization
amount | |
2025 | |
$ | 121,000 | |
2026 | |
$ | 121,000 | |
2027 | |
$ | 121,000 | |
2028 | |
$ | 121,000 | |
2029 | |
$ | 121,000 | |
Thereafter | |
$ | 423,000 | |
Total | |
$ | 1,028,000 | |
|
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v3.24.2
Inventories (Tables)
|
12 Months Ended |
Apr. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventories |
Inventories
at April 30, 2024 and 2023, consisted of the following:
Schedule
of Inventories
| |
2024 | | |
2023 | |
Raw materials | |
$ | 10,130,000 | | |
$ | 9,886,000 | |
Work in process | |
| 753,000 | | |
| 678,000 | |
Finished goods | |
| 1,042,000 | | |
| 1,267,000 | |
Inventory, gross | |
| 11,925,000 | | |
| 11,831,000 | |
Less: allowance for obsolete inventory | |
| (367,000 | ) | |
| (388,000 | ) |
Inventories, net | |
$ | 11,558,000 | | |
$ | 11,443,000 | |
|
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v3.24.2
Investments (Tables)
|
12 Months Ended |
Apr. 30, 2024 |
Investments, Debt and Equity Securities [Abstract] |
|
Schedule of Investments |
As
of April 30, 2024 and 2023, investments consisted of the following:
Schedule
of Investments
| |
| | |
Gross | | |
Gross | | |
| |
Investments at | |
Cost | | |
Unrealized | | |
Unrealized | | |
Reported | |
April 30, 2024 | |
Basis | | |
Gains | | |
Losses | | |
Value | |
Municipal bonds | |
$ | 7,057,000 | | |
$ | 28,000 | | |
$ | (100,000 | ) | |
$ | 6,985,000 | |
REITs | |
$ | 74,000 | | |
$ | - | | |
$ | (8,000 | ) | |
$ | 66,000 | |
Equity securities | |
$ | 17,408,000 | | |
$ | 9,303,000 | | |
$ | (209,000 | ) | |
$ | 26,502,000 | |
Money Markets and CDs | |
$ | 935,000 | | |
$ | - | | |
$ | - | | |
$ | 935,000 | |
Total | |
$ | 25,474,000 | | |
$ | 9,331,000 | | |
$ | (317,000 | ) | |
$ | 34,488,000 | |
| |
| | |
Gross | | |
Gross | | |
| |
Investments at | |
Cost | | |
Unrealized | | |
Unrealized | | |
Reported | |
April 30, 2023 | |
Basis | | |
Gains | | |
Losses | | |
Value | |
Municipal bonds | |
$ | 5,396,000 | | |
$ | 46,000 | | |
$ | (230,000 | ) | |
$ | 5,212,000 | |
REITs | |
$ | 93,000 | | |
$ | - | | |
$ | (22,000 | ) | |
$ | 71,000 | |
Equity securities | |
$ | 18,605,000 | | |
$ | 6,915,000 | | |
$ | (501,000 | ) | |
$ | 25,019,000 | |
Money Markets and CDs | |
$ | 1,060,000 | | |
$ | 1,000 | | |
$ | - | | |
$ | 1,061,000 | |
Total | |
$ | 25,154,000 | | |
$ | 6,962,000 | | |
$ | (753,000 | ) | |
$ | 31,363,000 | |
|
Schedule of Unrealized Loss Breakdown by Investment Type |
Unrealized
Loss Breakdown by Investment Type as of April 30, 2024
Schedule of Unrealized Loss Breakdown by Investment Type
Description | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | |
| |
Less than 12 months | | |
12 months or greater | | |
Total | |
Description | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | |
Municipal bonds | |
$ | 5,897,000 | | |
$ | (20,000 | ) | |
$ | 773,000 | | |
$ | (80,000 | ) | |
$ | 6,670,000 | | |
$ | (100,000 | ) |
REITs | |
$ | — | | |
$ | — | | |
$ | 66,000 | | |
$ | (8,000 | ) | |
$ | 66,000 | | |
$ | (8,000 | ) |
Equity securities | |
$ | 2,255,000 | | |
$ | (72,000 | ) | |
$ | 766,000 | | |
$ | (137,000 | ) | |
$ | 3,021,000 | | |
$ | (209,000 | ) |
Total | |
$ | 8,152,000 | | |
$ | (92,000 | ) | |
$ | 1,605,000 | | |
$ | (225,000 | ) | |
$ | 9,757,000 | | |
$ | (317,000 | ) |
Unrealized
Loss Breakdown by Investment Type as of April 30, 2023
Description | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | |
| |
Less than 12 months | | |
12 months or greater | | |
Total | |
Description | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | | |
Fair Value | | |
Unrealized Loss | |
Municipal bonds | |
$ | 868,000 | | |
$ | (6,000 | ) | |
$ | 3,769,000 | | |
$ | (224,000 | ) | |
$ | 4,637,000 | | |
$ | (230,000 | ) |
REITs | |
$ | 36,000 | | |
$ | (9,000 | ) | |
$ | 35,000 | | |
$ | (13,000 | ) | |
$ | 71,000 | | |
$ | (22,000 | ) |
Equity securities | |
$ | 3,048,000 | | |
$ | (140,000 | ) | |
$ | 2,209,000 | | |
$ | (361,000 | ) | |
$ | 5,257,000 | | |
$ | (501,000 | ) |
Total | |
$ | 3,952,000 | | |
$ | (155,000 | ) | |
$ | 6,013,000 | | |
$ | (598,000 | ) | |
$ | 9,965,000 | | |
$ | (753,000 | ) |
|
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v3.24.2
Earnings Per Share (Tables)
|
12 Months Ended |
Apr. 30, 2024 |
Earnings 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
| |
April 30, 2024 | |
| |
Income | | |
Shares | | |
Per-Share | |
| |
(Numerator) | | |
(Denominator) | | |
Amount | |
Net income | |
$ | 7,558,000 | | |
| | | |
| | |
Basic EPS | |
$ | 7,558,000 | | |
| 4,913,676 | | |
$ | 1.54 | |
Effect of dilutive Convertible Preferred Stock | |
| – | | |
| 20,500 | | |
| (0.01 | ) |
Diluted EPS | |
$ | 7,558,000 | | |
| 4,934,176 | | |
$ | 1.53 | |
| |
April 30, 2023 | |
| |
Income | | |
Shares | | |
Per-Share | |
| |
(Numerator) | | |
(Denominator) | | |
Amount | |
Net income | |
$ | 4,757,000 | | |
| | | |
| | |
Basic EPS | |
$ | 4,757,000 | | |
| 4,930,835 | | |
$ | 0.96 | |
Effect of dilutive Convertible Preferred Stock | |
| – | | |
| 20,500 | | |
| — | |
Diluted EPS | |
$ | 4,757,000 | | |
| 4,951,335 | | |
$ | 0.96 | |
|
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v3.24.2
Income Taxes (Tables)
|
12 Months Ended |
Apr. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Schedule of Income Tax Provision |
Schedule
of Income Tax Provision
Year Ended April 30, | |
2024 | | |
2023 | |
Current: | |
| | |
| |
Federal | |
$ | 1,604,000 | | |
| 1,051,000 | |
State | |
| 511,000 | | |
| 175,000 | |
Deferred: | |
| | | |
| | |
Federal | |
| 495,000 | | |
| (108,000 | ) |
State | |
| 155,000 | | |
| (60,000 | ) |
Total income tax provision | |
$ | 2,765,000 | | |
$ | 1,058,000 | |
|
Schedule of Reconciliation of Income Taxes with Federal and State Taxable Income |
Reconciliation
of income taxes with Federal and State taxable income:
Schedule
of Reconciliation of Income Taxes with Federal and State Taxable Income
| |
2024 | | |
2023 | |
State income tax deduction | |
| (478,000 | ) | |
| (351,000 | ) |
Interest and dividend income | |
| (489,000 | ) | |
| (511,000 | ) |
Nondeductible expenses and timing differences | |
| (2,379,000 | ) | |
| (11,000 | ) |
Taxable income | |
$ | 6,977,000 | | |
$ | 4,942,000 | |
|
Schedule of Statutory Rate to Income Before Taxes |
The
following schedule reconciles the provision for income taxes to the amount computed by applying the statutory rate to income before income
taxes:
Schedule
of Statutory Rate to Income Before Taxes
| |
2024 | | |
2023 | |
Income tax provision at statutory rate | |
$ | 2,916,000 | | |
$ | 1,657,000 | |
Increase (decrease) income taxes resulting from: | |
| | | |
| | |
State income taxes | |
| (135,000 | ) | |
| (100,000 | ) |
Interest and dividend income | |
| (138,000 | ) | |
| (146,000 | ) |
Deferred taxes | |
| 650,000 | | |
| (168,000 | ) |
Other temporary and permanent differences | |
| (528,000 | ) | |
| (185,000 | ) |
Income tax expense | |
$ | 2,765,000 | | |
$ | 1,058,000 | |
| |
| | | |
| | |
Federal tax rate | |
| 21.00 | % | |
| 21.00 | % |
State tax rate | |
| 7.25 | % | |
| 7.50 | % |
Blended statutory rate | |
| 28.25 | % | |
| 28.50 | % |
|
Summary of Deferred Tax Assets (Liabilities) |
Deferred
tax assets (liabilities) consist of the following components as of April 30, 2024 and 2023:
Summary of Deferred Tax Assets (Liabilities)
| |
2024 | | |
2023 | |
Deferred tax assets (liabilities): | |
| | | |
| | |
Depreciation | |
$ | (312,000 | ) | |
$ | (276,000 | ) |
Capitalized R&D expense | |
| 320,000 | | |
$ | 165,000 | |
Inventory valuation | |
| 104,000 | | |
| 111,000 | |
Allowance for doubtful accounts | |
| 10,000 | | |
| 5,000 | |
Accrued vacation | |
| 37,000 | | |
| 37,000 | |
Accumulated unrealized (gain)/loss on investments | |
| (2,547,000 | ) | |
| (1,769,000 | ) |
Net deferred tax assets (liabilities) | |
$ | (2,388,000 | ) | |
$ | (1,727,000 | ) |
|
X |
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v3.24.2
Business Segments (Tables)
|
12 Months Ended |
Apr. 30, 2024 |
Segment Reporting [Abstract] |
|
Schedule of Financial Information Relating to Industry Segments |
The
following is financial information relating to industry segments:
Schedule
of Financial Information Relating to Industry Segments
| |
Quarter ended | | |
Year ended | | |
Year ended | |
| |
April 30, | | |
April 30, | | |
April 30, | |
| |
2024 | | |
2024 | | |
2023 | |
| |
(Unaudited) | | |
| | |
| |
Net revenue: | |
| | | |
| | | |
| | |
Security alarm products | |
$ | 5,002,000 | | |
$ | 19,630,000 | | |
$ | 17,428,000 | |
Cable & wiring tools | |
| 368,000 | | |
| 1,484,000 | | |
| 1,870,000 | |
Other products | |
| 222,000 | | |
| 653,000 | | |
| 681,000 | |
Total net revenue | |
$ | 5,592,000 | | |
$ | 21,767,000 | | |
$ | 19,979,000 | |
| |
| | | |
| | | |
| | |
Income from operations: | |
| | | |
| | | |
| | |
Security alarm products | |
| 1,457,000 | | |
| 5,672,000 | | |
| 4,414,000 | |
Cable & wiring tools | |
| 110,000 | | |
| 429,000 | | |
| 474,000 | |
Other products | |
| 48,000 | | |
| 188,000 | | |
| 172,000 | |
Total income from operations | |
$ | 1,615,000 | | |
$ | 6,289,000 | | |
$ | 5,060,000 | |
| |
| | | |
| | | |
| | |
Depreciation and amortization: | |
| | | |
| | | |
| | |
Security alarm products | |
| 56,000 | | |
| 202,000 | | |
| 194,000 | |
Cable & wiring tools | |
| 30,000 | | |
| 121,000 | | |
| 122,000 | |
Other products | |
| 24,000 | | |
| 92,000 | | |
| 81,000 | |
Corporate general | |
| 13,000 | | |
| 72,000 | | |
| 48,000 | |
Total depreciation and amortization | |
$ | 123,000 | | |
$ | 487,000 | | |
$ | 445,000 | |
| |
| | | |
| | | |
| | |
Capital expenditures: | |
| | | |
| | | |
| | |
Security alarm products | |
| 97,000 | | |
| 321,000 | | |
| 237,000 | |
Cable & wiring tools | |
| — | | |
| — | | |
| — | |
Other products | |
| — | | |
| 20,000 | | |
| 268,000 | |
Corporate general | |
| 18,000 | | |
| 37,000 | | |
| 43,000 | |
Total capital expenditures | |
$ | 115,000 | | |
$ | 378,000 | | |
$ | 548,000 | |
|
| April 30, 2024 | |
| April 30, 2023 |
Identifiable assets: |
| | |
| | |
Security alarm products |
| 15,263,000 | |
| 14,251,000 | |
Cable & wiring tools |
| 2,082,000 | |
| 2,548,000 | |
Other products |
| 859,000 | |
| 981,000 | |
Corporate general |
| 42,576,000 | |
| 38,171,000 | |
Total assets |
$ | 60,780,000 | |
$ | 55,951,000 | |
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v3.24.2
Fair Value Measurements (Tables)
|
12 Months Ended |
Apr. 30, 2024 |
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 April 30, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Assets: | |
| | |
| | |
| | |
| |
Municipal Bonds | |
| — | | |
$ | 6,985,000 | | |
| — | | |
$ | 6,985,000 | |
REITs | |
| — | | |
$ | 66,000 | | |
| — | | |
$ | 66,000 | |
Equity Securities | |
$ | 26,502,000 | | |
| — | | |
| — | | |
$ | 26,502,000 | |
Money Markets and CDs | |
$ | 935,000 | | |
| — | | |
| — | | |
$ | 935,000 | |
Total fair value of assets measured on a recurring basis | |
$ | 27,437,000 | | |
$ | 7,051,000 | | |
| — | | |
$ | 34,488,000 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
Assets Measured at Fair Value on a Recurring
Basis as of April 30, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Assets: | |
| | |
| | |
| | |
| |
Municipal Bonds | |
| — | | |
$ | 5,212,000 | | |
| — | | |
$ | 5,212,000 | |
REITs | |
| — | | |
$ | 71,000 | | |
| — | | |
$ | 71,000 | |
Equity Securities | |
$ | 25,019,000 | | |
| — | | |
| — | | |
$ | 25,019,000 | |
Money Markets and CDs | |
$ | 1,061,000 | | |
| — | | |
| — | | |
$ | 1,061,000 | |
Total fair value of assets measured on a recurring basis | |
$ | 26,080,000 | | |
$ | 5,283,000 | | |
| — | | |
$ | 31,363,000 | |
|
X |
- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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v3.24.2
Schedule of Property and Equipment (Details) - USD ($)
|
Apr. 30, 2024 |
Apr. 30, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 7,350,000
|
$ 7,112,000
|
Accumulated depreciation |
(5,347,000)
|
(5,115,000)
|
Property and equipment, net |
2,003,000
|
1,997,000
|
Dies, Jigs, and Molds [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 1,871,000
|
1,871,000
|
Dies, Jigs, and Molds [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Useful life years |
3 years
|
|
Dies, Jigs, and Molds [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Useful life years |
7 years
|
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 2,832,000
|
2,632,000
|
Machinery and Equipment [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Useful life years |
5 years
|
|
Machinery and Equipment [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Useful life years |
10 years
|
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 222,000
|
222,000
|
Furniture and Fixtures [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Useful life years |
5 years
|
|
Furniture and Fixtures [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Useful life years |
10 years
|
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 638,000
|
605,000
|
Leasehold Improvements [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Useful life years |
5 years
|
|
Leasehold Improvements [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Useful life years |
32 years
|
|
Buildings [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 1,151,000
|
1,151,000
|
Buildings [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Useful life years |
20 years
|
|
Buildings [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Useful life years |
39 years
|
|
Automotive [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 131,000
|
126,000
|
Automotive [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Useful life years |
3 years
|
|
Automotive [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Useful life years |
5 years
|
|
Software [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 425,000
|
425,000
|
Software [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Useful life years |
2 years
|
|
Software [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Useful life years |
5 years
|
|
Land [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 80,000
|
$ 80,000
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.24.2
Schedule of Future Amortization of Intangible Assets (Details) - USD ($)
|
Apr. 30, 2024 |
Apr. 30, 2023 |
Accounting Policies [Abstract] |
|
|
2025 |
$ 121,000
|
|
2026 |
121,000
|
|
2027 |
121,000
|
|
2028 |
121,000
|
|
2029 |
121,000
|
|
Thereafter |
423,000
|
|
Total |
$ 1,028,000
|
$ 1,149,000
|
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v3.24.2
Nature of Business and Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
1 Months Ended |
12 Months Ended |
Jul. 30, 2024 |
Jan. 31, 2024 |
Nov. 30, 2002 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Accounts receivable, allowance for credit loss, current |
|
|
|
$ 34,256
|
$ 17,922
|
Accounts receivable |
|
|
|
16,334
|
17,171
|
Depreciation expenses |
|
|
|
366,000
|
323,000
|
Investment in limited land partnership held for sale, description |
|
|
the Company purchased 6.67% of a prime 22-acre land parcel for development
in Winter Park-Grand County, CO for investment purposes for a total of $200,000
|
|
|
Impairment on investment |
|
|
|
38,000
|
|
Intangible assets |
|
|
|
1,028,000
|
1,149,000
|
Amortization expenses |
|
|
|
121,000
|
122,000
|
Advertising expenses |
|
|
|
$ 116,000
|
$ 105,000
|
Non-compete Agreement [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Intellectual property with a useful live |
|
|
|
15 years
|
|
Subsequent Event [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Net proceeds |
$ 255,000
|
|
|
|
|
Winter Park-Grand County, CO [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Investments |
|
|
$ 200,000
|
|
|
Additional contributions expenses |
|
|
$ 144,000
|
|
|
Net proceeds |
|
$ 12,000
|
|
|
|
Winter Park-Grand County, CO [Member] | Minimum [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property for resale term |
|
|
2 years
|
|
|
Winter Park-Grand County, CO [Member] | Maximum [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property for resale term |
|
|
5 years
|
|
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v3.24.2
Schedule of Inventories (Details) - USD ($)
|
Apr. 30, 2024 |
Apr. 30, 2023 |
Inventory Disclosure [Abstract] |
|
|
Raw materials |
$ 10,130,000
|
$ 9,886,000
|
Work in process |
753,000
|
678,000
|
Finished goods |
1,042,000
|
1,267,000
|
Inventory, gross |
11,925,000
|
11,831,000
|
Less: allowance for obsolete inventory |
(367,000)
|
(388,000)
|
Inventories, net |
$ 11,558,000
|
$ 11,443,000
|
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v3.24.2
Schedule of Investments (Details) - USD ($)
|
12 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Marketable Securities [Line Items] |
|
|
Cost Basis |
$ 25,474,000
|
$ 25,154,000
|
Gross Unrealized Gains |
9,331,000
|
6,962,000
|
Gross Unrealized Losses |
(317,000)
|
(753,000)
|
Fair Value |
34,488,000
|
31,363,000
|
Municipal Bonds [Member] |
|
|
Marketable Securities [Line Items] |
|
|
Cost Basis |
7,057,000
|
5,396,000
|
Gross Unrealized Gains |
28,000
|
46,000
|
Gross Unrealized Losses |
(100,000)
|
(230,000)
|
Fair Value |
6,985,000
|
5,212,000
|
Real Estate Investment [Member] |
|
|
Marketable Securities [Line Items] |
|
|
Cost Basis |
74,000
|
93,000
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
(8,000)
|
(22,000)
|
Fair Value |
66,000
|
71,000
|
Equity Securities [Member] |
|
|
Marketable Securities [Line Items] |
|
|
Cost Basis |
17,408,000
|
18,605,000
|
Gross Unrealized Gains |
9,303,000
|
6,915,000
|
Gross Unrealized Losses |
(209,000)
|
(501,000)
|
Fair Value |
26,502,000
|
25,019,000
|
Money Markets and CDs [Member] |
|
|
Marketable Securities [Line Items] |
|
|
Cost Basis |
935,000
|
1,060,000
|
Gross Unrealized Gains |
|
1,000
|
Gross Unrealized Losses |
|
|
Fair Value |
$ 935,000
|
$ 1,061,000
|
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v3.24.2
Schedule of Unrealized Loss Breakdown by Investment Type (Details) - USD ($)
|
Apr. 30, 2024 |
Apr. 30, 2023 |
Marketable Securities [Line Items] |
|
|
Debt securities, unrealized loss, less than 12 months |
$ 8,152,000
|
$ 3,952,000
|
Debt securities, unrealized loss, less than 12 months, accumulated loss |
(92,000)
|
(155,000)
|
Debt securities, unrealized loss, 12 months or greater |
1,605,000
|
6,013,000
|
Debt securities, unrealized loss, 12 months or greater, accumulated loss |
(225,000)
|
(598,000)
|
Debt securities, unrealized loss fair value |
9,757,000
|
9,965,000
|
Debt securities, unrealized loss fair value, accumulated loss |
(317,000)
|
(753,000)
|
Municipal Bonds [Member] |
|
|
Marketable Securities [Line Items] |
|
|
Debt securities, unrealized loss, less than 12 months |
5,897,000
|
868,000
|
Debt securities, unrealized loss, less than 12 months, accumulated loss |
(20,000)
|
(6,000)
|
Debt securities, unrealized loss, 12 months or greater |
773,000
|
3,769,000
|
Debt securities, unrealized loss, 12 months or greater, accumulated loss |
(80,000)
|
(224,000)
|
Debt securities, unrealized loss fair value |
6,670,000
|
4,637,000
|
Debt securities, unrealized loss fair value, accumulated loss |
(100,000)
|
(230,000)
|
Real Estate Investment [Member] |
|
|
Marketable Securities [Line Items] |
|
|
Debt securities, unrealized loss, less than 12 months |
|
36,000
|
Debt securities, unrealized loss, less than 12 months, accumulated loss |
|
(9,000)
|
Debt securities, unrealized loss, 12 months or greater |
66,000
|
35,000
|
Debt securities, unrealized loss, 12 months or greater, accumulated loss |
(8,000)
|
(13,000)
|
Debt securities, unrealized loss fair value |
66,000
|
71,000
|
Debt securities, unrealized loss fair value, accumulated loss |
(8,000)
|
(22,000)
|
Equity Securities [Member] |
|
|
Marketable Securities [Line Items] |
|
|
Debt securities, unrealized loss, less than 12 months |
2,255,000
|
3,048,000
|
Debt securities, unrealized loss, less than 12 months, accumulated loss |
(72,000)
|
(140,000)
|
Debt securities, unrealized loss, 12 months or greater |
766,000
|
2,209,000
|
Debt securities, unrealized loss, 12 months or greater, accumulated loss |
(137,000)
|
(361,000)
|
Debt securities, unrealized loss fair value |
3,021,000
|
5,257,000
|
Debt securities, unrealized loss fair value, accumulated loss |
$ (209,000)
|
$ (501,000)
|
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v3.24.2
Investments (Details Narrative) - USD ($)
|
12 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Investments, Debt and Equity Securities [Abstract] |
|
|
Debt securities maturity description |
The investments in debt securities, which include municipal bonds and bond funds, mature between July 2024
and July 2041.
|
|
Impairment loss |
$ 22,000
|
$ 67,000
|
Gross realized gain |
789,000
|
512,000
|
Gross realized losses |
613,000
|
740,000
|
Gross realized loss debt |
28,000
|
63,000
|
Debt securities realized loss |
$ 527,000
|
$ 25,000
|
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Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)
|
12 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Earnings Per Share of Common Stock |
|
|
Net income |
$ 7,558,000
|
$ 4,757,000
|
Basic EPS, Income |
$ 7,558,000
|
$ 4,757,000
|
Basic EPS, Shares |
4,913,676
|
4,930,835
|
Basic EPS, Per-Share Amount |
$ 1.54
|
$ 0.96
|
Effect of dilutive Convertible Preferred Stock, Income |
|
|
Effect of dilutive Convertible Preferred Stock, Shares |
20,500
|
20,500
|
Effect of dilutive Convertible Preferred Stock, Per-Share Amount |
$ (0.01)
|
|
Diluted EPS, Income |
$ 7,558,000
|
$ 4,757,000
|
Diluted EPS, Shares |
4,934,176
|
4,951,335
|
Diluted EPS, Per-Share Amount |
$ 1.53
|
$ 0.96
|
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v3.24.2
Commitments, Contingencies, and Related Party Transactions (Details Narrative) - Joel Wiens [Member] - USD ($)
|
12 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Bank deposit |
$ 6,712,000
|
$ 4,637,000
|
Interest income on bank deposit |
$ 170,000
|
$ 103,000
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.24.2
Schedule of Income Tax Provision (Details) - USD ($)
|
12 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Current: |
|
|
Federal |
$ 1,604,000
|
$ 1,051,000
|
State |
511,000
|
175,000
|
Deferred: |
|
|
Federal |
495,000
|
(108,000)
|
State |
155,000
|
(60,000)
|
Total Income Tax Expense |
$ 2,765,000
|
$ 1,058,000
|
X |
- DefinitionAmount of current federal tax expense (benefit) attributable to income (loss) from continuing operations. Includes, but is not limited to, current national tax expense (benefit) for non-US (United States of America) jurisdiction.
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v3.24.2
Schedule of Reconciliation of Income Taxes with Federal and State Taxable Income (Details) - USD ($)
|
12 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
|
Income before income taxes |
$ 10,323,000
|
$ 5,815,000
|
State income tax deduction |
(478,000)
|
(351,000)
|
Interest and dividend income |
(489,000)
|
(511,000)
|
Nondeductible expenses and timing differences |
(2,379,000)
|
(11,000)
|
Taxable income |
$ 6,977,000
|
$ 4,942,000
|
X |
- DefinitionRefers to taxable income incurred during the period.
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v3.24.2
Schedule of Statutory Rate to Income Before Taxes (Details) - USD ($)
|
12 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
|
Income tax provision at statutory rate |
$ 2,916,000
|
$ 1,657,000
|
State income taxes |
(135,000)
|
(100,000)
|
Interest and dividend income |
(138,000)
|
(146,000)
|
Deferred taxes |
650,000
|
(168,000)
|
Other temporary and permanent differences |
(528,000)
|
(185,000)
|
Total Income Tax Expense |
$ 2,765,000
|
$ 1,058,000
|
Federal tax rate |
21.00%
|
21.00%
|
State tax rate |
7.25%
|
7.50%
|
Blended statutory rate |
28.25%
|
28.50%
|
v3.24.2
Summary of Deferred Tax Assets (Liabilities) (Details) - USD ($)
|
Apr. 30, 2024 |
Apr. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
|
Depreciation |
$ (312,000)
|
$ (276,000)
|
Capitalized R&D expense |
320,000
|
165,000
|
Inventory valuation |
104,000
|
111,000
|
Allowance for doubtful accounts |
10,000
|
5,000
|
Accrued vacation |
37,000
|
37,000
|
Accumulated unrealized (gain)/loss on investments |
(2,547,000)
|
(1,769,000)
|
Net deferred tax assets (liabilities) |
$ (2,388,000)
|
$ (1,727,000)
|
X |
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v3.24.2
Schedule of Financial Information Relating to Industry Segments (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
Total net revenue |
$ 5,592,000
|
$ 21,767,000
|
$ 19,979,000
|
Total income from operations |
1,615,000
|
6,289,000
|
5,060,000
|
Total depreciation and amortization |
123,000
|
487,000
|
445,000
|
Total capital expenditures |
115,000
|
378,000
|
548,000
|
Total assets |
60,780,000
|
60,780,000
|
55,951,000
|
Security Alarm Products [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total net revenue |
5,002,000
|
19,630,000
|
17,428,000
|
Total income from operations |
1,457,000
|
5,672,000
|
4,414,000
|
Total depreciation and amortization |
56,000
|
202,000
|
194,000
|
Total capital expenditures |
97,000
|
321,000
|
237,000
|
Total assets |
15,263,000
|
15,263,000
|
14,251,000
|
Cable and Wiring Tools [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total net revenue |
368,000
|
1,484,000
|
1,870,000
|
Total income from operations |
110,000
|
429,000
|
474,000
|
Total depreciation and amortization |
30,000
|
121,000
|
122,000
|
Total capital expenditures |
|
|
|
Total assets |
2,082,000
|
2,082,000
|
2,548,000
|
Other Products [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total net revenue |
222,000
|
653,000
|
681,000
|
Total income from operations |
48,000
|
188,000
|
172,000
|
Total depreciation and amortization |
24,000
|
92,000
|
81,000
|
Total capital expenditures |
|
20,000
|
268,000
|
Total assets |
859,000
|
859,000
|
981,000
|
Corporate General [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total depreciation and amortization |
13,000
|
72,000
|
48,000
|
Total capital expenditures |
18,000
|
37,000
|
43,000
|
Total assets |
$ 42,576,000
|
$ 42,576,000
|
$ 38,171,000
|
X |
- DefinitionAmount of asset recognized for present right to economic benefit.
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v3.24.2
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- DefinitionThe amount of cash deposited in financial institutions as of the balance sheet date that is insured by the Federal Deposit Insurance Corporation.
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v3.24.2
Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)
|
Apr. 30, 2024 |
Apr. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total fair value of assets measured on a recurring basis |
$ 34,488,000
|
$ 31,363,000
|
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 |
6,985,000
|
5,212,000
|
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 |
66,000
|
71,000
|
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 |
26,502,000
|
25,019,000
|
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 |
935,000
|
1,061,000
|
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 |
27,437,000
|
26,080,000
|
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 |
26,502,000
|
25,019,000
|
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 |
935,000
|
1,061,000
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Total fair value of assets measured on a recurring basis |
7,051,000
|
5,283,000
|
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 |
6,985,000
|
5,212,000
|
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 |
66,000
|
71,000
|
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 |
|
|
X |
- DefinitionFair value portion of asset recognized for present right to economic benefit.
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George Risk Industries (PK) (USOTC:RSKIA)
過去 株価チャート
から 11 2024 まで 12 2024
George Risk Industries (PK) (USOTC:RSKIA)
過去 株価チャート
から 12 2023 まで 12 2024