Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Oct. 31, 2019 | Dec. 20, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | GEORGE RISK INDUSTRIES, INC. | |
Entity Central Index Key | 0000084112 | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,950,760 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Oct. 31, 2019 | Apr. 30, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 5,212,000 | $ 4,873,000 |
Investments and securities | 27,385,000 | 27,291,000 |
Accounts receivable: | ||
Trade, net of $4,082 and $9,321 doubtful account allowance | 2,217,000 | 2,696,000 |
Other | 1,000 | 6,000 |
Income tax overpayment | 145,000 | 259,000 |
Inventories, net | 5,163,000 | 4,583,000 |
Prepaid expenses | 111,000 | 282,000 |
Total Current Assets | 40,234,000 | 39,990,000 |
Property and Equipment, net, at cost | 1,041,000 | 984,000 |
Other Assets | ||
Investment in Limited Land Partnership, at cost | 320,000 | 293,000 |
Projects in process | 17,000 | 117,000 |
Other | 3,000 | 3,000 |
Total Other Assets | 340,000 | 413,000 |
Intangible Assets, net | 1,578,000 | 1,640,000 |
TOTAL ASSETS | 43,193,000 | 43,027,000 |
Current Liabilities | ||
Accounts payable, trade | 170,000 | 206,000 |
Dividends payable | 1,892,000 | 1,714,000 |
Accrued expenses: | ||
Payroll and other expenses | 367,000 | 356,000 |
Total Current Liabilities | 2,429,000 | 2,276,000 |
Long-Term Liabilities | ||
Deferred income taxes | 1,286,000 | 1,198,000 |
Total Long-Term Liabilities | 1,286,000 | 1,198,000 |
Total Liabilities | 3,715,000 | 3,474,000 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Convertible preferred stock, 1,000,000 shares authorized, Series 1 - noncumulative, $20 stated value, 25,000 shares authorized, 4,100 issued and outstanding | 99,000 | 99,000 |
Common stock, Class A, $.10 par value, 10,000,000 shares authorized, 8,502,881 shares issued and outstanding | 850,000 | 850,000 |
Additional paid-in capital | 1,934,000 | 1,934,000 |
Accumulated other comprehensive income | 2,983,000 | 2,752,000 |
Retained earnings | 37,893,000 | 38,145,000 |
Less: treasury stock, 3,550,771 and 3,544,271 shares, at cost | (4,281,000) | (4,227,000) |
Total Stockholders' Equity | 39,478,000 | 39,553,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 43,193,000 | $ 43,027,000 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) | Oct. 31, 2019 | Apr. 30, 2019 |
Allowance for doubtful account receivable | $ 4,082 | $ 9,321 |
Convertible preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Class A Common stock, par value | $ 0.10 | $ 0.10 |
Class A Common stock, shares authorized | 10,000,000 | 10,000,000 |
Class A Common stock, shares issued | 8,502,881 | 8,502,881 |
Class A Common stock, shares outstanding | 8,502,881 | 8,502,881 |
Treasury stock, shares | 3,550,771 | 3,544,271 |
Series 1 Noncumulative Preferred Stock [Member] | ||
Convertible preferred stock, shares authorized | 25,000 | 25,000 |
Convertible preferred stock, stated value | $ 20 | $ 20 |
Convertible preferred stock, shares issued | 4,100 | 4,100 |
Convertible preferred stock, shares outstanding | 4,100 | 4,100 |
Condensed Income Statements (Un
Condensed Income Statements (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Income Statement [Abstract] | ||||
Net Sales | $ 3,710,000 | $ 3,667,000 | $ 7,263,000 | $ 7,096,000 |
Less: Cost of Goods Sold | (1,860,000) | (1,893,000) | (3,630,000) | (3,695,000) |
Gross Profit | 1,850,000 | 1,774,000 | 3,633,000 | 3,401,000 |
Operating Expenses | ||||
General and Administrative | 329,000 | 331,000 | 626,000 | 616,000 |
Sales | 555,000 | 525,000 | 1,112,000 | 1,080,000 |
Engineering | 17,000 | 28,000 | 32,000 | 37,000 |
Rent Paid to Related Parties | 3,000 | 4,000 | 8,000 | 9,000 |
Total Operating Expenses | 904,000 | 888,000 | 1,778,000 | 1,742,000 |
Income From Operations | 946,000 | 886,000 | 1,855,000 | 1,659,000 |
Other Income (Expense) | ||||
Other | 1,000 | 6,000 | 2,000 | 8,000 |
Dividend and Interest Income | 166,000 | 152,000 | 359,000 | 345,000 |
Gain (Loss) on Investments | 10,000 | (27,000) | 59,000 | (94,000) |
Total Other Income | 177,000 | 131,000 | 420,000 | 259,000 |
Income Before Provisions for Income Taxes | 1,123,000 | 1,017,000 | 2,275,000 | 1,918,000 |
Provisions for Income Taxes: | ||||
Current Expense | (258,000) | (261,000) | (552,000) | (508,000) |
Deferred Tax Benefit (Expense) | (1,000) | 12,000 | 6,000 | (24,000) |
Total Income Tax Expense | (259,000) | (249,000) | (546,000) | (532,000) |
Net Income | $ 864,000 | $ 768,000 | $ 1,729,000 | $ 1,386,000 |
Income Per Share of Common Stock | ||||
Basic | $ 0.17 | $ 0.15 | $ 0.35 | $ 0.28 |
Diluted | $ 0.17 | $ 0.15 | $ 0.35 | $ 0.28 |
Weighted Average Number of Common Shares Outstanding | ||||
Basic | 4,952,110 | 4,962,177 | 4,954,250 | 4,964,879 |
Diluted | 4,972,610 | 4,982,677 | 4,974,750 | 4,985,379 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 864,000 | $ 768,000 | $ 1,729,000 | $ 1,386,000 |
Unrealized gain (loss) on securities: | ||||
Unrealized holding gains (losses) arising during period | 241,000 | (1,245,000) | 565,000 | (638,000) |
Reclassification adjustment for gains (losses) included in net income | (111,000) | (7,000) | (240,000) | 37,000 |
Income tax benefit (expense) related to other comprehensive income | (37,000) | 361,000 | (94,000) | 173,000 |
Other Comprehensive Income (Loss) | 93,000 | (891,000) | 231,000 | (428,000) |
Comprehensive Income (Loss) | $ 957,000 | $ (123,000) | $ 1,960,000 | $ 958,000 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock Class A [Member] | Paid-In Capital [Member] | Treasury Stock (Common Class A) [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Total |
Balance at Apr. 30, 2018 | $ 99,000 | $ 850,000 | $ 1,934,000 | $ (4,148,000) | $ 2,249,000 | $ 36,746,000 | $ 37,730,000 |
Balance, shares at Apr. 30, 2018 | 4,100 | 8,502,881 | 3,534,784 | ||||
Purchases of common stock | $ (54,000) | $ (54,000) | |||||
Purchases of common stock, shares | 6,450 | ||||||
Dividend declared at common share outstanding | (1,886,000) | $ (1,886,000) | |||||
Unrealized gain (loss), net of tax effect | (428,000) | (428,000) | |||||
Net Income | 1,386,000 | 1,386,000 | |||||
Balance at Oct. 31, 2018 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,202,000) | 1,821,000 | 36,246,000 | 36,748,000 |
Balance, shares at Oct. 31, 2018 | 4,100 | 8,502,881 | 3,541,234 | ||||
Balance at Jul. 31, 2018 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,153,000) | 2,712,000 | 37,364,000 | 38,806,000 |
Balance, shares at Jul. 31, 2018 | 4,100 | 8,502,881 | 3,535,434 | ||||
Purchases of common stock | $ (49,000) | (49,000) | |||||
Purchases of common stock, shares | 5,800 | ||||||
Dividend declared at common share outstanding | (1,886,000) | (1,886,000) | |||||
Unrealized gain (loss), net of tax effect | (891,000) | (891,000) | |||||
Net Income | 768,000 | 768,000 | |||||
Balance at Oct. 31, 2018 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,202,000) | 1,821,000 | 36,246,000 | 36,748,000 |
Balance, shares at Oct. 31, 2018 | 4,100 | 8,502,881 | 3,541,234 | ||||
Balance at Apr. 30, 2019 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,227,000) | 2,752,000 | 38,145,000 | 39,553,000 |
Balance, shares at Apr. 30, 2019 | 4,100 | 8,502,881 | 3,544,271 | ||||
Purchases of common stock | $ (54,000) | (54,000) | |||||
Purchases of common stock, shares | 6,500 | ||||||
Dividend declared at common share outstanding | (1,981,000) | (1,981,000) | |||||
Unrealized gain (loss), net of tax effect | 231,000 | 231,000 | |||||
Net Income | 1,729,000 | 1,729,000 | |||||
Balance at Oct. 31, 2019 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,281,000) | 2,983,000 | 37,893,000 | 39,478,000 |
Balance, shares at Oct. 31, 2019 | 4,100 | 8,502,881 | 3,550,771 | ||||
Balance at Jul. 31, 2019 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,280,000) | 2,890,000 | 39,011,000 | 40,504,000 |
Balance, shares at Jul. 31, 2019 | 4,100 | 8,502,881 | 3,550,571 | ||||
Purchases of common stock | $ (2,000) | (2,000) | |||||
Purchases of common stock, shares | 200 | ||||||
Dividend declared at common share outstanding | (1,981,000) | (1,981,000) | |||||
Unrealized gain (loss), net of tax effect | 93,000 | 93,000 | |||||
Net Income | 864,000 | 864,000 | |||||
Balance at Oct. 31, 2019 | $ 99,000 | $ 850,000 | $ 1,934,000 | $ (4,281,000) | $ 2,983,000 | $ 37,893,000 | $ 39,478,000 |
Balance, shares at Oct. 31, 2019 | 4,100 | 8,502,881 | 3,550,771 |
Statements of Stockholders' E_2
Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividend declared for per common share outstanding | $ 0.40 | $ 0.38 | $ 0.40 | $ 0.38 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 1,729,000 | $ 1,386,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 183,000 | 167,000 |
(Gain) loss on sale of investments | (100,000) | 62,000 |
Impairments on investments | 41,000 | 32,000 |
Reserve for bad debts | (6,000) | 6,000 |
Reserve for obsolete inventory | 2,000 | 18,000 |
Deferred income taxes | 6,000 | (24,000) |
(Gain) loss on sale of assets | (4,000) | |
(Increase) decrease in: | ||
Accounts receivable | 486,000 | 23,000 |
Inventories | (583,000) | (435,000) |
Prepaid expenses and projects in process | 271,000 | 168,000 |
Other receivables | 5,000 | (2,000) |
Income tax overpayment | 114,000 | (97,000) |
Increase (decrease) in: | ||
Accounts payable | (36,000) | (189,000) |
Accrued expenses | 11,000 | 8,000 |
Net cash provided by operating activities | 2,111,000 | 1,172,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
(Purchase) of property and equipment | (179,000) | |
Proceeds from sale of marketable securities | 540,000 | 754,000 |
(Purchase) of marketable securities | (250,000) | (324,000) |
(Purchase) of long-term investment | (27,000) | |
Net cash provided by investing activities | 84,000 | 430,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
(Purchase) of treasury stock | (54,000) | (54,000) |
Dividends paid | (1,802,000) | (1,752,000) |
Net cash (used in) financing activities | (1,856,000) | (1,806,000) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 339,000 | (204,000) |
Cash and Cash Equivalents, beginning of period | 4,873,000 | 4,294,000 |
Cash and Cash Equivalents, end of period | 5,212,000 | 4,090,000 |
Supplemental Disclosure for Cash Flow Information: | ||
Income taxes | 605,000 | 600,000 |
Interest paid | 1,000 | |
Cash receipts for: | ||
Income taxes | $ 159,000 |
Unaudited Interim Financial Sta
Unaudited Interim Financial Statements | 6 Months Ended |
Oct. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unaudited Interim Financial Statements | Note 1 Unaudited Interim Financial Statements The accompanying financial statements have been prepared in accordance with the instructions for Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s April 30, 2019 annual report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for any quarter are not necessarily indicative of the results for any other quarter or for the full year. Accounting Estimates Recently Issued Accounting Pronouncements — In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820). The updated guidance improves the disclosure requirements on fair value measurements. The updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any removed or modified disclosures. The Company is currently assessing the timing and impact of adopting the updated provisions. In August 2018, The FASB issued ASU 2018-14 to improve the effectiveness of disclosures for defined benefit plans under ASC 715-20. The ASU applies to employers that sponsor defined benefit pension or other postretirement plans. The FASB issued ASU 2018-14 as part of its disclosure framework project, which has an objective and primary focus to improve the effectiveness of disclosures in the notes to financial statements. As part of the project, during August 2018, the Board also issued a Concepts Statement, which the FASB used as a basis for amending the disclosure requirements for Subtopic 715-20. The guidance is effective or fiscal years ending after December 15, 2020 and early adoption is permitted. The Company is currently assessing the timing and impact of adopting the updated provisions. In June 2016, the FASB issued ASU 2016-13(“ASU 2016-13”), Financial Instruments—Credit Losses. Subsequently, the FASB issued ASU 2019-05, Financial Instruments- Credit Losses (Topic 326): Targeted Transition Relief and codification improvements to Topic 326 in ASU 2019-11, ASU 2019-04 and ASU 2018-19. The amendments update guidance on reporting credit losses for financial assets. These amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The ASU is effective for fiscal years beginning after December 15, 2020. Subsequent to September 30, 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Loss (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842),” which defers the effective date for public filers that are considered small reporting companies (“SRC”) as defined by the Securities and Exchange Commission to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Since the Company is an SRC, implementation is not needed until May 1, 2023. The Company will continue to evaluate the effect of adopting ASU 2016-13 will have on the Company’s financial statements and disclosures. |
Investments
Investments | 6 Months Ended |
Oct. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 2 Investments The Company has investments in publicly traded equity securities, corporate bonds, state and municipal debt securities, real estate investment trusts, certificates of deposit, and money markets funds. The investments in securities are classified as available-for-sale securities and are reported at fair value. Available-for-sale investments in debt securities mature between November 2019 and September 2042. The Company uses the average cost method to determine the cost of securities sold and the amount reclassified out of accumulated other comprehensive income into earnings. Unrealized gains and losses are excluded from earnings and reported separately as a component of stockholders’ equity. Dividend and interest income are reported as earned. As of October 31, 2019 and April 30, 2019, investments consisted of the following: Gross Gross Investments at Cost Unrealized Unrealized Fair October 31, 2019 Basis Gains Losses Value Municipal bonds $ 5,362,000 122,000 (47,000 ) 5,437,000 Corporate bonds 26,000 — — 26,000 REITs 89,000 2,000 (8,000 ) 83,000 Equity securities 16,943,000 4,375,000 (254,000 ) 21,064,000 Money markets and CDs 774,000 1,000 — 775,000 Total $ 23,194,000 $ 4,500,000 $ (309,000 ) $ 27,385,000 Gross Gross Investments at Cost Unrealized Unrealized Fair April 30, 2019 Basis Gains Losses Value Municipal bonds $ 5,459,000 $ 79,000 $ (55,000 ) $ 5,483,000 Corporate bonds 26,000 — — 26,000 REITs 89,000 1,000 (6,000 ) 84,000 Equity securities 16,618,000 4,143,000 (296,000 ) 20,465,000 Money markets and CDs 1,233,000 — — 1,233,000 Total $ 23,425,000 $ 4,223,000 $ (357,000 ) $ 27,291,000 The Company evaluates all marketable securities for other-than-temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. As a result of this standard, management recorded an impairment loss of $7,000 for the quarter, and recorded a loss of $41,000 for the six months ended October 31, 2019. As for the corresponding periods last year, management recorded an impairment loss of $32,000 for both the quarter and six-months ended October 31, 2018. The following table shows the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at October 31, 2019 and April 30, 2019, respectively. Unrealized Loss Breakdown by Investment Type at October 31, 2019 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ — $ — $ 512,000 $ (47,000 ) $ 512,000 $ (47,000 ) REITs — — 59,000 (8,000 ) 59,000 (8,000 ) Equity securities 1,214,000 (66,000 ) 1,819,000 (188,000 ) 3,033,000 (254,000 ) Total $ 1,214,000 $ (66,000 ) $ 2,390,000 $ (243,000 ) $ 3,604,000 $ (309,000 ) Unrealized Loss Breakdown by Investment Type at April 30, 2019 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 772,000 $ (4,000 ) $ 580,000 $ (50,000 ) $ 1,352,000 $ (54,000 ) REITs — — 32,000 (6,000 ) 32,000 (6,000 ) Equity securities 932,000 (102,000 ) 1,652,000 (195,000 ) 2,584,000 (297,000 ) Total $ 1,704,000 $ (106,000 ) $ 2,264,000 $ (251,000 ) $ 3,968,000 $ (357,000 ) Municipal Bonds The unrealized losses on the Company’s investments in municipal bonds were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the Company has the ability to hold these investments until a recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at October 31, 2019. Marketable Equity Securities and REITs The Company’s investments in marketable equity securities and REITs consist of a wide variety of companies. Investments in these companies include growth, growth income, and foreign investment objectives. The individual holdings have been evaluated, and due to management’s plan to hold on to these investments for an extended period, the Company does not consider these investments to be other-than-temporarily impaired at October 31, 2019. |
Inventories
Inventories | 6 Months Ended |
Oct. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 Inventories Inventories at October 31, 2019 and April 30, 2019 consisted of the following: October 31, 2019 April 30, 2019 Raw materials $ 4,131,000 $ 3,644,000 Work in process 458,000 389,000 Finished goods 667,000 641,000 5,256,000 4,674,000 Less: allowance for obsolete inventory (93,000 ) (91,000 ) Inventories, net $ 5,163,000 $ 4,583,000 |
Business Segments
Business Segments | 6 Months Ended |
Oct. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | Note 4 Business Segments The following is financial information relating to industry segments: Three months ended Six months ended Three months ended Six months ended Oct 31, 2019 Oct 31, 2019 Oct 31, 2018 Oct 31, 2018 Net revenue: Security alarm products $ 2,985,000 $ 5,852,000 $ 2,852,000 $ 5,371,000 Cable & wiring tools 571,000 1,071,000 649,000 1,351,000 Other products 154,000 340,000 166,000 374,000 Total net revenue $ 3,710,000 $ 7,263,000 $ 3,667,000 $ 7,096,000 Income from operations: Security alarm products $ 762,000 $ 1,495,000 $ 689,000 $ 1,291,000 Cable & wiring tools 140,000 273,000 157,000 293,000 Other products 44,000 87,000 40,000 75,000 Total income from operations $ 946,000 $ 1,855,000 $ 886,000 $ 1,659,000 Depreciation and amortization: Security alarm products $ 71,000 $ 94,000 $ 10,000 $ 20,000 Cable & wiring tools 31,000 62,000 31,000 62,000 Other products (4,000 ) 16,000 28,000 55,000 Corporate general (4,000 ) 11,000 15,000 30,000 Total depreciation and amortization $ 94,000 $ 183,000 $ 84,000 $ 167,000 Capital expenditures: Security alarm products $ 10,000 $ 179,000 $ — $ — Cable & wiring tools — — — — Other products — — — — Corporate general — — — — Total capital expenditures $ 10,000 $ 179,000 $ — $ — October 31, 2019 April 30, 2019 Identifiable assets: Security alarm products $ 6,351,000 $ 6,179,000 Cable & wiring tools 2,666,000 2,713,000 Other products 835,000 842,000 Corporate general 33,341,000 33,293,000 Total assets $ 43,193,000 $ 43,027,000 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Oct. 31, 2019 | |
Income Per Share of Common Stock | |
Earnings Per Share | Note 5 Earnings per Share Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented, are: For the three months ended October 31, 2019 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 864,000 Basic EPS $ 864,000 4,952,110 $ .1745 Effect of dilutive securities: Convertible preferred stock 0 20,500 (.0007 ) Diluted EPS $ 864,000 4,972,610 $ .1738 For the six months ended October 31, 2019 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 1,729,000 Basic EPS $ 1,729,000 4,954,250 $ .3490 Effect of dilutive securities: Convertible preferred stock 0 20,500 (.0014 ) Diluted EPS $ 1,729,000 4,974,750 $ .3476 For the three months ended October 31, 2018 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 768,000 Basic EPS $ 768,000 4,962,177 $ .1548 Effect of dilutive securities: Convertible preferred stock 0 20,500 (.0007 ) Diluted EPS $ 768,000 4,982,677 $ .1541 For the six months ended October 31, 2018 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 1,386,000 Basic EPS $ 1,386,000 4,964,879 $ .2792 Effect of dilutive securities: Convertible preferred stock 0 20,500 (.0012 ) Diluted EPS $ 1,386,000 4,985,379 $ .2780 |
Retirement Benefit Plan
Retirement Benefit Plan | 6 Months Ended |
Oct. 31, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plan | Note 6 Retirement Benefit Plan On January 1, 1998, the Company adopted the George Risk Industries, Inc. Retirement Savings Plan (the “Plan”). The Plan is a defined contribution savings plan designed to provide retirement income to eligible employees of the corporation. The Plan is intended to be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. Matching contributions by the Company of approximately $7,000 and $3,000 were paid during each quarter ending October 31, 2019 and 2018, respectively. Likewise, the Company paid matching contributions of approximately $9,000 and $5,000 during each six-month period ending October 31, 2019 and 2018, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Oct. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7 Fair Value Measurements Generally accepted accounting principles in the United States of America (US GAAP) defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk. US GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The levels of the fair value hierarchy under US GAAP are described below: Level 1 Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Investments and Marketable Securities As of October 31, 2019, our investments consisted of money markets, certificates of deposits (CDs), publicly traded equity securities, real estate investment trusts (REITs) as well as certain state and municipal debt securities and corporate bonds. Our marketable securities are valued using third-party broker statements. The value of the investments is derived from quoted market information. The inputs to the valuation are generally classified as Level 1 given the active market for these securities, however, if an active market does not exist, which is the case for municipal bonds and REITs, the inputs are recorded as Level 2. Fair Value Hierarchy The following table sets forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Assets Measured at Fair Value on a Recurring Basis as of Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,437,000 $ — $ 5,437,000 Corporate Bonds 26,000 — — 26,000 REITs — 83,000 — 83,000 Equity Securities 21,064,000 — — 21,064,000 Money Markets and CDs 775,000 — — 775,000 Total fair value of assets measured on a recurring basis $ 21,865,000 $ 5,520,000 $ — $ 27,385,000 Assets Measured at Fair Value on a Recurring Basis as of Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,483,000 $ — $ 5,483,000 Corporate Bonds 26,000 — — 26,000 REITs — 84,000 — 84,000 Equity Securities 20,465,000 — — 20,465,000 Money Markets and CDs 1,233,000 — — 1,233,000 Total fair value of assets measured on a recurring basis $ 21,724,000 $ 5,567,000 $ — $ 27,291,000 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Oct. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 Subsequent Events In an update to related party transactions, the Company finalized the purchase of the building that it had previously leased from Bonita Risk on November 22, 2019. Bonita Risk is a director and an employee of the Company and is the majority holder of George Risk Industries, Inc. stock. This building contains the Company’s sales and accounting departments, maintenance department, engineering department and some production facilities. Prior to the purchase, the lease required a minimum payment of $1,535 on a month-to-month basis. The purchase price of the building was $200,000, which was approximately the assessed value of the building at the time of purchase. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments | As of October 31, 2019 and April 30, 2019, investments consisted of the following: Gross Gross Investments at Cost Unrealized Unrealized Fair October 31, 2019 Basis Gains Losses Value Municipal bonds $ 5,362,000 122,000 (47,000 ) 5,437,000 Corporate bonds 26,000 — — 26,000 REITs 89,000 2,000 (8,000 ) 83,000 Equity securities 16,943,000 4,375,000 (254,000 ) 21,064,000 Money markets and CDs 774,000 1,000 — 775,000 Total $ 23,194,000 $ 4,500,000 $ (309,000 ) $ 27,385,000 Gross Gross Investments at Cost Unrealized Unrealized Fair April 30, 2019 Basis Gains Losses Value Municipal bonds $ 5,459,000 $ 79,000 $ (55,000 ) $ 5,483,000 Corporate bonds 26,000 — — 26,000 REITs 89,000 1,000 (6,000 ) 84,000 Equity securities 16,618,000 4,143,000 (296,000 ) 20,465,000 Money markets and CDs 1,233,000 — — 1,233,000 Total $ 23,425,000 $ 4,223,000 $ (357,000 ) $ 27,291,000 |
Schedule of Unrealized Loss Breakdown by Investment | The following table shows the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at October 31, 2019 and April 30, 2019, respectively. Unrealized Loss Breakdown by Investment Type at October 31, 2019 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ — $ — $ 512,000 $ (47,000 ) $ 512,000 $ (47,000 ) REITs — — 59,000 (8,000 ) 59,000 (8,000 ) Equity securities 1,214,000 (66,000 ) 1,819,000 (188,000 ) 3,033,000 (254,000 ) Total $ 1,214,000 $ (66,000 ) $ 2,390,000 $ (243,000 ) $ 3,604,000 $ (309,000 ) Unrealized Loss Breakdown by Investment Type at April 30, 2019 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 772,000 $ (4,000 ) $ 580,000 $ (50,000 ) $ 1,352,000 $ (54,000 ) REITs — — 32,000 (6,000 ) 32,000 (6,000 ) Equity securities 932,000 (102,000 ) 1,652,000 (195,000 ) 2,584,000 (297,000 ) Total $ 1,704,000 $ (106,000 ) $ 2,264,000 $ (251,000 ) $ 3,968,000 $ (357,000 ) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories at October 31, 2019 and April 30, 2019 consisted of the following: October 31, 2019 April 30, 2019 Raw materials $ 4,131,000 $ 3,644,000 Work in process 458,000 389,000 Finished goods 667,000 641,000 5,256,000 4,674,000 Less: allowance for obsolete inventory (93,000 ) (91,000 ) Inventories, net $ 5,163,000 $ 4,583,000 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information Relating to Industry Segments | The following is financial information relating to industry segments: Three months ended Six months ended Three months ended Six months ended Oct 31, 2019 Oct 31, 2019 Oct 31, 2018 Oct 31, 2018 Net revenue: Security alarm products $ 2,985,000 $ 5,852,000 $ 2,852,000 $ 5,371,000 Cable & wiring tools 571,000 1,071,000 649,000 1,351,000 Other products 154,000 340,000 166,000 374,000 Total net revenue $ 3,710,000 $ 7,263,000 $ 3,667,000 $ 7,096,000 Income from operations: Security alarm products $ 762,000 $ 1,495,000 $ 689,000 $ 1,291,000 Cable & wiring tools 140,000 273,000 157,000 293,000 Other products 44,000 87,000 40,000 75,000 Total income from operations $ 946,000 $ 1,855,000 $ 886,000 $ 1,659,000 Depreciation and amortization: Security alarm products $ 71,000 $ 94,000 $ 10,000 $ 20,000 Cable & wiring tools 31,000 62,000 31,000 62,000 Other products (4,000 ) 16,000 28,000 55,000 Corporate general (4,000 ) 11,000 15,000 30,000 Total depreciation and amortization $ 94,000 $ 183,000 $ 84,000 $ 167,000 Capital expenditures: Security alarm products $ 10,000 $ 179,000 $ — $ — Cable & wiring tools — — — — Other products — — — — Corporate general — — — — Total capital expenditures $ 10,000 $ 179,000 $ — $ — October 31, 2019 April 30, 2019 Identifiable assets: Security alarm products $ 6,351,000 $ 6,179,000 Cable & wiring tools 2,666,000 2,713,000 Other products 835,000 842,000 Corporate general 33,341,000 33,293,000 Total assets $ 43,193,000 $ 43,027,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Income Per Share of Common Stock | |
Schedule of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented, are: For the three months ended October 31, 2019 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 864,000 Basic EPS $ 864,000 4,952,110 $ .1745 Effect of dilutive securities: Convertible preferred stock 0 20,500 (.0007 ) Diluted EPS $ 864,000 4,972,610 $ .1738 For the six months ended October 31, 2019 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 1,729,000 Basic EPS $ 1,729,000 4,954,250 $ .3490 Effect of dilutive securities: Convertible preferred stock 0 20,500 (.0014 ) Diluted EPS $ 1,729,000 4,974,750 $ .3476 For the three months ended October 31, 2018 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 768,000 Basic EPS $ 768,000 4,962,177 $ .1548 Effect of dilutive securities: Convertible preferred stock 0 20,500 (.0007 ) Diluted EPS $ 768,000 4,982,677 $ .1541 For the six months ended October 31, 2018 Income Shares Per-share (Numerator) (Denominator) Amount Net Income $ 1,386,000 Basic EPS $ 1,386,000 4,964,879 $ .2792 Effect of dilutive securities: Convertible preferred stock 0 20,500 (.0012 ) Diluted EPS $ 1,386,000 4,985,379 $ .2780 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | The following table sets forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Assets Measured at Fair Value on a Recurring Basis as of Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,437,000 $ — $ 5,437,000 Corporate Bonds 26,000 — — 26,000 REITs — 83,000 — 83,000 Equity Securities 21,064,000 — — 21,064,000 Money Markets and CDs 775,000 — — 775,000 Total fair value of assets measured on a recurring basis $ 21,865,000 $ 5,520,000 $ — $ 27,385,000 Assets Measured at Fair Value on a Recurring Basis as of Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,483,000 $ — $ 5,483,000 Corporate Bonds 26,000 — — 26,000 REITs — 84,000 — 84,000 Equity Securities 20,465,000 — — 20,465,000 Money Markets and CDs 1,233,000 — — 1,233,000 Total fair value of assets measured on a recurring basis $ 21,724,000 $ 5,567,000 $ — $ 27,291,000 |
Investments (Details Narrative)
Investments (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Available-for-sale debt securities maturity year description | Available-for-sale investments in debt securities mature between November 2019 and September 2042. | |||
Impairment loss | $ 7,000 | $ 32,000 | $ 41,000 | $ 32,000 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Oct. 31, 2019 | Apr. 30, 2019 | |
Cost Basis | $ 23,194,000 | $ 23,425,000 |
Gross Unrealized Gains | 4,500,000 | 4,223,000 |
Gross Unrealized Losses | (309,000) | (357,000) |
Fair Value | 27,385,000 | 27,291,000 |
Municipal Bonds [Member] | ||
Cost Basis | 5,362,000 | 5,459,000 |
Gross Unrealized Gains | 122,000 | 79,000 |
Gross Unrealized Losses | (47,000) | (55,000) |
Fair Value | 5,437,000 | 5,483,000 |
Corporate Bonds [Member] | ||
Cost Basis | 26,000 | 26,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 26,000 | 26,000 |
REITs [Member] | ||
Cost Basis | 89,000 | 89,000 |
Gross Unrealized Gains | 2,000 | 1,000 |
Gross Unrealized Losses | (8,000) | (6,000) |
Fair Value | 83,000 | 84,000 |
Equity Securities [Member] | ||
Cost Basis | 16,943,000 | 16,618,000 |
Gross Unrealized Gains | 4,375,000 | 4,143,000 |
Gross Unrealized Losses | (254,000) | (296,000) |
Fair Value | 21,064,000 | 20,465,000 |
Money Markets and CDs [Member] | ||
Cost Basis | 774,000 | 1,233,000 |
Gross Unrealized Gains | 1,000 | |
Gross Unrealized Losses | ||
Fair Value | $ 775,000 | $ 1,233,000 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss Breakdown by Investment (Details) - USD ($) | Oct. 31, 2019 | Apr. 30, 2019 |
Less than 12 months Fair Value | $ 1,214,000 | $ 1,704,000 |
Less than 12 months Unrealized Loss | (66,000) | (106,000) |
12 months or greater Fair Value | 2,390,000 | 2,264,000 |
12 months or greater Unrealized Loss | (243,000) | (251,000) |
Total Fair Value | 3,604,000 | 3,968,000 |
Total Unrealized Loss | (309,000) | (357,000) |
Municipal Bonds [Member] | ||
Less than 12 months Fair Value | 772,000 | |
Less than 12 months Unrealized Loss | (4,000) | |
12 months or greater Fair Value | 512,000 | 580,000 |
12 months or greater Unrealized Loss | (47,000) | (50,000) |
Total Fair Value | 512,000 | 1,352,000 |
Total Unrealized Loss | (47,000) | (54,000) |
REITs [Member] | ||
Less than 12 months Fair Value | ||
Less than 12 months Unrealized Loss | ||
12 months or greater Fair Value | 59,000 | 32,000 |
12 months or greater Unrealized Loss | (8,000) | (6,000) |
Total Fair Value | 59,000 | 32,000 |
Total Unrealized Loss | (8,000) | (6,000) |
Equity Securities [Member] | ||
Less than 12 months Fair Value | 1,214,000 | 932,000 |
Less than 12 months Unrealized Loss | (66,000) | (102,000) |
12 months or greater Fair Value | 1,819,000 | 1,652,000 |
12 months or greater Unrealized Loss | (188,000) | (195,000) |
Total Fair Value | 3,033,000 | 2,584,000 |
Total Unrealized Loss | $ (254,000) | $ (297,000) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) | Oct. 31, 2019 | Apr. 30, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 4,131,000 | $ 3,644,000 |
Work in process | 458,000 | 389,000 |
Finished goods | 667,000 | 641,000 |
Inventory gross | 5,256,000 | 4,674,000 |
Less: allowance for obsolete inventory | (93,000) | (91,000) |
Inventories, net | $ 5,163,000 | $ 4,583,000 |
Business Segments - Schedule of
Business Segments - Schedule of Financial Information Relating to Industry Segments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2019 | |
Total net revenue | $ 3,710,000 | $ 3,667,000 | $ 7,263,000 | $ 7,096,000 | |
Total income from operations | 946,000 | 886,000 | 1,855,000 | 1,659,000 | |
Total depreciation and amortization | 94,000 | 84,000 | 183,000 | 167,000 | |
Total capital expenditures | 10,000 | 179,000 | |||
Total assets | 43,193,000 | 43,193,000 | $ 43,027,000 | ||
Security Alarm Products [Member] | |||||
Total net revenue | 2,985,000 | 2,852,000 | 5,852,000 | 5,371,000 | |
Total income from operations | 762,000 | 689,000 | 1,495,000 | 1,291,000 | |
Total depreciation and amortization | 71,000 | 10,000 | 94,000 | 20,000 | |
Total capital expenditures | 10,000 | 179,000 | |||
Total assets | 6,351,000 | 6,351,000 | 6,179,000 | ||
Cable & Wiring Tools [Member] | |||||
Total net revenue | 571,000 | 649,000 | 1,071,000 | 1,351,000 | |
Total income from operations | 140,000 | 157,000 | 273,000 | 293,000 | |
Total depreciation and amortization | 31,000 | 31,000 | 62,000 | 62,000 | |
Total capital expenditures | |||||
Total assets | 2,666,000 | 2,666,000 | 2,713,000 | ||
Other Products [Member] | |||||
Total net revenue | 154,000 | 166,000 | 340,000 | 374,000 | |
Total income from operations | 44,000 | 40,000 | 87,000 | 75,000 | |
Total depreciation and amortization | (4,000) | 28,000 | 16,000 | 55,000 | |
Total capital expenditures | |||||
Total assets | 835,000 | 835,000 | 842,000 | ||
Corporate General [Member] | |||||
Total depreciation and amortization | (4,000) | 15,000 | 11,000 | 30,000 | |
Total capital expenditures | |||||
Total assets | $ 33,341,000 | $ 33,341,000 | $ 33,293,000 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Income Per Share of Common Stock | ||||
Net income | $ 864,000 | $ 768,000 | $ 1,729,000 | $ 1,386,000 |
Basic EPS, Income | $ 864,000 | $ 768,000 | $ 1,729,000 | $ 1,386,000 |
Basic EPS, Shares | 4,952,110 | 4,962,177 | 4,954,250 | 4,964,879 |
Basic EPS, Per-share | $ 0.17 | $ 0.15 | $ 0.35 | $ 0.28 |
Effect of dilutive securities: Convertible Preferred Stock, Income | $ 0 | $ 0 | $ 0 | $ 0 |
Effect of dilutive securities: Convertible Preferred Stock, Shares | 20,500 | 20,500 | 20,500 | 20,500 |
Effect of dilutive securities: Convertible Preferred Stock, Per-share | $ (0.0007) | $ (0.0007) | $ (0.0014) | $ (0.0012) |
Diluted EPS, Income | $ 864,000 | $ 768,000 | $ 1,729,000 | $ 1,386,000 |
Diluted EPS, Shares | 4,972,610 | 4,982,677 | 4,974,750 | 4,985,379 |
Diluted EPS, Per-share | $ 0.17 | $ 0.15 | $ 0.35 | $ 0.28 |
Retirement Benefit Plan (Detail
Retirement Benefit Plan (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Retirement Benefits [Abstract] | ||||
Employees matching contributions | $ 7,000 | $ 3,000 | $ 9,000 | $ 5,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Oct. 31, 2019 | Apr. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | $ 27,385,000 | $ 27,291,000 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 5,437,000 | 5,483,000 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 26,000 | 26,000 |
REITs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 83,000 | 84,000 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 21,064,000 | 20,465,000 |
Money Markets and CDs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 775,000 | 1,233,000 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 21,865,000 | 21,724,000 |
Level 1 [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Level 1 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 26,000 | 26,000 |
Level 1 [Member] | REITs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 21,064,000 | 20,465,000 |
Level 1 [Member] | Money Markets and CDs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 775,000 | 1,233,000 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 5,520,000 | 5,567,000 |
Level 2 [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 5,437,000 | 5,483,000 |
Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Level 2 [Member] | REITs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 83,000 | 84,000 |
Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Level 2 [Member] | Money Markets and CDs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Level 3 [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Level 3 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Level 3 [Member] | REITs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Level 3 [Member] | Money Markets and CDs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Nov. 22, 2019 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 |
Purchase of building | $ 10,000 | $ 179,000 | |||
Subsequent Event [Member] | Building [Member] | |||||
Purchase of building | $ 200,000 | ||||
Subsequent Event [Member] | Month-to-Month Basis [Member] | |||||
Minimum lease payment | $ 1,535 |