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George Risk Industries (RSKIA)

Document and Entity Information

Document and Entity Information - shares9 Months Ended
Jan. 31, 2020Mar. 20, 2020
Document And Entity Information
Entity Registrant NameGEORGE RISK INDUSTRIES, INC.
Entity Central Index Key0000084112
Document Type10-Q/A
Document Period End DateJan. 31,
2020
Amendment Flagtrue
Amendment DescriptionThis Amendment No. 1 to Form 10-Q, or this Amendment, amends the Quarterly Report on Form 10-Q for the three-and nine months periods ended January 31, 2020 that we originally filed with the Securities and Exchange Commission, or the Commission, on March 23, 2020, or the Original Filing, in connection with our failure to give effect to the implementation of FASB ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01") in the prior year financial statements included in the Original Filing. All amendments and restatements to the financial statements are non-cash in nature. Restatement As further discussed in Note 10 to our unaudited financial statements in Part I, Item 1, "Financial Statements" of this Amendment, on April 1, 2020, we concluded that certain disclosures necessary to fairly explain the changes in the financial statements presented were excluded in our previous filings and that we would we would restate our previously issued financial statements for the three-and nine months periods ended January 31, 2019, as set forth in the Original Filing in connection with our failure to give effect to the implementation of ASU 2016-01 in the prior year financial statements included in the Original Quarterly Report on Form 10-Q. Amendment The purpose of this Amendment is to restate our previously issued unaudited financial statements and related disclosures for the three-and nine months periods ended January 31, 2019 in connection with the application of ASU 2016-01. This Amendment also includes (a) an amended Part I, Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations" to reflect the correction of the error described above. Except as expressly set forth herein, including in the notes to the unaudited financial statements, this Amendment, along with Amendment #1 ("Amendments") does not reflect events occurring after the date of the Original Filing or modify or update any of the other disclosures contained therein in any way other than as required to reflect the amendment discussed above. Accordingly, this Amendment should be read in conjunction with the Original Filing and our other filings with the Commission. Information not affected by the restatement is unchanged and reflects disclosures made at the time of the filing of the Original Form 10-Q. See Note 10 to the financial statements included in Item 1 for additional information and a reconciliation of the previously reported amounts to the restated amounts. Items Amended in this Filing For reasons discussed above, we are filing this Amendment in order to amend the following items in our Original Filing to the extent necessary to reflect the adjustments discussed above and make corresponding revisions to our financial data cited elsewhere in this Amendment in connection with the application of ASU 2016-01 in this Amendment that was not previously applied: Part I, Item 1. Financial Statements Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Part I, Item 4. Controls and Procedures In accordance with applicable Commission rules, this Amendment includes new certifications required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, from our Chief Executive Officer and Chief Financial Officer dated as of the date of filing of this Amendment.
Current Fiscal Year End Date--04-30
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryNon-accelerated Filer
Entity Small Business Flagtrue
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding4,950,260
Document Fiscal Period FocusQ3
Document Fiscal Year Focus2020

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)Jan. 31, 2020Apr. 30, 2019
Current Assets:
Cash and cash equivalents $ 5,647,000 $ 4,873,000
Investments and securities28,178,000 27,291,000
Accounts receivable:
Trade, net of $993 and $9,321 doubtful account allowance2,243,000 2,696,000
Other4,000 6,000
Income tax overpayment117,000 259,000
Inventories, net5,046,000 4,583,000
Prepaid expenses356,000 282,000
Total Current Assets41,591,000 39,990,000
Property and Equipment, net, at cost1,284,000 984,000
Other Assets
Investment in Limited Land Partnership, at cost320,000 293,000
Projects in process117,000
Other3,000 3,000
Total Other Assets323,000 413,000
Intangible Assets, net1,548,000 1,640,000
TOTAL ASSETS44,746,000 43,027,000
Current Liabilities
Accounts payable, trade222,000 206,000
Dividends payable1,892,000 1,714,000
Accrued expenses357,000 356,000
Total Current Liabilities2,471,000 2,276,000
Long-Term Liabilities
Deferred income taxes1,423,000 1,198,000
Total Long-Term Liabilities1,423,000 1,198,000
Total Liabilities3,894,000 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 outstanding99,000 99,000
Common stock, Class A, $.10 par value, 10,000,000 shares authorized, 8,502,881 shares issued and outstanding850,000 850,000
Additional paid-in capital1,934,000 1,934,000
Accumulated other comprehensive income69,000 14,000
Retained earnings42,198,000 40,883,000
Less: treasury stock, 3,552,621 and 3,544,271 shares, at cost(4,298,000)(4,227,000)
Total Stockholders' Equity40,852,000 39,553,000
TOTAL LIABILITES AND STOCKHOLDERS' EQUITY $ 44,746,000 $ 43,027,000

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)Jan. 31, 2020Apr. 30, 2019
Allowance for doubtful account receivable $ 993 $ 9,321
Convertible preferred stock, shares authorized1,000,000 1,000,000
Class A Common stock, par value $ 0.10 $ 0.10
Class A Common stock, shares authorized10,000,000 10,000,000
Class A Common stock, shares issued8,502,881 8,502,881
Class A Common stock, shares outstanding8,502,881 8,502,881
Treasury stock, shares3,552,621 3,544,271
Series 1 Noncumulative Preferred Stock [Member]
Convertible preferred stock, shares authorized25,000 25,000
Convertible preferred stock, stated value $ 20 $ 20
Convertible preferred stock, shares issued4,100 4,100
Convertible preferred stock, shares outstanding4,100 4,100

Condensed Income Statements (Un

Condensed Income Statements (Unaudited) - USD ($)3 Months Ended9 Months Ended
Jan. 31, 2020Jan. 31, 2019Jan. 31, 2020Jan. 31, 2019
Income Statement [Abstract]
Net Sales $ 3,589,000 $ 3,455,000 $ 10,852,000 $ 10,551,000
Less: Cost of Goods Sold(1,832,000)(1,772,000)(5,462,000)(5,467,000)
Gross Profit1,757,000 1,683,000 5,390,000 5,084,000
Operating Expenses
General and Administrative302,000 294,000 928,000 911,000
Sales587,000 531,000 1,698,000 1,611,000
Engineering34,000 21,000 66,000 57,000
Rent Paid to Related Parties 5,000 8,000 14,000
Total Operating Expenses923,000 851,000 2,700,000 2,593,000
Income From Operations834,000 832,000 2,690,000 2,491,000
Other Income
Other 1,000 2,000 10,000
Dividend and Interest Income423,000 471,000 782,000 816,000
Unrealized Gain (Loss) on equity securities508,000 (184,000)782,000 (949,000)
Gain on Investments78,000 169,000 137,000 74,000
Gain on Sale of Assets5,000 5,000
Total other income1,014,000 457,000 1,708,000 (49,000)
Income Before Provisions for Income Taxes1,848,000 1,289,000 4,398,000 2,442,000
Provisions for Income Taxes:
Current Expense359,000 291,000 911,000 799,000
Deferred Tax Expense (Benefit)125,000 (44,000)191,000 (241,000)
Total Income Tax Expense484,000 247,000 1,102,000 558,000
Net Income $ 1,364,000 $ 1,042,000 $ 3,296,000 $ 1,884,000
Income Per Share of Common Stock
Basic $ 0.28 $ 0.21 $ 0.67 $ 0.38
Diluted $ 0.27 $ 0.21 $ 0.66 $ 0.38
Weighted Average Number of Common
Shares Outstanding Basic4,950,524 4,961,018 4,953,008 4,963,592
Diluted4,971,024 4,981,518 4,973,508 4,984,092

Condensed Statement of Comprehe

Condensed Statement of Comprehensive Income (Unaudited) - USD ($)3 Months Ended9 Months Ended
Jan. 31, 2020Jan. 31, 2019Jan. 31, 2020Jan. 31, 2019
Statement of Comprehensive Income [Abstract]
Net Income $ 1,364,000 $ 1,042,000 $ 3,296,000 $ 1,884,000
Unrealized gain (loss) on securities:
Unrealized holding gains (losses) arising during period27,000 56,000 77,000 221,000
Income tax benefit (expense) related to other comprehensive income(8,000)(16,000)(22,000)(64,000)
Other Comprehensive Income (Loss)19,000 40,000 55,000 157,000
Comprehensive Income (Loss) $ 1,383,000 $ 1,082,000 $ 3,351,000 $ 2,041,000

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)Preferred Stock [Member]Common Stock Class A [Member]Paid-In Capital [Member]Treasury Stock (Common Class A) [Member]Accumulated Other Comprehensive Income [Member]Retained Earnings [Member]Total
Beginning balance at Apr. 30, 2018 $ 99,000 $ 850,000 $ 1,934,000 $ (4,148,000) $ 2,249,000 $ 36,746,000 $ 37,730,000
Beginning balance, shares at Apr. 30, 20184,100 8,502,881 3,534,784
Cumulative effect of restatement on prior periods, for adoption of ASU 2016-01 (2,424,000)(2,424,000)
Balance at May 1, 2018 after adoption of ASU 2016-01, as restated $ (4,148,000)(175,000)39,170,000 37,730,000
Balance at May 1, 2018 after adoption of ASU 2016-01, as restated 3,534,784
Purchases of common stock $ (62,000) (62,000)
Purchases of common stock, shares 7,387
Dividend declared at common share outstanding (1,885,000)(1,885,000)
Unrealized gain (loss), net of tax effect 157,000 157,000
Net Income 1,884,000 1,884,000
Ending balance at Jan. 31, 2019 $ 99,000 $ 850,000 1,934,000 $ (4,210,000)(18,000)39,169,000 37,824,000
Ending balance, shares at Jan. 31, 20194,100 8,502,881 3,542,171
Beginning balance at Oct. 31, 2018 $ 99,000 $ 850,000 1,934,000 $ (4,202,000)(58,000)38,127,000 36,750,000
Beginning balance, shares at Oct. 31, 20184,100 8,502,881 3,541,234
Purchases of common stock $ (8,000) (8,000)
Purchases of common stock, shares937
Unrealized gain (loss), net of tax effect 40,000 40,000
Net Income 1,042,000 1,042,000
Ending balance at Jan. 31, 2019 $ 99,000 $ 850,000 1,934,000 $ (4,210,000)(18,000)39,169,000 37,824,000
Ending balance, shares at Jan. 31, 20194,100 8,502,881 3,542,171
Beginning balance at Apr. 30, 2019 $ 99,000 $ 850,000 1,934,000 $ (4,227,000)14,000 40,883,000 39,553,000
Beginning balance, shares at Apr. 30, 20194,100 8,502,881 3,544,271
Purchases of common stock $ (71,000) (71,000)
Purchases of common stock, shares 8,350
Dividend declared at common share outstanding (1,981,000)(1,981,000)
Dividend declared at common share outstanding, shares
Unrealized gain (loss), net of tax effect 55,000 55,000
Net Income 3,296,000 3,296,000
Ending balance at Jan. 31, 2020 $ 99,000 $ 850,000 1,934,000 $ (4,298,000)69,000 42,198,000 40,852,000
Ending balance, shares at Jan. 31, 20204,100 8,502,881 3,552,621
Beginning balance at Oct. 31, 2019 $ 99,000 $ 850,000 1,934,000 $ (4,281,000)50,000 40,834,000 39,486,000
Beginning balance, shares at Oct. 31, 20194,100 8,502,881 3,550,771
Dividend declared at common share outstanding $ (17,000) (17,000)
Dividend declared at common share outstanding, shares 1,850
Unrealized gain (loss), net of tax effect 19,000 19,000
Net Income 1,364,000 1,364,000
Ending balance at Jan. 31, 2020 $ 99,000 $ 850,000 $ 1,934,000 $ (4,298,000) $ 69,000 $ 42,198,000 $ 40,852,000
Ending balance, shares at Jan. 31, 20204,100 8,502,881 3,552,621

Condensed Statements of Stock_2

Condensed Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares3 Months Ended9 Months Ended
Jan. 31, 2020Jan. 31, 2020Jan. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividend declared for per common share outstanding $ 0.40 $ 0.40 $ 0.38

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows (Unaudited) - USD ($)3 Months Ended9 Months Ended
Jan. 31, 2020Jan. 31, 2020Jan. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 1,364,000 $ 3,296,000 $ 1,884,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization93,000 276,000 248,000
(Gain) loss on sale of investments(178,000)(142,000)
Impairments on investments36,000 41,000 68,000
Unrealized (gain) loss on equity investments(508,000)(782,000)949,000
Reserve for bad debts(6,000)(3,000)
Reserve for obsolete inventory42,000 12,000
Deferred income taxes125,000 191,000 (241,000)
(Gain) loss on sale of assets(5,000)(5,000)
Net book value of assets retired(17,000)
(Increase) decrease in:
Accounts receivable460,000 514,000
Inventories(506,000)(999,000)
Prepaid expenses43,000 164,000
Other receivables2,000 (2,000)
Income tax overpayment142,000 (106,000)
Increase (decrease) in:
Accounts payable16,000 (35,000)
Accrued expenses (36,000)
Net cash provided by (used in) operating activities3,015,000 2,275,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of assets7,000
(Purchase) of property and equipment(290,000)(468,000)(88,000)
Proceeds from sale of marketable securities760,000 761,000
(Purchase) of marketable securities(640,000)(839,000)
(Purchase) of long-term investment(27,000)
Net cash provided by (used in) investing activities(368,000)(166,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Purchase) of treasury stock(71,000)(62,000)
Dividends paid(1,802,000)(1,752,000)
Net cash provided by (used in) financing activities(1,873,000)(1,814,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS774,000 295,000
Cash and Cash Equivalents, beginning of period4,873,000 4,294,000
Cash and Cash Equivalents, end of period $ 5,647,000 5,647,000 4,589,000
Supplemental Disclosure for Cash Flow Information:
Income taxes870,000 900,000
Interest paid 1,000
Cash receipts for:
Income taxes $ 159,000

Unaudited Interim Financial Sta

Unaudited Interim Financial Statements9 Months Ended
Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unaudited Interim Financial StatementsNote 1: Unaudited Interim Financial Statements The accompanying financial
statements have been prepared in accordance with the instructions for Form 10-Q and do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial statements. It is suggested that these unaudited condensed
financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s April
30, 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. In January 2020, the
FASB issued ASU 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic
323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.”
The ASU is based on a consensus of the Emerging Issues Task Force and is expected to increase comparability in accounting for these
transactions. ASU 2016-01 made targeted improvements to accounting for financial instruments, including providing an entity the
ability to measure certain equity securities without a readily determinable fair value at cost, less any impairment, plus or minus
changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
Among other topics, the amendments clarify that an entity should consider observable transactions that require it to either apply
or discontinue the equity method of accounting. For public business entities, the amendments in the ASU are effective for fiscal
years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company
does not expect the adoption of ASU 2020-01 to have a material impact on its condensed financial statements. Revenue Recognition The Company recognizes
revenue under ASC 606, “Revenue from Contracts with Customers”. The core principle of the new revenue standard is that
a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects
the consideration to which the company expects to be entitled in exchange for those goods or services. The Company applies the
following standards and recognizes revenue when (1) it has a firm contract and the parties are committed to perform their respective
obligations, (2) the product has been shipped to and accepted by the customer or the service has been provided, (3) the sales price
is fixed or determinable and (4) amounts are reasonably assured of collection, including the consideration of the customer’s
ability and intention to pay when the amount is due. The Company primarily receives fixed consideration for sales of product. The
Company does not have any significant financing components as payment is received at or shortly after the point of sale. Shipping
and handling amounts paid by customers are included in revenue. Sales tax and other similar taxes are excluded from revenue. Revenue is recorded net
of provisions for discounts, which are typically agreed to upfront with the customer and do not represent variable consideration.
The Company estimates these discounts in the same period that the revenue is recognized for products sales to customers. The amount
of revenue recognized represents the amount that will not be subject to a significant future reversal of revenue. All sales to
distributors and customers are generally final. In limited instances the Company may accept returned product due to quality. During
the current fiscal year, returns have not been material. The Company’s customers
generally pay within 60 days from the receipt of a valid invoice. The Company offers discounts of up to 2% to certain customers
for payments made within a specified number of days. These early pay discounts are estimated in the period of sale based on experience
with sales to eligible customers. Early pay discounts are recorded as a deduction to the accounts receivable balance presented
on the balance sheet. The Company’s performance
obligations are satisfied at the point in time when products are shipped to the customer, which is when the customer has title
and the significant risks and rewards of ownership.

Investments

Investments9 Months Ended
Jan. 31, 2020
Investments, Debt and Equity Securities [Abstract]
InvestmentsNote 2: Investments (Restated) The Company has investments
in publicly traded equity securities, corporate bonds, state and municipal debt securities, real estate investment trusts, and
money markets and they are recorded at fair value. The investments in debt securities have maturities between April 2020 and January
2044. The Company uses the average cost method to determine the cost of securities sold with any unrealized gains or losses reported
in each respective period’s earnings. Dividend and interest income are reported as earned. As of January 31, 2020
and April 30, 2019, investments consisted of the following:
Investments at Gross Gross
January 31, 2020 Cost Unrealized Unrealized Fair
Basis Gains Losses Value
Municipal bonds $ 5,402,000 $ 156,000 $ (43,000 ) $ 5,515,000
Corporate bonds 26,000 — — 26,000
REITs 89,000 3,000 (9,000 ) 83,000
Equity securities 17,167,000 4,870,000 (241,000 ) 21,796,000
Money markets and CDs 758,000 — — 758,000
Total $ 23,442,000 $ 5,029,000 $ (293,000 ) $ 28,178,000
Investments at Gross Gross
April 30, 2019 Cost Unrealized Unrealized Fair
Basis Gains Losses Value
Municipal bonds $ 5,459,000 $ 79,000 $ (55,000 ) $ 5,483,000
Corporate bonds 26,000 — — 26,000
REITs 89,000 1,000 (6,000 ) 84,000
Equity securities 16,618,000 4,143,000 (296,000 ) 20,465,000
Money markets and CDs 1,233,000 — — 1,233,000
Total $ 23,425,000 $ 4,223,000 $ (357,000 ) $ 27,291,000 Marketable securities that
are equity securities are carried at fair value on the balance sheets with changes in fair value recorded as an unrealized gain
or (loss) in the Statements of Operations in the period of the change; and debt securities are carried at fair value on the balance
sheets with changes in fair value recorded as unrealized gains or losses in the Statement of Comprehensive Income. Upon the disposition
of a marketable security, the Company records a realized gain or (loss) on the Company’s statements of operations. On May
1. 2018, as a result of the adoption of ASU 2016-01 – Financial Instruments, the Company reclassified $2,424,000 of net unrealized
gains on marketable securities, that were formerly classified as available-for-sale securities before the adoption of the new standard,
from Accumulated Other Comprehensive Income to Retained Earnings. The Company evaluates all
marketable securities for other-than temporary declines in fair value, which are defined as when the cost basis exceeds the fair
value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments
that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease
the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated
to determine if impairment changes are required. As a result of this standard, management do not record an impairment loss for
the quarter, but did record an impairment loss of $41,000 for the nine months ended January 31, 2020. For the corresponding periods
last year, management recorded an impairment loss of $36,000 for the quarter, and recorded a loss of $68,000 for the nine months
ended January 31, 2019. The following tables show
the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment
category and length of time that individual securities have been in a continuous unrealized loss position at January 31, 2020 and
April 30, 2019, respectively. Unrealized Loss Breakdown by Investment Type
at January 31, 2020
Less than 12 months 12 months or greater Total
Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss
Municipal bonds $ — $ — $ 401,000 $ (43,000 ) $ 401,000 $ (43,000 )
REITs — — 57,000 (9,000 ) 57,000 (9,000 )
Equity securities 445,000 (48,000 ) 1,930,000 (193,000 ) 2,375,000 (241,000 )
Total $ 445,000 $ (48,000 ) $ 2,388,000 $ (245,000 ) $ 2,833,000 $ (293,000 ) 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 January 31, 2020. Marketable Equity Securities and REITs The Company’s investments in marketable
equity securities and REITs consist of a wide variety of companies. Investments in these companies include growth, growth income,
and foreign investment objectives. The individual holdings have been evaluated, and due to management’s plan to hold on
to these investments for an extended period, the Company does not consider these investments to be other-than-temporarily impaired
at January 31, 2020.

Inventories

Inventories9 Months Ended
Jan. 31, 2020
Inventory Disclosure [Abstract]
InventoriesNote 3: Inventories Inventories at January
31, 2020 and April 30, 2019 consisted of the following:
January 31, April 30,
2020 2019
Raw materials $ 4,102,000 $ 3,644,000
Work in process 468,000 389,000
Finished goods 609,000 641,000
5,179,000 4,674,000
Less: allowance for obsolete inventory (133,000 ) (91,000 )
Totals $ 5,046,000 $ 4,583,000

Business Segments

Business Segments9 Months Ended
Jan. 31, 2020
Segment Reporting [Abstract]
Business SegmentsNote 4: Business Segments The following is financial
information relating to industry segments:
Three months Nine months Three months Nine months
ended ended Ended ended
Jan 31, 2020 Jan 31, 2020 Jan 31, 2019 Jan 31, 2019
Net revenue:
Security alarm products $ 2,909,000 $ 8,700,000 $ 2,735,000 $ 8,103,000
Cable & wiring tools 547,000 1,680,000 576,000 1,929,000
Other products 133,000 472,000 144,000 519,000
Total net revenue $ 3,589,000 $ 10,852,000 $ 3,455,000 $ 10,551,000
Income from operations:
Security alarm products $ 669,000 $ 2,156,000 $ 659,000 $ 1,972,000
Cable & wiring tools 129,000 417,000 138,000 415,000
Other products 36,000 117,000 35,000 104,000
Total income from operations $ 834,000 $ 2,690,000 $ 832,000 $ 2,491,000
Depreciation and amortization:
Security alarm products $ (22,000 ) $ 72,000 $ 37,000 $ 57,000
Cable & wiring tools 31,000 92,000 30,000 92,000
Other products 34,000 50,000 — 55,000
Corporate general 50,000 62,000 14,000 44,000
Total depreciation and amortization $ 93,000 $ 276,000 $ 81,000 $ 248,000
Capital expenditures:
Security alarm products $ — $ 178,000 $ 35,000 $ 35,000
Cable & wiring tools — — — —
Other products 18,000 18,000 37,000 37,000
Corporate general 272,000 272,000 16,000 16,000
Total capital expenditures $ 290,000 $ 468,000 $ 88,000 $ 88,000
January 31, 2020 April 30, 2019
Identifiable assets:
Security alarm products $ 6,478,000 $ 6,179,000
Cable & wiring tools 2,676,000 2,713,000
Other products 733,000 842,000
Corporate general 34,859,000 33,293,000
Total assets $ 44,746,000 $ 43,027,000

Earnings Per Share

Earnings Per Share9 Months Ended
Jan. 31, 2020
Income Per Share of Common Stock
Earnings Per ShareNote 5: Earnings per Share (Restated) Restated basic and diluted
earnings per share, assuming convertible preferred stock was converted for each period presented, are:
For the three months ended January 31, 2020
Income Shares Per-share
(Numerator) (Denominator) Amount
Net Income $ 1,364,000
Basic EPS $ 1,364,000 4,950,524 $ 0.28
Effect of dilutive securities:
Convertible preferred stock — 20,500
Diluted EPS $ 1,364,000 4,971,024 $ 0.27
For the nine months ended January 31, 2020
Income Shares Per-share
(Numerator) (Denominator) Amount
Net Income $ 3,296,000
Basic EPS $ 3,296,000 4,953,008 $ 0.67
Effect of dilutive securities:
Convertible preferred stock — 20,500
Diluted EPS $ 3,296,000 4,973,508 $ 0.66
For the Three Months Ended January 31,
Originally Filed 2019
Adjustment 2019
Restated 2019
Numerator
Net income $ 1,173,000 $ (131,000 ) $ 1,042,000
Denominator
Weighted average common shares outstanding, basic 4,961,018 — 4,961,018
Convertible Preferred Stock 20,500 — 20,500
Weighted average common shares outstanding, diluted 4,981,518 — 4,981,518
Net Income per share - Basic $ 0.24 $ (0.03 ) $ 0.21
Income per shares - Diluted $ 0.24 $ (0.03 ) $ 0.21
For the Nine Months Ended January 31,
Originally Filed 2019
Adjustment 2019
Restated 2019
Numerator
Net income $ 2,559,000 $ (675,000 ) $ 1,884,000
Denominator
Weighted average common shares outstanding, basic 4,963,592 — 4,963,592
Convertible Preferred Stock 20,500 — 20,500
Weighted average common shares outstanding, diluted 4,984,092 — 4,984,092
Net Income per share - Basic $ 0.52 $ (0.14 ) $ 0.38
Income per shares - Diluted $ 0.51 $ (0.13 ) $ 0.38

Retirement Benefit Plan

Retirement Benefit Plan9 Months Ended
Jan. 31, 2020
Retirement Benefits [Abstract]
Retirement Benefit PlanNote 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
$14,000 and $2,000 were paid during both the quarters ending January 31, 2020 and 2019, respectively. Likewise, the Company paid
matching contributions of approximately $23,000 during the nine-month period ending January 31, 2020 and $7,000 during the corresponding
period the prior fiscal year.

Fair Value Measurements

Fair Value Measurements9 Months Ended
Jan. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value MeasurementsNote 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 January 31, 2020, our investments consisted
of money markets, certificates of deposit, 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 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.
Assets Measured at Fair Value on a Recurring
Level 1 Level 2 Level 3 Total
Assets:
Municipal Bonds $ — $ 5,515,000 $ — $ 5,515,000
Corporate Bonds 26,000 — — 26,000
REITs — 83,000 — 83,000
Equity Securities 21,796,000 — — 21,796,000
Money Markets and CDs 758,000 — — 758,000
Total fair value of assets measured on a recurring basis $ 22,580,000 $ 5,598,000 $ — $ 28,178,000
Assets Measured at Fair Value on a Recurring
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

Related Party Transactions

Related Party Transactions9 Months Ended
Jan. 31, 2020
Related Party Transactions [Abstract]
Related Party TransactionsNote 8: Related Party Transactions The Company purchased
a building that it previously leased from Bonita Risk. 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. The purchase price of the building was $200,000 and the transaction
happened during the Company’s third fiscal quarter.

Subsequent Events

Subsequent Events9 Months Ended
Jan. 31, 2020
Subsequent Events [Abstract]
Subsequent EventsNote 9: Subsequent Events During and subsequent to
the third quarter of the current fiscal year, the world has been impacted by the spread of the coronavirus (COVID-19). It has created
significant economic uncertainty and volatility. The extent to which the coronavirus pandemic impacts our business, operations
and financial results will depend on numerous evolving factors that we may not be able to accurately predict, including: the duration
and scope of the pandemic; governmental, business and individuals’ actions that have been and continue to be taken in response
to the pandemic; the impact of the pandemic on economic activity and actions taken in response; the effect on our clients and client
demand for our services and solutions; our ability to sell and provide our services and solutions, including as a result of travel
restrictions and people working from home; the ability of our clients to pay for our services and solutions; and any closures of
our and our clients’ offices and facilities. Any of these events could materially adversely affect our business, financial
condition, results of operations and/or stock price. The Company manufactures
and supplies “essential” products and services to many critical industries, so our production facilities will continue
to operate. The health and safety of our employees and their families remains our top priority. Therefore, we have implemented
many Center of Disease Control protocols to keep them safe while the Company continues to produce products and provide service
to our customers. While we are operating in a rapidly changing environment, we also continue to hear positive news from our raw
material suppliers.

Correction of Previously Issued

Correction of Previously Issued Financial Statements9 Months Ended
Jan. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Correction of Previously Issued Financial StatementsNote 10 Correction of Previously Issued Financial Statements Subsequent to the issuance
of its Quarterly Report on SEC Form 10-Q for the three and nine months ended January 31, 2020, the Company discovered an error
due to missing a change in accounting related to other comprehensive income (loss) as reflected in the implementation of ASU 2016-01,
which became effective for the Company on May 1, 2018. Under the new guidance in ASU 2016-01 the Company should record unrealized
gains and losses in the value of the equity securities it owns in the statements of operations, whereas, under previous guidance
(and in the Original Form 10-Q) those unrealized gains and losses were recorded as accumulated other comprehensive income (loss). This restatement includes
i) recording a one-time adjustment to retained earnings to reclassify the accumulated other comprehensive loss related to unrealized
gains on equity securities as of May 1, 2018 and ii) recording an unrealized gain on marketable securities representing the value
change in the equities for the three and nine months ended January 31, 2019. No entries to correct for
this restatement have any impact on our cash position, liquidity, or operations. The tables below reflect
the effect of restatement on the Company’s financial statements for the three and nine month periods ending January 31, 2019:
For the Three Months Ended January 31, 2019
Original Adjustment As Restated
Income Statement
Unrealized Gain (Loss) on Equity Securities $ — $ (184,000 ) $ (184,000 )
Total Other Income (Expense) $ 641,000 $ (184,000 ) $ 457,000
Income Before Provisions for Income Taxes 1,473,000 (184,000 ) 1,289,000
Deferred tax expense (benefit) 9,000 (53,000 ) (44,000 )
Total Income Tax Expense 300,000 (53,000 ) 247,000
Net Income $ 1,173,000 $ (131,000 ) $ 1,042,000
Earnings Per Share of Common Stock $ 0.24 $ (0.03 ) $ 0.21
Basic $ 0.24 $ (0.03 ) $ 0.21
Diluted
For the Nine Months Ended January 31, 2019
Original Adjustment As Restated
Income Statement
Unrealized Gain (Loss) on Equity Securities $ — $ (949,000 ) $ (949,000 )
Total Other Income (Expense) $ 900,000 $ (949,000 ) $ (49,000 )
Income Before Provisions for Income Taxes 3,391,000 (949,000 ) 2,442,000
Deferred tax expense (benefit) 33,000 (274,000 ) (241,000 )
Total Income Tax Expense 832,000 (274,000 ) 558,000
Net Income $ 2,559,000 $ (675,000 ) $ 1,884,000
Earnings Per Share of Common Stock $ 0.52 $ (0.14 ) $ 0.38
Basic $ 0.51 $ (0.13 ) $ 0.38
Diluted
For the Three Months Ended January 31, 2019
Original Adjustment As Restated
Statement of Comprehensive Income
Net Income $ 1,173,000 $ (131,000 ) $ 1,042,000
Other Comprehensive Income, net of Tax
Unrealized gain (loss) on securities Unrealized holding gains arising during period 43,000 13,000 56,000
Less: reclassification adjustment for (gains) losses included in net income (171,000 ) 171,000 —
Income tax expense related to other comprehensive income 37,000 (53,000 ) (16,000 )
Other Comprehensive Income (Loss) $ (91,000 ) $ 131,000 $ 40,000
Comprehensive Income $ 1,082,000 $ — $ 1,082,000
For the Nine Months Ended January 31, 2019
Original Adjustment As Restated
Statement of Comprehensive Income
Net Income $ 2,559,000 $ (675,000 ) $ 1,884,000
Other Comprehensive Income, net of Tax
Unrealized gain (loss) on securities Unrealized holding gains arising during period (595,000 ) 816,000 221,000
Less: reclassification adjustment for (gains) losses included in net income (134,000 ) 134,000 —
Income tax expense related to other comprehensive income 210,000 (274,000 ) (64,000 )
Other Comprehensive Income (Loss) $ (519,000 ) $ 676,000 $ 157,000
Comprehensive Income $ 2,040,000 $ 1,000 $ 2,041,000
Original Adjustment As Restated
Statement of Stockholders’ Equity
Balance, October 31, 2018 $ 36,748,000 $ 2,000 $ 36,750,000
Purchase of common stock (8,000 ) — (8,000 )
Unrealized gain (loss), net of tax effect (91,000 ) 131,000 40,000
Net Income 1,173,000 (131,000 ) 1,042,000
Balance, January 31, 2019 $ 37,822,000 $ 2,000 $ 37,824,000
Original Adjustment As Restated
Statement of Stockholders’ Equity
Balance, April 30, 2018 $ 37,730,000 $ — $ 37,730,000
Purchase of common stock (62,000 ) — (62,000 )
Dividend declared at $0.38 per common share outstanding (1,886,000 ) 1,000 (1,885,000 )
Impact of adoption of ASU 2016-01 — — —
Unrealized gain (loss), net of tax effect (519,000 ) 676,000 157,000
Net Income 2,559,000 (675,000 ) 1,884,000
Balance, January 31, 2019 $ 37,822,000 $ 2,000 $ 37,824,000
For the Nine Months Ended January 31, 2019
Original Adjustment As Restated
Statement of Cash Flows
Cash Flows From Operating Activities
Net Income $ 2,559,000 $ (675,000 ) $ 1,884,000
Adjustment to reconcile net income to net cash provided operating activities
Unrealized (gain) loss on equity securities — 949,000 949,000
Deferred income taxes 33,000 (274,000 ) (241,000 )
Net cash provided by (used in) operating activities $ 2,275,000 $ — $ 2,275,000
For the Three Months Ended January 31,
Originally Filed 2019 Adjustment 2019 Restated 2019
Numerator
Net income $ 1,173,000 $ (131,000 ) $ 1,042,000
Denominator
Weighted average common shares outstanding, basic 4,961,018 — 4,961,018
Convertible Preferred Stock 20,500 — 20,500
Weighted average common shares outstanding, diluted 4,981,518 — 4,981,518
Net Income per share - Basic $ 0.24 $ (0.03 ) $ 0.21
Income per shares - Diluted $ 0.24 $ (0.03 ) $ 0.21
For the Nine Months Ended January 31,
Originally Filed 2019 Adjustment 2019 Restated 2019
Numerator
Net income $ 2,559,000 $ (675,000 ) $ 1,884,000
Denominator
Weighted average common shares outstanding, basic 4,963,592 — 4,963,592
Convertible Preferred Stock 20,500 — 20,500
Weighted average common shares outstanding, diluted 4,984,092 — 4,984,092
Net Income per share - Basic $ 0.52 $ (0.14 ) $ 0.38

Investments (Tables)

Investments (Tables)9 Months Ended
Jan. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of InvestmentsAs of January 31, 2020
and April 30, 2019, investments consisted of the following:
Investments at Gross Gross
January 31, 2020 Cost Unrealized Unrealized Fair
Basis Gains Losses Value
Municipal bonds $ 5,402,000 $ 156,000 $ (43,000 ) $ 5,515,000
Corporate bonds 26,000 — — 26,000
REITs 89,000 3,000 (9,000 ) 83,000
Equity securities 17,167,000 4,870,000 (241,000 ) 21,796,000
Money markets and CDs 758,000 — — 758,000
Total $ 23,442,000 $ 5,029,000 $ (293,000 ) $ 28,178,000
Investments at Gross Gross
April 30, 2019 Cost Unrealized Unrealized Fair
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 InvestmentThe following tables show
the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment
category and length of time that individual securities have been in a continuous unrealized loss position at January 31, 2020 and
April 30, 2019, respectively. Unrealized Loss Breakdown by Investment Type
at January 31, 2020
Less than 12 months 12 months or greater Total
Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss
Municipal bonds $ — $ — $ 401,000 $ (43,000 ) $ 401,000 $ (43,000 )
REITs — — 57,000 (9,000 ) 57,000 (9,000 )
Equity securities 445,000 (48,000 ) 1,930,000 (193,000 ) 2,375,000 (241,000 )
Total $ 445,000 $ (48,000 ) $ 2,388,000 $ (245,000 ) $ 2,833,000 $ (293,000 ) 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)9 Months Ended
Jan. 31, 2020
Inventory Disclosure [Abstract]
Schedule of InventoriesInventories at January
31, 2020 and April 30, 2019 consisted of the following:
January 31, April 30,
2020 2019
Raw materials $ 4,102,000 $ 3,644,000
Work in process 468,000 389,000
Finished goods 609,000 641,000
5,179,000 4,674,000
Less: allowance for obsolete inventory (133,000 ) (91,000 )
Totals $ 5,046,000 $ 4,583,000

Business Segments (Tables)

Business Segments (Tables)9 Months Ended
Jan. 31, 2020
Segment Reporting [Abstract]
Schedule of Financial Information Relating to Industry SegmentsThe following is financial
information relating to industry segments:
Three months Nine months Three months Nine months
ended ended Ended ended
Jan 31, 2020 Jan 31, 2020 Jan 31, 2019 Jan 31, 2019
Net revenue:
Security alarm products $ 2,909,000 $ 8,700,000 $ 2,735,000 $ 8,103,000
Cable & wiring tools 547,000 1,680,000 576,000 1,929,000
Other products 133,000 472,000 144,000 519,000
Total net revenue $ 3,589,000 $ 10,852,000 $ 3,455,000 $ 10,551,000
Income from operations:
Security alarm products $ 669,000 $ 2,156,000 $ 659,000 $ 1,972,000
Cable & wiring tools 129,000 417,000 138,000 415,000
Other products 36,000 117,000 35,000 104,000
Total income from operations $ 834,000 $ 2,690,000 $ 832,000 $ 2,491,000
Depreciation and amortization:
Security alarm products $ (22,000 ) $ 72,000 $ 37,000 $ 57,000
Cable & wiring tools 31,000 92,000 30,000 92,000
Other products 34,000 50,000 — 55,000
Corporate general 50,000 62,000 14,000 44,000
Total depreciation and amortization $ 93,000 $ 276,000 $ 81,000 $ 248,000
Capital expenditures:
Security alarm products $ — $ 178,000 $ 35,000 $ 35,000
Cable & wiring tools — — — —
Other products 18,000 18,000 37,000 37,000
Corporate general 272,000 272,000 16,000 16,000
Total capital expenditures $ 290,000 $ 468,000 $ 88,000 $ 88,000
January 31, 2020 April 30, 2019
Identifiable assets:
Security alarm products $ 6,478,000 $ 6,179,000
Cable & wiring tools 2,676,000 2,713,000
Other products 733,000 842,000
Corporate general 34,859,000 33,293,000
Total assets $ 44,746,000 $ 43,027,000

Earnings Per Share (Tables)

Earnings Per Share (Tables)9 Months Ended
Jan. 31, 2020
Income Per Share of Common Stock
Schedule of Basic and Diluted Earnings Per ShareRestated basic and diluted
earnings per share, assuming convertible preferred stock was converted for each period presented, are:
For the three months ended January 31, 2020
Income Shares Per-share
(Numerator) (Denominator) Amount
Net Income $ 1,364,000
Basic EPS $ 1,364,000 4,950,524 $ 0.28
Effect of dilutive securities:
Convertible preferred stock — 20,500
Diluted EPS $ 1,364,000 4,971,024 $ 0.27
For the nine months ended January 31, 2020
Income Shares Per-share
(Numerator) (Denominator) Amount
Net Income $ 3,296,000
Basic EPS $ 3,296,000 4,953,008 $ 0.67
Effect of dilutive securities:
Convertible preferred stock — 20,500
Diluted EPS $ 3,296,000 4,973,508 $ 0.66
For the Three Months Ended January 31,
Originally Filed 2019
Adjustment 2019
Restated 2019
Numerator
Net income $ 1,173,000 $ (131,000 ) $ 1,042,000
Denominator
Weighted average common shares outstanding, basic 4,961,018 — 4,961,018
Convertible Preferred Stock 20,500 — 20,500
Weighted average common shares outstanding, diluted 4,981,518 — 4,981,518
Net Income per share - Basic $ 0.24 $ (0.03 ) $ 0.21
Income per shares - Diluted $ 0.24 $ (0.03 ) $ 0.21
For the Nine Months Ended January 31,
Originally Filed 2019
Adjustment 2019
Restated 2019
Numerator
Net income $ 2,559,000 $ (675,000 ) $ 1,884,000
Denominator
Weighted average common shares outstanding, basic 4,963,592 — 4,963,592
Convertible Preferred Stock 20,500 — 20,500
Weighted average common shares outstanding, diluted 4,984,092 — 4,984,092
Net Income per share - Basic $ 0.52 $ (0.14 ) $ 0.38
Income per shares - Diluted $ 0.51 $ (0.13 ) $ 0.38

Fair Value Measurements (Tables

Fair Value Measurements (Tables)9 Months Ended
Jan. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring BasisThe 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.
Assets Measured at Fair Value on a Recurring
Level 1 Level 2 Level 3 Total
Assets:
Municipal Bonds $ — $ 5,515,000 $ — $ 5,515,000
Corporate Bonds 26,000 — — 26,000
REITs — 83,000 — 83,000
Equity Securities 21,796,000 — — 21,796,000
Money Markets and CDs 758,000 — — 758,000
Total fair value of assets measured on a recurring basis $ 22,580,000 $ 5,598,000 $ — $ 28,178,000
Assets Measured at Fair Value on a Recurring
Level 1 Level 2 Level 3 Total
Assets:
Municipal Bonds $ — $ 5,483,000 $ — $ 5,483,000
Corporate Bonds 26,000 — — 26,000
REITs — 84,000 — 84,000
Equity Securities 20,465,000 — — 20,465,000
Money Markets and CDs 1,233,000 — — 1,233,000
Total fair value of assets measured on a recurring basis $ 21,724,000 $ 5,567,000 $ — $ 27,291,000

Correction of Previously Issu_2

Correction of Previously Issued Financial Statements (Tables)9 Months Ended
Jan. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Schedule of Effect of Restatement on Financial StatementsThe tables below reflect
the effect of restatement on the Company’s financial statements for the three and nine month periods ending January 31, 2019:
For the Three Months Ended January 31, 2019
Original Adjustment As Restated
Income Statement
Unrealized Gain (Loss) on Equity Securities $ — $ (184,000 ) $ (184,000 )
Total Other Income (Expense) $ 641,000 $ (184,000 ) $ 457,000
Income Before Provisions for Income Taxes 1,473,000 (184,000 ) 1,289,000
Deferred tax expense (benefit) 9,000 (53,000 ) (44,000 )
Total Income Tax Expense 300,000 (53,000 ) 247,000
Net Income $ 1,173,000 $ (131,000 ) $ 1,042,000
Earnings Per Share of Common Stock $ 0.24 $ (0.03 ) $ 0.21
Basic $ 0.24 $ (0.03 ) $ 0.21
Diluted
For the Nine Months Ended January 31, 2019
Original Adjustment As Restated
Income Statement
Unrealized Gain (Loss) on Equity Securities $ — $ (949,000 ) $ (949,000 )
Total Other Income (Expense) $ 900,000 $ (949,000 ) $ (49,000 )
Income Before Provisions for Income Taxes 3,391,000 (949,000 ) 2,442,000
Deferred tax expense (benefit) 33,000 (274,000 ) (241,000 )
Total Income Tax Expense 832,000 (274,000 ) 558,000
Net Income $ 2,559,000 $ (675,000 ) $ 1,884,000
Earnings Per Share of Common Stock $ 0.52 $ (0.14 ) $ 0.38
Basic $ 0.51 $ (0.13 ) $ 0.38
Diluted
For the Three Months Ended January 31, 2019
Original Adjustment As Restated
Statement of Comprehensive Income
Net Income $ 1,173,000 $ (131,000 ) $ 1,042,000
Other Comprehensive Income, net of Tax
Unrealized gain (loss) on securities Unrealized holding gains arising during period 43,000 13,000 56,000
Less: reclassification adjustment for (gains) losses included in net income (171,000 ) 171,000 —
Income tax expense related to other comprehensive income 37,000 (53,000 ) (16,000 )
Other Comprehensive Income (Loss) $ (91,000 ) $ 131,000 $ 40,000
Comprehensive Income $ 1,082,000 $ — $ 1,082,000
For the Nine Months Ended January 31, 2019
Original Adjustment As Restated
Statement of Comprehensive Income
Net Income $ 2,559,000 $ (675,000 ) $ 1,884,000
Other Comprehensive Income, net of Tax
Unrealized gain (loss) on securities Unrealized holding gains arising during period (595,000 ) 816,000 221,000
Less: reclassification adjustment for (gains) losses included in net income (134,000 ) 134,000 —
Income tax expense related to other comprehensive income 210,000 (274,000 ) (64,000 )
Other Comprehensive Income (Loss) $ (519,000 ) $ 676,000 $ 157,000
Comprehensive Income $ 2,040,000 $ 1,000 $ 2,041,000
Original Adjustment As Restated
Statement of Stockholders’ Equity
Balance, October 31, 2018 $ 36,748,000 $ 2,000 $ 36,750,000
Purchase of common stock (8,000 ) — (8,000 )
Unrealized gain (loss), net of tax effect (91,000 ) 131,000 40,000
Net Income 1,173,000 (131,000 ) 1,042,000
Balance, January 31, 2019 $ 37,822,000 $ 2,000 $ 37,824,000
Original Adjustment As Restated
Statement of Stockholders’ Equity
Balance, April 30, 2018 $ 37,730,000 $ — $ 37,730,000
Purchase of common stock (62,000 ) — (62,000 )
Dividend declared at $0.38 per common share outstanding (1,886,000 ) 1,000 (1,885,000 )
Impact of adoption of ASU 2016-01 — — —
Unrealized gain (loss), net of tax effect (519,000 ) 676,000 157,000
Net Income 2,559,000 (675,000 ) 1,884,000
Balance, January 31, 2019 $ 37,822,000 $ 2,000 $ 37,824,000
For the Nine Months Ended January 31, 2019
Original Adjustment As Restated
Statement of Cash Flows
Cash Flows From Operating Activities
Net Income $ 2,559,000 $ (675,000 ) $ 1,884,000
Adjustment to reconcile net income to net cash provided operating activities
Unrealized (gain) loss on equity securities — 949,000 949,000
Deferred income taxes 33,000 (274,000 ) (241,000 )
Net cash provided by (used in) operating activities $ 2,275,000 $ — $ 2,275,000
For the Three Months Ended January 31,
Originally Filed 2019 Adjustment 2019 Restated 2019
Numerator
Net income $ 1,173,000 $ (131,000 ) $ 1,042,000
Denominator
Weighted average common shares outstanding, basic 4,961,018 — 4,961,018
Convertible Preferred Stock 20,500 — 20,500
Weighted average common shares outstanding, diluted 4,981,518 — 4,981,518
Net Income per share - Basic $ 0.24 $ (0.03 ) $ 0.21
Income per shares - Diluted $ 0.24 $ (0.03 ) $ 0.21
For the Nine Months Ended January 31,
Originally Filed 2019 Adjustment 2019 Restated 2019
Numerator
Net income $ 2,559,000 $ (675,000 ) $ 1,884,000
Denominator
Weighted average common shares outstanding, basic 4,963,592 — 4,963,592
Convertible Preferred Stock 20,500 — 20,500
Weighted average common shares outstanding, diluted 4,984,092 — 4,984,092
Net Income per share - Basic $ 0.52 $ (0.14 ) $ 0.38

Unaudited Interim Financial S_2

Unaudited Interim Financial Statements (Details Narrative)9 Months Ended
Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Discount percentage, descriptionThe Company's customers generally pay within 60 days from the receipt of a valid invoice. The Company offers discounts of up to 2% to certain customers for payments made within a specified number of days.

Investments (Details Narrative)

Investments (Details Narrative) - USD ($)May 02, 2018Jan. 31, 2020Jan. 31, 2020Jan. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Available-for-sale debt securities maturity year descriptionThe investments in debt securities have maturities between April 2020 and January 2044.
Unrealized (gain) loss on marketable securities $ 2,424,000
Impairment loss $ 36,000 $ 41,000 $ 68,000

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($)9 Months Ended12 Months Ended
Jan. 31, 2020Apr. 30, 2019
Cost Basis $ 23,442,000 $ 23,425,000
Gross Unrealized Gains5,029,000 4,223,000
Gross Unrealized Losses(293,000)(357,000)
Fair Value28,178,000 27,291,000
Municipal Bonds [Member]
Cost Basis5,402,000 5,459,000
Gross Unrealized Gains156,000 79,000
Gross Unrealized Losses(43,000)(55,000)
Fair Value5,515,000 5,483,000
Corporate Bonds [Member]
Cost Basis26,000 26,000
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value26,000 26,000
REITs [Member]
Cost Basis89,000 89,000
Gross Unrealized Gains3,000 1,000
Gross Unrealized Losses(9,000)(6,000)
Fair Value83,000 84,000
Equity Securities [Member]
Cost Basis17,167,000 16,618,000
Gross Unrealized Gains4,870,000 4,143,000
Gross Unrealized Losses(241,000)(296,000)
Fair Value21,796,000 20,465,000
Money Markets and CDs [Member]
Cost Basis758,000 1,233,000
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value $ 758,000 $ 1,233,000

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Loss Breakdown by Investment (Details) - USD ($)Jan. 31, 2020Apr. 30, 2019
Less than 12 months Fair Value $ 445,000 $ 1,704,000
Less than 12 months Unrealized Loss(48,000)(106,000)
12 months or greater Fair Value2,388,000 2,264,000
12 months or greater Unrealized Loss(245,000)(251,000)
Total Fair Value2,833,000 3,968,000
Total Unrealized Loss(293,000)(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 Value401,000 580,000
12 months or greater Unrealized Loss(43,000)(50,000)
Total Fair Value401,000 1,352,000
Total Unrealized Loss(43,000)(54,000)
REITs [Member]
Less than 12 months Fair Value
Less than 12 months Unrealized Loss
12 months or greater Fair Value57,000 32,000
12 months or greater Unrealized Loss(9,000)(6,000)
Total Fair Value57,000 32,000
Total Unrealized Loss(9,000)(6,000)
Equity Securities [Member]
Less than 12 months Fair Value445,000 932,000
Less than 12 months Unrealized Loss(48,000)(102,000)
12 months or greater Fair Value1,930,000 1,652,000
12 months or greater Unrealized Loss(193,000)(195,000)
Total Fair Value2,375,000 2,584,000
Total Unrealized Loss $ (241,000) $ (297,000)

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($)Jan. 31, 2020Apr. 30, 2019
Inventory Disclosure [Abstract]
Raw materials $ 4,102,000 $ 3,644,000
Work in process468,000 389,000
Finished goods609,000 641,000
Inventory gross5,179,000 4,674,000
Less: allowance for obsolete inventory(133,000)(91,000)
Totals $ 5,046,000 $ 4,583,000

Business Segments - Schedule of

Business Segments - Schedule of Financial Information Relating to Industry Segments (Details) - USD ($)3 Months Ended9 Months Ended
Jan. 31, 2020Jan. 31, 2019Jan. 31, 2020Jan. 31, 2019Apr. 30, 2019
Total net revenue $ 3,589,000 $ 3,455,000 $ 10,852,000 $ 10,551,000
Total income from operations834,000 832,000 2,690,000 2,491,000
Total depreciation and amortization93,000 81,000 276,000 248,000
Total capital expenditures290,000 88,000 468,000 88,000
Total assets44,746,000 44,746,000 $ 43,027,000
Security Alarm Products [Member]
Total net revenue2,909,000 2,735,000 8,700,000 8,103,000
Total income from operations669,000 659,000 2,156,000 1,972,000
Total depreciation and amortization(22,000)37,000 72,000 57,000
Total capital expenditures 35,000 178,000 35,000
Total assets6,478,000 6,478,000 6,179,000
Cable & Wiring Tools [Member]
Total net revenue547,000 576,000 1,680,000 1,929,000
Total income from operations129,000 138,000 417,000 415,000
Total depreciation and amortization31,000 30,000 92,000 92,000
Total capital expenditures
Total assets2,676,000 2,676,000 2,713,000
Other Products [Member]
Total net revenue133,000 144,000 472,000 519,000
Total income from operations36,000 35,000 117,000 104,000
Total depreciation and amortization34,000 50,000 55,000
Total capital expenditures18,000 37,000 18,000 37,000
Total assets733,000 733,000 842,000
Corporate General [Member]
Total depreciation and amortization50,000 14,000 62,000 44,000
Total capital expenditures272,000 $ 16,000 272,000 $ 16,000
Total assets $ 34,859,000 $ 34,859,000 $ 33,293,000

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)3 Months Ended9 Months Ended
Jan. 31, 2020Jan. 31, 2019Jan. 31, 2020Jan. 31, 2019
Net income $ 1,364,000 $ 1,042,000 $ 3,296,000 $ 1,884,000
Basic EPS, Income $ 1,364,000 $ 3,296,000
Basic EPS, Shares4,950,524 4,961,018 4,953,008 4,963,592
Basic EPS, Per-share $ 0.28 $ 0.21 $ 0.67 $ 0.38
Effect of dilutive securities: Convertible Preferred Stock, Income
Effect of dilutive securities: Convertible Preferred Stock, Shares20,500 20,500 20,500 20,500
Effect of dilutive securities: Convertible Preferred Stock, Per-share
Diluted EPS, Income $ 1,364,000 $ 3,296,000
Diluted EPS, Shares4,971,024 4,981,518 4,973,508 4,984,092
Diluted EPS, Per-share $ 0.27 $ 0.21 $ 0.66 $ 0.38
Original [Member]
Net income $ 1,173,000 $ 2,559,000
Basic EPS, Shares4,961,018 4,963,592
Basic EPS, Per-share $ 0.24 $ 0.52
Effect of dilutive securities: Convertible Preferred Stock, Shares20,500 20,500
Diluted EPS, Shares4,981,518 4,984,092
Diluted EPS, Per-share $ 0.24 $ 0.51
Adjustment [Member]
Net income $ (131,000) $ (675,000)
Basic EPS, Shares
Basic EPS, Per-share $ (0.03) $ (0.14)
Effect of dilutive securities: Convertible Preferred Stock, Shares
Diluted EPS, Shares
Diluted EPS, Per-share $ (0.03) $ (0.13)

Retirement Benefit Plan (Detail

Retirement Benefit Plan (Details Narrative) - USD ($)3 Months Ended9 Months Ended
Jan. 31, 2020Jan. 31, 2019Jan. 31, 2020Jan. 31, 2019
Retirement Benefits [Abstract]
Employees matching contributions $ 14,000 $ 2,000 $ 23,000 $ 7,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)Jan. 31, 2020Apr. 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 $ 28,178,000 $ 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 basis5,515,000 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 basis26,000 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 basis83,000 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 basis21,796,000 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 basis758,000 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 basis22,580,000 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 basis26,000 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 basis21,796,000 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 basis758,000 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 basis5,598,000 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 basis5,515,000 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 basis83,000 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

Related Party Transactions (Det

Related Party Transactions (Details Narrative)9 Months Ended
Jan. 31, 2020USD ($)
Bonita Risk [Member]
Purchase of building $ 200,000

Correction of Previously Issu_3

Correction of Previously Issued Financial Statements - Schedule of Effect of Restatement on Financial Statements (Details) - USD ($)3 Months Ended9 Months Ended
Jan. 31, 2020Jan. 31, 2019Jan. 31, 2020Jan. 31, 2019
Unrealized Gain (Loss) on Equity Securities $ 508,000 $ (184,000) $ 782,000 $ (949,000)
Total Other Income (Expense)1,014,000 457,000 1,708,000 (49,000)
Income Before Provisions for Income Taxes1,848,000 1,289,000 4,398,000 2,442,000
Deferred tax expense (benefit)125,000 (44,000)191,000 (241,000)
Total Income Tax Expense484,000 247,000 1,102,000 558,000
Net Income $ 1,364,000 $ 1,042,000 $ 3,296,000 $ 1,884,000
Basic $ 0.28 $ 0.21 $ 0.67 $ 0.38
Diluted $ 0.27 $ 0.21 $ 0.66 $ 0.38
Unrealized gain (loss) on securities Unrealized holding gains arising during period $ 27,000 $ 56,000 $ 77,000 $ 221,000
Less: reclassification adjustment for (gains) losses included in net income
Income tax expense related to other comprehensive income(8,000)(16,000)(22,000)(64,000)
Other Comprehensive Income (Loss)19,000 40,000 55,000 157,000
Comprehensive Income1,383,000 1,082,000 3,351,000 2,041,000
Beginning balance39,486,000 36,750,000 39,553,000 37,730,000
Purchase of common stock(8,000)(71,000)(62,000)
Dividend declared at $0.38 per common share outstanding(1,885,000)
Unrealized gain (loss), net of tax effect19,000 40,000 55,000 157,000
Ending balance $ 40,852,000 $ 37,824,000 40,852,000 37,824,000
Net cash provided by (used in) operating activities $ 3,015,000 $ 2,275,000
Weighted average common shares outstanding, basic4,950,524 4,961,018 4,953,008 4,963,592
Convertible Preferred Stock20,500 20,500 20,500 20,500
Weighted average common shares outstanding, diluted4,971,024 4,981,518 4,973,508 4,984,092
Original [Member]
Unrealized Gain (Loss) on Equity Securities
Total Other Income (Expense)641,000 900,000
Income Before Provisions for Income Taxes1,473,000 3,391,000
Deferred tax expense (benefit)9,000 33,000
Total Income Tax Expense300,000 832,000
Net Income $ 1,173,000 $ 2,559,000
Basic $ 0.24 $ 0.52
Diluted $ 0.24 $ 0.51
Unrealized gain (loss) on securities Unrealized holding gains arising during period $ 43,000 $ (595,000)
Less: reclassification adjustment for (gains) losses included in net income(171,000)(134,000)
Income tax expense related to other comprehensive income37,000 210,000
Other Comprehensive Income (Loss)(91,000)(519,000)
Comprehensive Income1,082,000 2,040,000
Beginning balance36,748,000 37,730,000
Purchase of common stock(8,000)(62,000)
Dividend declared at $0.38 per common share outstanding(1,886,000)
Impact of adoption of ASU 2016-01
Unrealized gain (loss), net of tax effect(91,000)(519,000)
Ending balance $ 37,822,000 37,822,000
Net cash provided by (used in) operating activities $ 2,275,000
Weighted average common shares outstanding, basic4,961,018 4,963,592
Convertible Preferred Stock20,500 20,500
Weighted average common shares outstanding, diluted4,981,518 4,984,092
Adjustment [Member]
Unrealized Gain (Loss) on Equity Securities $ (184,000) $ (949,000)
Total Other Income (Expense)(184,000)(949,000)
Income Before Provisions for Income Taxes(184,000)(949,000)
Deferred tax expense (benefit)(53,000)(274,000)
Total Income Tax Expense(53,000)(274,000)
Net Income $ (131,000) $ (675,000)
Basic $ (0.03) $ (0.14)
Diluted $ (0.03) $ (0.13)
Unrealized gain (loss) on securities Unrealized holding gains arising during period $ 13,000 $ 816,000
Less: reclassification adjustment for (gains) losses included in net income171,000 134,000
Income tax expense related to other comprehensive income(53,000)(274,000)
Other Comprehensive Income (Loss)131,000 676,000
Comprehensive Income 1,000
Beginning balance2,000
Purchase of common stock
Dividend declared at $0.38 per common share outstanding1,000
Impact of adoption of ASU 2016-01
Unrealized gain (loss), net of tax effect131,000 676,000
Ending balance $ 2,000 2,000
Net cash provided by (used in) operating activities
Weighted average common shares outstanding, basic
Convertible Preferred Stock
Weighted average common shares outstanding, diluted

Correction of Previously Issu_4

Correction of Previously Issued Financial Statements - Schedule of Effect of Restatement on Financial Statements (Details) (Parenthetical) - $ / shares3 Months Ended9 Months Ended
Jan. 31, 2020Jan. 31, 2020Jan. 31, 2019
Dividend declared for per common share outstanding $ 0.40 $ 0.40 $ 0.38
Original [Member]
Dividend declared for per common share outstanding0.38
Adjustment [Member]
Dividend declared for per common share outstanding $ 0.38