Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Oct. 31, 2020 | Dec. 15, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | GEORGE RISK INDUSTRIES, INC. | |
Entity Central Index Key | 0000084112 | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2020 | |
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 Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,948,302 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Oct. 31, 2020 | Apr. 30, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 5,855,000 | $ 6,458,000 |
Investments and securities | 27,666,000 | 25,322,000 |
Accounts receivable: | ||
Trade, net of $1,014 and $7,306 doubtful account allowance | 2,938,000 | 2,964,000 |
Other | 29,000 | 18,000 |
Income tax overpayment | 56,000 | |
Inventories, net | 5,731,000 | 5,103,000 |
Prepaid expenses | 438,000 | 516,000 |
Total Current Assets | 42,657,000 | 40,437,000 |
Property and Equipment, net, at cost | 1,699,000 | 1,465,000 |
Other Assets | ||
Investment in Limited Land Partnership, at cost | 320,000 | 320,000 |
Projects in process | 25,000 | 21,000 |
Other | 2,000 | 2,000 |
Total Other Assets | 347,000 | 343,000 |
Intangible Assets, net | 1,455,000 | 1,517,000 |
TOTAL ASSETS | 46,158,000 | 43,762,000 |
Current Liabilities | ||
Accounts payable, trade | 215,000 | 187,000 |
Dividends payable | 2,081,000 | 1,892,000 |
Accrued expenses: | ||
Payroll and other expense | 346,000 | 450,000 |
Income tax payable | 321,000 | |
Notes payable | 950,000 | 950,000 |
Total Current Liabilities | 3,913,000 | 3,479,000 |
Long-Term Liabilities | ||
Deferred income taxes | 1,298,000 | 699,000 |
Total Long-Term Liabilities | 1,298,000 | 699,000 |
Total Liabilities | 5,211,000 | 4,178,000 |
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 | 87,000 | (4,000) |
Retained earnings | 42,279,000 | 41,006,000 |
Less: treasury stock, 3,553,029 and 3,552,954 shares, at cost | (4,302,000) | (4,301,000) |
Total Stockholders' Equity | 40,947,000 | 39,584,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 46,158,000 | $ 43,762,000 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) | Oct. 31, 2020 | Apr. 30, 2020 |
Allowance for doubtful account receivable | $ 1,014 | $ 7,306 |
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 | 3,553,029 | 3,552,954 |
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, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Income Statement [Abstract] | ||||
Net Sales | $ 4,647,000 | $ 3,710,000 | $ 8,694,000 | $ 7,263,000 |
Less: Cost of Goods Sold | (2,294,000) | (1,860,000) | (4,245,000) | (3,630,000) |
Gross Profit | 2,353,000 | 1,850,000 | 4,449,000 | 3,633,000 |
Operating Expenses | ||||
General and Administrative | 364,000 | 329,000 | 678,000 | 626,000 |
Sales | 604,000 | 555,000 | 1,171,000 | 1,112,000 |
Engineering | 21,000 | 17,000 | 50,000 | 32,000 |
Rent Paid to Related Parties | 3,000 | 8,000 | ||
Total Operating Expenses | 989,000 | 904,000 | 1,899,000 | 1,778,000 |
Income From Operations | 1,364,000 | 946,000 | 2,550,000 | 1,855,000 |
Other Income (Expense) | ||||
Other | 44,000 | 1,000 | 56,000 | 2,000 |
Dividend and Interest Income | 134,000 | 166,000 | 290,000 | 359,000 |
Unrealized Gain (Loss) on Equity Securities | (115,000) | 129,000 | 1,999,000 | 274,000 |
Gain on Investments | 72,000 | 10,000 | 44,000 | 59,000 |
Gain on Sale of Assets | 4,000 | 4,000 | ||
Total Other Income | 139,000 | 306,000 | 2,393,000 | 694,000 |
Income Before Provisions for Income Taxes | 1,503,000 | 1,252,000 | 4,943,000 | 2,549,000 |
Provisions for Income Taxes: | ||||
Current Expense | 682,000 | 258,000 | 1,032,000 | 552,000 |
Deferred Tax (Benefit) Expense | (39,000) | 37,000 | 559,000 | 65,000 |
Total Income Tax Expense | 643,000 | 295,000 | 1,591,000 | 617,000 |
Net Income | $ 860,000 | $ 957,000 | $ 3,352,000 | $ 1,932,000 |
Income Per Share of Common Stock : Basic | $ 0.17 | $ 0.19 | $ 0.68 | $ 0.39 |
Income Per Share of Common Stock : Diluted | $ 0.17 | $ 0.19 | $ 0.67 | $ 0.39 |
Weighted Average Number of Common Shares Outstanding : Basic | 4,949,902 | 4,952,110 | 4,949,914 | 4,954,250 |
Weighted Average Number of Common Shares Outstanding : Diluted | 4,970,402 | 4,972,610 | 4,970,414 | 4,974,750 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 860,000 | $ 957,000 | $ 3,352,000 | $ 1,932,000 |
Unrealized gain (loss) on debt securities: | ||||
Unrealized holding gains (losses) arising during period | (20,000) | 1,000 | 130,000 | 50,000 |
Income tax benefit (expense) related to other comprehensive income | 6,000 | (39,000) | (14,000) | |
Other Comprehensive Income (Loss) | (14,000) | 1,000 | 91,000 | 36,000 |
Comprehensive Income | $ 846,000 | $ 958,000 | $ 3,443,000 | $ 1,968,000 |
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 (Loss) [Member] | Retained Earnings [Member] | Total |
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, 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 | 36,000 | 36,000 | |||||
Net Income | 1,932,000 | 1,932,000 | |||||
Ending balance at Oct. 31, 2019 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,281,000) | 50,000 | 40,834,000 | 39,486,000 |
Ending balance, shares at Oct. 31, 2019 | 4,100 | 8,502,881 | 3,550,771 | ||||
Beginning balance at Jul. 31, 2019 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,280,000) | 49,000 | 41,859,000 | 40,511,000 |
Beginning balance, shares at Jul. 31, 2019 | 4,100 | 8,502,881 | 3,550,571 | ||||
Purchases of common stock | $ (1,000) | (1,000) | |||||
Purchases of common stock, shares | 200 | ||||||
Dividend declared at common share outstanding | (1,982,000) | (1,982,000) | |||||
Unrealized gain (loss), net of tax effect | 1,000 | 1,000 | |||||
Net Income | 957,000 | 957,000 | |||||
Ending balance at Oct. 31, 2019 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,281,000) | 50,000 | 40,834,000 | 39,486,000 |
Ending balance, shares at Oct. 31, 2019 | 4,100 | 8,502,881 | 3,550,771 | ||||
Beginning balance at Apr. 30, 2020 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,301,000) | (4,000) | 41,006,000 | 39,584,000 |
Beginning balance, shares at Apr. 30, 2020 | 4,100 | 8,502,881 | 3,552,954 | ||||
Purchases of common stock | $ (1,000) | $ (1,000) | |||||
Purchases of common stock, shares | 75 | ||||||
Dividend declared at common share outstanding | $ (2,079,000) | $ (2,079,000) | |||||
Unrealized gain (loss), net of tax effect | $ 91,000 | 91,000 | |||||
Net Income | 3,352,000 | 3,352,000 | |||||
Ending balance at Oct. 31, 2020 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,302,000) | 87,000 | 42,279,000 | 40,947,000 |
Ending balance, shares at Oct. 31, 2020 | 4,100 | 8,502,881 | 3,553,029 | ||||
Beginning balance at Jul. 31, 2020 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,301,000) | 101,000 | 43,498,000 | 42,181,000 |
Beginning balance, shares at Jul. 31, 2020 | 4,100 | 8,502,881 | 3,552,954 | ||||
Purchases of common stock | $ (1,000) | (1,000) | |||||
Purchases of common stock, shares | 75 | ||||||
Dividend declared at common share outstanding | (2,079,000) | (2,079,000) | |||||
Unrealized gain (loss), net of tax effect | (14,000) | (14,000) | |||||
Net Income | 860,000 | 860,000 | |||||
Ending balance at Oct. 31, 2020 | $ 99,000 | $ 850,000 | $ 1,934,000 | $ (4,302,000) | $ 87,000 | $ 42,279,000 | $ 40,947,000 |
Ending balance, shares at Oct. 31, 2020 | 4,100 | 8,502,881 | 3,553,029 |
Statements of Stockholders' E_2
Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividend declared for per common share outstanding | $ 0.42 | $ 0.40 | $ 0.42 | $ 0.40 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 3,352,000 | $ 1,932,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 189,000 | 183,000 |
(Gain) loss on sale of investments | (123,000) | (100,000) |
Impairments on investments | 79,000 | 41,000 |
Unrealized (gain) loss on equity securities | (1,999,000) | (274,000) |
Reserve for bad debts | (6,000) | (6,000) |
Reserve for obsolete inventory | 10,000 | 2,000 |
Deferred income taxes | 559,000 | 65,000 |
(Gain) loss on sale of assets | (4,000) | |
(Increase) decrease in: | ||
Accounts receivable | 32,000 | 486,000 |
Inventories | (637,000) | (583,000) |
Prepaid expenses and projects in process | 73,000 | 271,000 |
Other receivables | (10,000) | 5,000 |
Income tax overpayment | 114,000 | |
Increase (decrease) in: | ||
Accounts payable | 28,000 | (36,000) |
Accrued expenses | (104,000) | 11,000 |
Income tax payable | 376,000 | |
Net cash from operating activities | 1,815,000 | 2,111,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sale of assets | 4,000 | |
(Purchase) of property and equipment | (361,000) | (179,000) |
Proceeds from sale of marketable securities | 16,000 | 540,000 |
(Purchase) of marketable securities | (186,000) | (250,000) |
(Purchase) of long-term investment | (27,000) | |
Net cash from investing activities | (527,000) | 84,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
(Purchase) of treasury stock | (1,000) | (54,000) |
Dividends paid | (1,890,000) | (1,802,000) |
Net cash from financing activities | (1,891,000) | (1,856,000) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (603,000) | 339,000 |
Cash and Cash Equivalents, beginning of period | 6,458,000 | 4,873,000 |
Cash and Cash Equivalents, end of period | 5,855,000 | 5,212,000 |
Supplemental Disclosure for Cash Flow Information: | ||
Income taxes | 650,000 | 605,000 |
Interest paid | ||
Cash receipts for: | ||
Income taxes | $ 159,000 |
Unaudited Interim Financial Sta
Unaudited Interim Financial Statements | 6 Months Ended |
Oct. 31, 2020 | |
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, 2020 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 — Financial Instruments – Credit Losses Measurement of Credit Losses on Financial Instruments 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. We applied this guidance, as of May 1, 2020. The application of this guidance did not have a material effect on our 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 financial statements. There are no other new accounting pronouncements that are expected to have a significant impact on our financial statements. |
Investments
Investments | 6 Months Ended |
Oct. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 2 Investments The Company has investments in publicly traded equity securities, state and municipal debt securities, real estate investment trusts, and money markets. The investments in debt securities, which include municipal bonds and bond funds, mature between April 2021 and January 2044. The Company uses the average cost method to determine the cost of equity securities sold with any unrealized gains or losses reported in the respective period’s earnings. Unrealized gains and losses on debt securities are excluded from earnings and reported separately as a component of stockholder’s equity. Dividend and interest income are reported as earned. As of October 31, 2020 and April 30, 2020, investments consisted of the following: Gross Gross Investments at Cost Unrealized Unrealized Fair October 31, 2020 Basis Gains Losses Value Municipal bonds $ 5,308,000 $ 163,000 $ (41,000 ) $ 5,430,000 REITs 112,000 — (41,000 ) 71,000 Equity securities 17,326,000 4,946,000 (684,000 ) 21,588,000 Money markets and CDs 577,000 — — 577,000 Total $ 23,323,000 $ 5,109,000 $ (766,000 ) $ 27,666,000 Gross Gross Investments at Cost Unrealized Unrealized Fair April 30, 2020 Basis Gains Losses Value Municipal bonds $ 5,271,000 $ 80,000 $ (89,000 ) $ 5,262,000 Corporate bonds 26,000 — — 26,000 REITs 112,000 — (44,000 ) 68,000 Equity securities 17,119,000 3,446,000 (1,180,000 ) 19,385,000 Money markets and CDs 581,000 — — 581,000 Total $ 23,109,000 $ 3,526,000 $ (1,313,000 ) $ 25,322,000 Marketable securities that are classified as equity securities are carried at fair value on the balance sheets with changes in fair value recorded as an unrealized gain or (loss) in the statements of income in the period of the change. Upon the disposition of a marketable security, the Company records a realized gain or (loss) on the Company’s statements of income. The Company evaluates all marketable securities for other-than-temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. As a result of this standard, management recorded an impairment loss of $52,000 for the quarter, and recorded a loss of $79,000 for the six months ended October 31, 2020. As for the corresponding periods last year, management recorded an impairment loss of $7,000 for the quarter ended October 31, 2019 and an impairment loss of $41,000 was recorded for the six-months ended October 31, 2019. The Company’s investments are actively traded in the stock and bond markets. Therefore, either a realized gain or loss is recorded when a sale happens. For the quarter ended October 31, 2020 the Company had sales of equity securities which yielded gross realized gains of $184,000 and gross realized losses of $110,000. For the same period, sales of debt securities did not yield any gross realized gains, but gross realized losses of $2,000 were recorded. As for the six-months ended October 31, 2020 the Company had sales of equity securities which yielded gross realized gains of $286,000 and gross realized losses of $236,000. For the same six-month period, sales of debt securities did not yield any gross realized gains, but gross realized losses of $6,000 were recorded. During the quarter ending October 31, 2019, the Company recorded gross realized gains and losses on equity securities of $67,000 and $57,000, respectively, while sales of debt securities did not yield any gross realized gains or losses. During the six-months ending October 31, 2019, the Company recorded gross realized gains and losses on equity securities of $220,000 and $161,000, respectively, as well as gross realized gains and losses on debt securities of $3,000 and $3,000, respectively. The gross realized loss numbers include the impaired figures listed in the previous paragraph. 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, 2020 and April 30, 2020, respectively. Unrealized Loss Breakdown by Investment Type at October 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 $ 93,000 $ (1,000 ) $ 333,000 $ (40,000 ) $ 426,000 $ (41,000 ) REITs 28,000 (17,000 ) 43,000 (24,000 ) 71,000 (41,000 ) Equity securities 4,218,000 (569,000 ) 1,747,000 (115,000 ) 5,965,000 (684,000 ) Total $ 4,339,000 $ (587,000 ) $ 2,123,000 $ (179,000 ) $ 6,462,000 $ (766,000 ) Unrealized Loss Breakdown by Investment Type at April 30, 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 $ 2,203,000 $ (42,000 ) $ 484,000 $ (47,000 ) $ 2,687,000 $ (89,000 ) REITs 43,000 (30,000 ) 24,000 (14,000 ) 67,000 (44000 ) Equity securities 5,496,000 (866,000 ) 1,651,000 (314,000 ) 7,147,000 (1,180,000 ) Total $ 7,742,000 $ (938,000 ) $ 2,159,000 $ (375,000 ) $ 9,901,000 $ (1,313,000 ) 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, 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 October 31, 2020. |
Inventories
Inventories | 6 Months Ended |
Oct. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 Inventories Inventories at October 31, 2020 and April 30, 2020 consisted of the following: October 31, April 30, 2020 2020 Raw materials $ 4,784,000 $ 4,233,000 Work in process 478,000 402,000 Finished goods 617,000 606,000 5,879,000 5,241,000 Less: allowance for obsolete inventory (148,000 ) (138,000 ) Inventories, net $ 5,731,000 $ 5,103,000 |
Business Segments
Business Segments | 6 Months Ended |
Oct. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | Note 4 Business Segments The following is financial information relating to industry segments: Three months Six months Three months Six months ended ended ended ended Oct 31, 2020 Oct 31, 2020 Oct 31, 2019 Oct 31, 2019 Net revenue: Security alarm products $ 3,632,000 $ 6,962,000 $ 2,985,000 $ 5,852,000 Cable & wiring tools 620,000 1,019,000 571,000 1,071,000 Other products 395,000 713,000 154,000 340,000 Total net revenue $ 4,647,000 $ 8,694,000 $ 3,710,000 $ 7,263,000 Income from operations: Security alarm products $ 1,092,000 $ 2,042,000 $ 762,000 $ 1,495,000 Cable & wiring tools 160,000 299,000 140,000 273,000 Other products 112,000 209,000 44,000 87,000 Total income from operations $ 1,364,000 $ 2,550,000 $ 946,000 $ 1,855,000 Depreciation and amortization: Security alarm products $ 39,000 $ 61,000 $ 71,000 $ 94,000 Cable & wiring tools 31,000 61,000 31,000 62,000 Other products 14,000 27,000 (4,000 ) 16,000 Corporate general 19,000 40,000 (4,000 ) 11,000 Total depreciation and amortization $ 103,000 $ 189,000 $ 94,000 $ 183,000 Capital expenditures: Security alarm products $ 149,000 $ 242,000 $ 10,000 $ 179,000 Cable & wiring tools — — — — Other products 111,000 113,000 — — Corporate general 6,000 6,000 — — Total capital expenditures $ 266,000 $ 361,000 $ 10,000 $ 179,000 October 31, 2020 April 30, 2020 Identifiable assets: Security alarm products $ 7,849,000 $ 7,150,000 Cable & wiring tools 2,586,000 2,684,000 Other products 967,000 724,000 Corporate general 34,756,000 33,204,000 Total assets $ 46,158,000 $ 43,762,000 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Oct. 31, 2020 | |
Earnings Per Share [Abstract] | |
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, 2020 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 860,000 Basic EPS $ 860,000 4,949,902 $ .17 Effect of dilutive Convertible Preferred Stock – 20,500 -- Diluted EPS $ 860,000 4,970,402 $ .17 For the six months ended October 31, 2020 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 3,352,000 Basic EPS $ 3,352,000 4,949,914 $ .68 Effect of dilutive Convertible Preferred Stock – 20,500 -- Diluted EPS $ 3,352,000 4,970,414 $ .67 For the three months ended October 31, 2019 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 957,000 Basic EPS $ 957,000 4,952,110 $ .19 Effect of dilutive Convertible Preferred Stock – 20,500 -- Diluted EPS $ 957,000 4,972,610 $ .19 For the six months ended October 31, 2019 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 1,932,000 Basic EPS $ 1,932,000 4,954,250 $ .39 Effect of dilutive Convertible Preferred Stock – 20,500 -- Diluted EPS $ 1,932,000 4,974,750 $ .39 |
Retirement Benefit Plan
Retirement Benefit Plan | 6 Months Ended |
Oct. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plan | Note 6 Retirement Benefit Plan On January 1, 1998, the Company adopted the George Risk Industries, Inc. Retirement Savings Plan (the “Plan”). The Plan is a defined contribution savings plan designed to provide retirement income to eligible employees of the Company. The Plan is intended to be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. It is funded by voluntary pre-tax and Roth (taxable) contributions from eligible employees who may contribute a percentage of their eligible compensation, limited and subject to statutory limits. Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company. Upon leaving the Company, each participant is 100% vested with respect to the participants’ contributions while the Company’s matching contributions are vested over a six-year period in accordance with the Plan document. Contributions are invested, as directed by the participant, in investment funds available under the Plan. Matching contributions by the Company of approximately $16,000 and $7,000 were paid during each quarter ending October 31, 2020 and 2019, respectively. Likewise, the Company paid matching contributions of approximately $29,000 and $9,000 during each six-month period ending October 31, 2020 and 2019, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Oct. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7 Fair Value Measurements The carrying value of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short term nature. The fair value of our investments is determined utilizing market based information. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk. US GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The levels of the fair value hierarchy under US GAAP are described below: Level 1 Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Investments and Marketable Securities As of October 31, 2020, our investments consisted of money markets, publicly traded equity securities, real estate investment trusts (REITs) as well as certain state and municipal debt securities. The marketable securities are valued using third-party broker statements. The value of the majority of securities is derived from quoted market information. The inputs to the valuation are generally classified as Level 1 given the active market for these securities, however, if an active market does not exist, which is the case for municipal bonds and REITs, the inputs are recorded as Level 2. Fair Value Hierarchy The following table sets forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Assets Measured at Fair Value on a Recurring Basis as of Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,430,000 $ — $ 5,430,000 REITs — 71,000 — 71,000 Equity Securities 21,588,000 — — 21,588,000 Money Markets and CDs 577,000 — — 577,000 Total fair value of assets measured on a recurring basis $ 22,165,000 $ 5,501,000 $ — $ 27,666,000 Assets Measured at Fair Value on a Recurring Basis as of Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,262,000 $ — $ 5,262,000 Corporate Bonds 26,000 — — 26,000 REITs — 68,000 — 68,000 Equity Securities 19,385,000 — — 19,385,000 Money Markets and CDs 581,000 — — 581,000 Total fair value of assets measured on a recurring basis $ 19,992,000 $ 5,330,000 $ — $ 25,322,000 |
Notes Payable
Notes Payable | 6 Months Ended |
Oct. 31, 2020 | |
Notes Payable [Abstract] | |
Notes Payable | Note 8 Notes Payable On April 15, 2020, the Company received loan proceeds of approximately $950,000 (the “PPP Loan”) from FirsTier Bank, pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the CARES Act, which was enacted March 27, 2020. The PPP Loan, which was in the form of a Note dated April 15, 2020 issued to the Company, matures on April 15, 2022 and bears interest at a rate of 1% per annum, payable monthly commencing on November 15, 2020. If the Company submits a loan forgiveness application within ten months of the completion of the Covered Period, it will not be required to make any payments until the forgiveness amount is remitted to the lender by Small Business Administration (“SBA”). Interest accrues during the time between the disbursement of the loan and the SBA remittance of the forgiveness amount. The Company is responsible for paying the accrued interest only on the amount of the loan that is not forgiven. The lender is responsible for notifying the Company of remittance of the forgiveness amount by the SBA and, if applicable, the date on which the Company’s first payment of the remaining balance is due. The Note may be prepaid by the Company at any time prior to maturity with no prepayment penalties. Funds from the PPP Loan may only be used for payroll costs, costs used to continue group health care benefits, mortgage payments, rent, utilities, and interest on certain other debt obligations. The Company used the entire PPP Loan amount for qualifying expenses. Under the terms of the PPP, certain amounts of the PPP Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. On December 3, 2020, the Company received notice from the lender that the entire amount of the PPP loan was forgiven. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Oct. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9 Subsequent Events As stated above, the Company received notification on December 3, 2020 from its lender of the Paycheck Protection Program (“PPP”) loan that the full amount of the loan was forgiven. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments | As of October 31, 2020 and April 30, 2020, investments consisted of the following: Gross Gross Investments at Cost Unrealized Unrealized Fair October 31, 2020 Basis Gains Losses Value Municipal bonds $ 5,308,000 $ 163,000 $ (41,000 ) $ 5,430,000 REITs 112,000 — (41,000 ) 71,000 Equity securities 17,326,000 4,946,000 (684,000 ) 21,588,000 Money markets and CDs 577,000 — — 577,000 Total $ 23,323,000 $ 5,109,000 $ (766,000 ) $ 27,666,000 Gross Gross Investments at Cost Unrealized Unrealized Fair April 30, 2020 Basis Gains Losses Value Municipal bonds $ 5,271,000 $ 80,000 $ (89,000 ) $ 5,262,000 Corporate bonds 26,000 — — 26,000 REITs 112,000 — (44,000 ) 68,000 Equity securities 17,119,000 3,446,000 (1,180,000 ) 19,385,000 Money markets and CDs 581,000 — — 581,000 Total $ 23,109,000 $ 3,526,000 $ (1,313,000 ) $ 25,322,000 |
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, 2020 and April 30, 2020, respectively. Unrealized Loss Breakdown by Investment Type at October 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 $ 93,000 $ (1,000 ) $ 333,000 $ (40,000 ) $ 426,000 $ (41,000 ) REITs 28,000 (17,000 ) 43,000 (24,000 ) 71,000 (41,000 ) Equity securities 4,218,000 (569,000 ) 1,747,000 (115,000 ) 5,965,000 (684,000 ) Total $ 4,339,000 $ (587,000 ) $ 2,123,000 $ (179,000 ) $ 6,462,000 $ (766,000 ) Unrealized Loss Breakdown by Investment Type at April 30, 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 $ 2,203,000 $ (42,000 ) $ 484,000 $ (47,000 ) $ 2,687,000 $ (89,000 ) REITs 43,000 (30,000 ) 24,000 (14,000 ) 67,000 (44000 ) Equity securities 5,496,000 (866,000 ) 1,651,000 (314,000 ) 7,147,000 (1,180,000 ) Total $ 7,742,000 $ (938,000 ) $ 2,159,000 $ (375,000 ) $ 9,901,000 $ (1,313,000 ) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories at October 31, 2020 and April 30, 2020 consisted of the following: October 31, April 30, 2020 2020 Raw materials $ 4,784,000 $ 4,233,000 Work in process 478,000 402,000 Finished goods 617,000 606,000 5,879,000 5,241,000 Less: allowance for obsolete inventory (148,000 ) (138,000 ) Inventories, net $ 5,731,000 $ 5,103,000 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information Relating to Industry Segments | The following is financial information relating to industry segments: Three months Six months Three months Six months ended ended ended ended Oct 31, 2020 Oct 31, 2020 Oct 31, 2019 Oct 31, 2019 Net revenue: Security alarm products $ 3,632,000 $ 6,962,000 $ 2,985,000 $ 5,852,000 Cable & wiring tools 620,000 1,019,000 571,000 1,071,000 Other products 395,000 713,000 154,000 340,000 Total net revenue $ 4,647,000 $ 8,694,000 $ 3,710,000 $ 7,263,000 Income from operations: Security alarm products $ 1,092,000 $ 2,042,000 $ 762,000 $ 1,495,000 Cable & wiring tools 160,000 299,000 140,000 273,000 Other products 112,000 209,000 44,000 87,000 Total income from operations $ 1,364,000 $ 2,550,000 $ 946,000 $ 1,855,000 Depreciation and amortization: Security alarm products $ 39,000 $ 61,000 $ 71,000 $ 94,000 Cable & wiring tools 31,000 61,000 31,000 62,000 Other products 14,000 27,000 (4,000 ) 16,000 Corporate general 19,000 40,000 (4,000 ) 11,000 Total depreciation and amortization $ 103,000 $ 189,000 $ 94,000 $ 183,000 Capital expenditures: Security alarm products $ 149,000 $ 242,000 $ 10,000 $ 179,000 Cable & wiring tools — — — — Other products 111,000 113,000 — — Corporate general 6,000 6,000 — — Total capital expenditures $ 266,000 $ 361,000 $ 10,000 $ 179,000 October 31, 2020 April 30, 2020 Identifiable assets: Security alarm products $ 7,849,000 $ 7,150,000 Cable & wiring tools 2,586,000 2,684,000 Other products 967,000 724,000 Corporate general 34,756,000 33,204,000 Total assets $ 46,158,000 $ 43,762,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Earnings Per Share [Abstract] | |
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, 2020 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 860,000 Basic EPS $ 860,000 4,949,902 $ .17 Effect of dilutive Convertible Preferred Stock – 20,500 -- Diluted EPS $ 860,000 4,970,402 $ .17 For the six months ended October 31, 2020 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 3,352,000 Basic EPS $ 3,352,000 4,949,914 $ .68 Effect of dilutive Convertible Preferred Stock – 20,500 -- Diluted EPS $ 3,352,000 4,970,414 $ .67 For the three months ended October 31, 2019 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 957,000 Basic EPS $ 957,000 4,952,110 $ .19 Effect of dilutive Convertible Preferred Stock – 20,500 -- Diluted EPS $ 957,000 4,972,610 $ .19 For the six months ended October 31, 2019 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 1,932,000 Basic EPS $ 1,932,000 4,954,250 $ .39 Effect of dilutive Convertible Preferred Stock – 20,500 -- Diluted EPS $ 1,932,000 4,974,750 $ .39 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
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 $ — $ 5,430,000 $ — $ 5,430,000 REITs — 71,000 — 71,000 Equity Securities 21,588,000 — — 21,588,000 Money Markets and CDs 577,000 — — 577,000 Total fair value of assets measured on a recurring basis $ 22,165,000 $ 5,501,000 $ — $ 27,666,000 Assets Measured at Fair Value on a Recurring Basis as of Level 1 Level 2 Level 3 Total Assets: Municipal Bonds $ — $ 5,262,000 $ — $ 5,262,000 Corporate Bonds 26,000 — — 26,000 REITs — 68,000 — 68,000 Equity Securities 19,385,000 — — 19,385,000 Money Markets and CDs 581,000 — — 581,000 Total fair value of assets measured on a recurring basis $ 19,992,000 $ 5,330,000 $ — $ 25,322,000 |
Investments (Details Narrative)
Investments (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Available-for-sale debt securities maturity year description | The investments in debt securities, which include municipal bonds and bond funds, mature between April 2021 and January 2044. | |||
Impairment loss | $ 52,000 | $ 7,000 | $ 79,000 | $ 41,000 |
Equity securities of gross realized gain | 184,000 | 67,000 | 286,000 | 220,000 |
Equity securities of gross realized losses | 110,000 | 57,000 | 236,000 | 161,000 |
Debt securities of gross realized gains | 3,000 | |||
Debt securities of gross realized losses | $ 2,000 | $ 6,000 | $ 3,000 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Apr. 30, 2020 | |
Cost Basis | $ 23,323,000 | $ 23,109,000 |
Gross Unrealized Gains | 5,109,000 | 3,526,000 |
Gross Unrealized Losses | (766,000) | (1,313,000) |
Fair Value | 27,666,000 | 25,322,000 |
Municipal Bonds [Member] | ||
Cost Basis | 5,308,000 | 5,271,000 |
Gross Unrealized Gains | 163,000 | 80,000 |
Gross Unrealized Losses | (41,000) | (89,000) |
Fair Value | 5,430,000 | 5,262,000 |
REITs [Member] | ||
Cost Basis | 112,000 | 112,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (41,000) | (44,000) |
Fair Value | 71,000 | 68,000 |
Equity Securities [Member] | ||
Cost Basis | 17,326,000 | 17,119,000 |
Gross Unrealized Gains | 4,946,000 | 3,446,000 |
Gross Unrealized Losses | (684,000) | (1,180,000) |
Fair Value | 21,588,000 | 19,385,000 |
Money Markets and CDs [Member] | ||
Cost Basis | 577,000 | 581,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 577,000 | 581,000 |
Corporate Bonds [Member] | ||
Cost Basis | 26,000 | |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 26,000 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss Breakdown by Investment (Details) - USD ($) | Oct. 31, 2020 | Apr. 30, 2020 |
Less than 12 months, Fair Value | $ 4,339,000 | $ 7,742,000 |
Less than 12 months, Unrealized Loss | (587,000) | (938,000) |
12 months or greater, Fair Value | 2,123,000 | 2,159,000 |
12 months or greater, Unrealized Loss | (179,000) | (375,000) |
Total, Fair Value | 6,462,000 | 9,901,000 |
Total, Unrealized Loss | (766,000) | (1,313,000) |
Municipal Bonds [Member] | ||
Less than 12 months, Fair Value | 93,000 | 2,203,000 |
Less than 12 months, Unrealized Loss | (1,000) | (42,000) |
12 months or greater, Fair Value | 333,000 | 484,000 |
12 months or greater, Unrealized Loss | (40,000) | (47,000) |
Total, Fair Value | 426,000 | 2,687,000 |
Total, Unrealized Loss | (41,000) | (89,000) |
REITs [Member] | ||
Less than 12 months, Fair Value | 28,000 | 43,000 |
Less than 12 months, Unrealized Loss | (17,000) | (30,000) |
12 months or greater, Fair Value | 43,000 | 24,000 |
12 months or greater, Unrealized Loss | (24,000) | (14,000) |
Total, Fair Value | 71,000 | 67,000 |
Total, Unrealized Loss | (41,000) | (44,000) |
Equity Securities [Member] | ||
Less than 12 months, Fair Value | 4,218,000 | 5,496,000 |
Less than 12 months, Unrealized Loss | (569,000) | (866,000) |
12 months or greater, Fair Value | 1,747,000 | 1,651,000 |
12 months or greater, Unrealized Loss | (115,000) | (314,000) |
Total, Fair Value | 5,965,000 | 7,147,000 |
Total, Unrealized Loss | $ (684,000) | $ (1,180,000) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) | Oct. 31, 2020 | Apr. 30, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 4,784,000 | $ 4,233,000 |
Work in process | 478,000 | 402,000 |
Finished goods | 617,000 | 606,000 |
Inventory gross | 5,879,000 | 5,241,000 |
Less: allowance for obsolete inventory | (148,000) | (138,000) |
Inventories, net | $ 5,731,000 | $ 5,103,000 |
Business Segments - Schedule of
Business Segments - Schedule of Financial Information Relating to Industry Segments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2020 | |
Total net revenue | $ 4,647,000 | $ 3,710,000 | $ 8,694,000 | $ 7,263,000 | |
Total income from operations | 1,364,000 | 946,000 | 2,550,000 | 1,855,000 | |
Total depreciation and amortization | 103,000 | 94,000 | 189,000 | 183,000 | |
Total capital expenditures | 266,000 | 10,000 | 361,000 | 179,000 | |
Total assets | 46,158,000 | 46,158,000 | $ 43,762,000 | ||
Security Alarm Products [Member] | |||||
Total net revenue | 3,632,000 | 2,985,000 | 6,962,000 | 5,852,000 | |
Total income from operations | 1,092,000 | 762,000 | 2,042,000 | 1,495,000 | |
Total depreciation and amortization | 39,000 | 71,000 | 61,000 | 94,000 | |
Total capital expenditures | 149,000 | 10,000 | 242,000 | 179,000 | |
Total assets | 7,849,000 | 7,849,000 | 7,150,000 | ||
Cable & Wiring Tools [Member] | |||||
Total net revenue | 620,000 | 571,000 | 1,019,000 | 1,071,000 | |
Total income from operations | 160,000 | 140,000 | 299,000 | 273,000 | |
Total depreciation and amortization | 31,000 | 31,000 | 61,000 | 62,000 | |
Total capital expenditures | |||||
Total assets | 2,586,000 | 2,586,000 | 2,684,000 | ||
Other Products [Member] | |||||
Total net revenue | 395,000 | 154,000 | 713,000 | 340,000 | |
Total income from operations | 112,000 | 44,000 | 209,000 | 87,000 | |
Total depreciation and amortization | 14,000 | (4,000) | 27,000 | 16,000 | |
Total capital expenditures | 111,000 | 113,000 | |||
Total assets | 967,000 | 967,000 | 724,000 | ||
Corporate General [Member] | |||||
Total depreciation and amortization | 19,000 | (4,000) | 40,000 | 11,000 | |
Total capital expenditures | 6,000 | 6,000 | |||
Total assets | $ 34,756,000 | $ 34,756,000 | $ 33,204,000 |
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, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 860,000 | $ 957,000 | $ 3,352,000 | $ 1,932,000 |
Basic EPS, Income | $ 860,000 | $ 957,000 | $ 3,352,000 | $ 1,932,000 |
Basic EPS, Shares | 4,949,902 | 4,952,110 | 4,949,914 | 4,954,250 |
Basic EPS, Per-share | $ 0.17 | $ 0.19 | $ 0.68 | $ 0.39 |
Effect of dilutive Convertible Preferred Stock, Income | ||||
Effect of dilutive Convertible Preferred Stock, Shares | 20,500 | 20,500 | 20,500 | 20,500 |
Effect of dilutive Convertible Preferred Stock, Per-share | ||||
Diluted EPS, Income | $ 860,000 | $ 957,000 | $ 3,352,000 | $ 1,932,000 |
Diluted EPS, Shares | 4,970,402 | 4,972,610 | 4,970,414 | 4,974,750 |
Diluted EPS, Per-share | $ 0.17 | $ 0.19 | $ 0.67 | $ 0.39 |
Retirement Benefit Plan (Detail
Retirement Benefit Plan (Details Narrative) - USD ($) | Jan. 01, 1998 | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 |
Retirement Benefits [Abstract] | |||||
Description of employees eligibility | Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company. | ||||
Employer matching contribution vesting period | 6 years | ||||
Employees vesting percentage | 100.00% | ||||
Employees matching contributions | $ 16,000 | $ 29,000 | $ 7,000 | $ 9,000 |
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, 2020 | Apr. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | $ 27,666,000 | $ 25,322,000 |
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 | 5,430,000 | 5,262,000 |
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 | 71,000 | 68,000 |
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 | 21,588,000 | 19,385,000 |
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 | 577,000 | 581,000 |
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 | |
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 | 22,165,000 | 19,992,000 |
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] | 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 | 21,588,000 | 19,385,000 |
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 | 577,000 | 581,000 |
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 | |
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 | 5,501,000 | 5,330,000 |
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 | 5,430,000 | 5,262,000 |
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 | 71,000 | 68,000 |
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 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 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] | 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 | ||
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 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - Paycheck Protection Program [Member] - FirsTier Bank [Member] | Apr. 15, 2020USD ($) |
Proceeds from loan | $ 950,000 |
Debt instrument matures date | Apr. 15, 2022 |
Debt instrument interest rate | 1.00% |
Debt instrument description | The Company received loan proceeds of approximately $950,000 (the "PPP Loan") from FirsTier Bank, pursuant to the Paycheck Protection Program (the "PPP") under Division A, Title I of the CARES Act, which was enacted March 27, 2020. The PPP Loan, which was in the form of a Note dated April 15, 2020 issued to the Company, matures on April 15, 2022 and bears interest at a rate of 1% per annum, payable monthly commencing on November 15, 2020. |
Prepayment penalties |