Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Aug. 06, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | GEORGE RISK INDUSTRIES, INC. | |
Entity Central Index Key | 0000084112 | |
Document Type | 10-K | |
Document Period End Date | Apr. 30, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filer | No | |
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 Public Float | $ 25,469,000 | |
Entity Common Stock, Shares Outstanding | 4,946,456 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 |
Balance Sheets
Balance Sheets - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 7,326,000 | $ 6,458,000 |
Investments and securities | 33,337,000 | 25,322,000 |
Accounts receivable: | ||
Trade, net of $9,947 and $7,306 doubtful account allowance for 2021 and 2020, respectively | 3,812,000 | 2,964,000 |
Other | 16,000 | 18,000 |
Income tax overpayment | 56,000 | |
Inventories, net | 5,622,000 | 5,103,000 |
Prepaid expenses | 405,000 | 516,000 |
Total Current Assets | 50,518,000 | 40,437,000 |
Property and Equipment, at cost, net | 1,704,000 | 1,465,000 |
Other Assets | ||
Investment in Limited Land Partnership, at cost | 320,000 | 320,000 |
Projects in process | 200,000 | 21,000 |
Other | 2,000 | |
Total Other Assets | 520,000 | 343,000 |
Intangible Assets, net | 1,394,000 | 1,517,000 |
TOTAL ASSETS | 54,136,000 | 43,762,000 |
Current Liabilities | ||
Accounts payable, trade | 477,000 | 187,000 |
Dividends payable | 2,080,000 | 1,892,000 |
Accrued expenses: | ||
Payroll and related expenses | 359,000 | 450,000 |
Income tax payable | 81,000 | |
Notes payable | 950,000 | |
Total Current Liabilities | 2,997,000 | 3,479,000 |
Long-Term Liabilities | ||
Deferred income taxes | 2,735,000 | 699,000 |
Total Long-Term Liabilities | 2,735,000 | 699,000 |
Total Liabilities | 5,732,000 | 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 (loss) | 108,000 | (4,000) |
Retained earnings | 49,749,000 | 41,006,000 |
Less: treasury stock, 3,556,412 and 3,552,954 shares, at cost | (4,336,000) | (4,301,000) |
Total Stockholders' Equity | 48,404,000 | 39,584,000 |
TOTAL LIABILITES AND STOCKHOLDERS' EQUITY | $ 54,136,000 | $ 43,762,000 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Allowance for doubtful account receivable | $ 9,947 | $ 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 | 3,556,412 | 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 |
Income Statements
Income Statements - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Income Statement [Abstract] | ||
Net Sales | $ 18,505,000 | $ 14,809,000 |
Less: Cost of Goods Sold | (9,176,000) | (7,404,000) |
Gross Profit | 9,329,000 | 7,405,000 |
Operating Expenses: | ||
General and Administrative | 1,443,000 | 1,304,000 |
Selling | 2,479,000 | 2,278,000 |
Engineering | 101,000 | 86,000 |
Rent Paid to Related Parties | 7,000 | |
Total Operating Expenses | 4,023,000 | 3,675,000 |
Income From Operations | 5,306,000 | 3,730,000 |
Other Income (Expense) | ||
Other Income | 1,009,000 | 3,000 |
Interest Expense | (1,000) | |
Dividend and Interest Income | 757,000 | 931,000 |
Unrealized Gain (Loss) on Equity Securities | 7,007,000 | (1,619,000) |
Gain (Loss) on Sale of Investment | 363,000 | (384,000) |
Gain (Loss) on Sale of Assets | 4,000 | 5,000 |
Total Other Income (Expense) | 9,140,000 | (1,065,000) |
Income Before Provisions for Income Taxes | 14,446,000 | 2,665,000 |
Provisions for Income Taxes | ||
Current Expense | 1,636,000 | 1,056,000 |
Deferred tax (benefit) expense | 1,988,000 | (498,000) |
Total Income Tax Expense | 3,624,000 | 561,000 |
Net Income | $ 10,822,000 | $ 2,104,000 |
Earnings Per Share of Common Stock Basic | $ 2.19 | $ 0.42 |
Earnings Per Share of Common Stock Diluted | $ 2.18 | $ 0.42 |
Weighted Average Number of Common Shares Outstanding (Basic) | 4,948,710 | 4,952,277 |
Weighted Average Number of Common Shares Outstanding (Diluted) | 4,969,210 | 4,972,777 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 10,822,000 | $ 2,104,000 |
Unrealized gain (loss) on debt securities: | ||
Unrealized holding gains (losses) arising during period | 160,000 | (24,000) |
Income tax (expense) benefit related to other comprehensive income | (48,000) | 6,000 |
Other Comprehensive Income (Loss) | 112,000 | (18,000) |
Comprehensive Income | $ 10,934,000 | $ 2,086,000 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - 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 | $ (74,000) | (74,000) | |||||
Purchases of common stock , shares | 8,683 | ||||||
Dividend declared at $0.40 per common share outstanding | (1,981,000) | (1,981,000) | |||||
Unrealized gain (loss), net of tax effect | (18,000) | (18,000) | |||||
Net Income | 2,104,000 | 2,104,000 | |||||
Ending balance at Apr. 30, 2020 | $ 99,000 | $ 850,000 | 1,934,000 | $ (4,301,000) | (4,000) | 41,006,000 | 39,584,000 |
Ending balance, shares at Apr. 30, 2020 | 4,100 | 8,502,881 | 3,552,954 | ||||
Purchases of common stock | $ (35,000) | (35,000) | |||||
Purchases of common stock , shares | 3,458 | ||||||
Dividend declared at $0.40 per common share outstanding | (2,079,000) | (2,079,000) | |||||
Unrealized gain (loss), net of tax effect | 112,000 | 112,000 | |||||
Net Income | 10,822,000 | 10,822,000 | |||||
Ending balance at Apr. 30, 2021 | $ 99,000 | $ 850,000 | $ 1,934,000 | $ (4,336,000) | $ 108,000 | $ 49,749,000 | $ 48,404,000 |
Ending balance, shares at Apr. 30, 2021 | 4,100 | 8,502,881 | 3,556,412 |
Statements of Stockholders' E_2
Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividend declared for per common share outstanding | $ 0.42 | $ 0.40 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Cash Flows From Operating Activities: | ||
Net Income | $ 10,822,000 | $ 2,104,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 401,000 | 373,000 |
Realized (gain) loss on sale of investments | (442,000) | 227,000 |
Impairment on investments | 79,000 | 157,000 |
Unrealized (gain) loss on equity securities | (7,007,000) | 1,619,000 |
PPP loan forgiven | (950,000) | |
Bad debt expense | 3,000 | (2,000) |
Reserve for obsolete inventory | 37,000 | 47,000 |
(Gain) loss on sale of assets | (4,000) | (5,000) |
Deferred income taxes | 1,988,000 | (498,000) |
(Increase) decrease in: | ||
Accounts receivable | (850,000) | (266,000) |
Inventories | (557,000) | (567,000) |
Prepaid expenses | (67,000) | (137,000) |
Other receivables | 2,000 | (12,000) |
Income tax overpayment | 203,000 | |
Increase (decrease) in: | ||
Accounts payable | 291,000 | (19,000) |
Accrued expenses | (91,000) | 94,000 |
Income tax payable | 137,000 | |
Net cash from operating activities | 3,792,000 | 3,320,000 |
Cash Flows From Investing Activities: | ||
Proceeds from sale of assets | 4,000 | 5,000 |
(Purchase) of property and equipment | (517,000) | (731,000) |
Proceeds from sale of marketable securities | 21,000 | 776,000 |
(Purchase) of marketable securities | (506,000) | (831,000) |
(Purchase) of long-term investment | (27,000) | |
Net cash from investing activities | (998,000) | (808,000) |
Cash Flows From Financing Activities: | ||
Proceeds from issuance of new debt | 950,000 | |
(Purchase) of treasury stock | (35,000) | (74,000) |
Dividends paid | (1,891,000) | (1,803,000) |
Net cash from financing activities | (1,926,000) | (927,000) |
Net Change in Cash and Cash Equivalents | 868,000 | 1,585,000 |
Cash and Cash Equivalents, beginning of year | 6,458,000 | 4,873,000 |
Cash and Cash Equivalents, end of year | 7,326,000 | 6,458,000 |
Cash payments for: | ||
Income taxes paid | 1,540,000 | 1,277,000 |
Interest expense | 1,000 | |
Cash receipts for: | ||
Income taxes | $ 52,000 | $ 433,000 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | 1. Nature of Business and Summary of Significant Accounting Policies George Risk Industries, Inc. (GRI or the Company) was incorporated in 1967 in Colorado. The Company is presently engaged in the design, manufacture, and sale of custom computer keyboards, proximity switches, security alarm components and systems, pool access alarms, EZ Duct wire covers, water sensors, electronic switching devices, high security switches, and wire and cable installation tools. Nature of Business Cash and Cash Equivalents Allowance for Doubtful Accounts The Company records an allowance for doubtful accounts based on an analysis of specifically identified customer balances. The Company has a limited number of customers with individually substantial amounts due at any given date. Any unanticipated change in any one of these customers’ credit worthiness or other matters affecting the collectability of amounts due from such customers could have a material effect on the results of operations in the period in which such changes or events occur. After all attempts to collect a receivable have failed, the receivable is written off. The Company has recorded an allowance for doubtful accounts of $9,947 for the year ended April 30, 2021 and $7,306 for the year ended April 30, 2020. For the fiscal year ended April 30, 2021, bad debt expense was $1,828. For the fiscal year ended April 30, 2020, bad debt recovery was $156. Inventories Property and Equipment Classification Useful Life 2021 2020 Dies, jigs, and molds 3–7 $ 1,844,000 $ 1,826,000 Machinery and equipment 5–10 2,064,000 1,797,000 Furniture and fixtures 5–10 196,000 143,000 Improvements 5–32 361,000 266,000 Buildings 20–39 1,151,000 1,151,000 Automotive 3–5 110,000 110,000 Software 2–5 425,000 425,000 Land N/A 80,000 80,000 Total 6,231,000 5,798,000 Accumulated depreciation (4,527,000 ) (4,333,000 ) Property and equipment, net $ 1,704,000 $ 1,465,000 Depreciation expense of $278,000 and $250,000 was charged to operations for the years ended April 30, 2021 and 2020, respectively. Maintenance and repairs are charged to expense as incurred, and expenditures for major improvements are capitalized. When assets are retired or otherwise disposed of, the property accounts are relieved of costs and accumulated depreciation and any resulting gain or loss is credited or charged to operations. Investment in Limited Land Partnership — Intangible Assets — As of April 30, 2021, future amortization of intangible assets is expected as follows: Fiscal year end Amortization amount 2022 $ 123,000 2023 $ 122,000 2024 $ 121,000 2025 $ 121,000 2026 $ 121,000 Thereafter $ 786,000 $ 1,394,000 Basic and Diluted Earnings per Share — Advertising — Income Taxes Accounting standards prescribe a recognition threshold and a measurement attribute for the financial statement recognition and measurement of the positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. A “more likely than not” tax position is measured as the largest amount of benefit that is greater than a fifty percent likelihood of being realized upon ultimate settlement, or else a full reserve is established against the tax asset or a liability is recorded. Tax years open for examination by taxing authorities are 2017, 2018, and 2019. Interest and penalties accrued on uncertain tax positions are recorded as income tax expense. It has been determined that the Company does not have uncertain tax positions on its tax returns for the years 2020, 2019, and prior. Based on evaluation of the 2020 transactions and events, the Company does not have any material uncertain tax positions that require measurement. Accounting Estimates Fair Value of Financial Instruments Investments The Company evaluates all marketable securities for other-than temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. Revenue Recognition Variable Consideration Product Returns Product Warranties Shipping and Handling Costs Research and Development Costs Comprehensive Income Segment Reporting and Related Information Recently Issued Accounting Pronouncements “Financial Instruments - Credit Losses (Topic 326),” “Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842).” 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. Subsequent Events |
Inventories
Inventories | 12 Months Ended |
Apr. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. Inventories Inventories at April 30, 2021 and 2020, consisted of the following: 2021 2020 Raw materials $ 4,399,000 $ 4,233,000 Work in process 457,000 402,000 Finished goods 768,000 606,000 Inventory in transit 173,000 — 5,797,000 5,241,000 Less: allowance for obsolete inventory (175,000 ) (138,000 ) Inventories, net $ 5,622,000 $ 5,103,000 |
Investments
Investments | 12 Months Ended |
Apr. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 3. Investments The Company has investments in publicly traded equity securities, state and municipal debt securities, REITs, and money markets and they are recorded at fair value. The investments in debt securities, which include municipal bonds and bond funds, mature between August 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. Dividend and interest income are reported as earned. As of April 30, 2021 and 2020, investments consisted of the following: Investments at Gross Gross April 30, 2021 Cost Unrealized Unrealized Reported Basis Gains Losses Value Municipal bonds $ 5,854,000 $ 198,000 $ (43,000 ) $ 6,009,000 REITs $ 131,000 $ 11,000 $ (5,000 ) $ 137,000 Equity securities $ 17,199,000 $ 9,294,000 $ (74,000 ) $ 26,419,000 Money Markets and CDs $ 772,000 $ - $ - $ 772,000 Total $ 23,956,000 $ 9,503,000 $ (122,000 ) $ 33,337,000 Investments at Gross Gross April 30, 2020 Cost Unrealized Unrealized Reported 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 investments for other-than temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized position. When other than a temporary decline is identified, the Company will decrease the cost of the investment to the new fair value and recognize a loss. The investments are periodically evaluated to determine if impairment changes are required. As a result of this standard, management recorded impairment losses of $79,000 for the year ended April 30, 2021 and $157,000 for the year ended April 30, 2020. The Company’s investments are actively traded in the stock and bond markets. Therefore, there is either a realized gain or loss that is recorded when a sale happens. For the fiscal year ended April 30, 2021 the Company had sales of equity securities which yielded gross realized gains of $666,000 and gross realized losses of $290,000. For the same period, there were not any sales of debt securities for gross realized gains, but sales of debt securities yielded gross realized losses of $13,000. Conversely, the Company recorded gross realized gains on equity securities of $374,000 and gross realized losses of $608,000 for the fiscal year ending April 30, 2020. As for debt securities, gross realized gains were $4,000 and gross realized losses were $154,000 for the fiscal year ending April 30, 2020. The gross realized loss numbers include the impaired figures listed in the previous paragraph. Additionally, proceeds from sales of securities available for sale were $21,000 for the fiscal year ended April 30, 2021 and were $776,000 for the prior fiscal year. 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 April 30, 2021 and 2020. Unrealized Loss Breakdown by Investment Type at April 30, 2021 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 390,000 $ (6,000 ) $ 365,000 $ (37,000 ) $ 755,000 $ (43,000 ) REITs $ — $ — $ 23,000 $ (5,000 ) $ 23,000 $ (5,000 ) Equity securities $ 340,000 $ (35,000 ) $ 377,000 $ (39,000 ) $ 717,000 $ (74,000 ) Total $ 730,000 $ (41,000 ) $ 765,000 $ (81,000 ) $ 1,495,000 $ (122,000 ) 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 $ (44,000 ) 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 occurs, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at April 30, 2021. Marketable Equity Securities and REITs The Company’s investments in marketable equity securities and REITs consist of a wide variety of companies. Investments in these companies include growth, growth income, and foreign investment objectives. Management has evaluated the individual holdings and does not consider these investments to be other-than-temporarily impaired at April 30, 2021. |
Retirement Benefit Plan
Retirement Benefit Plan | 12 Months Ended |
Apr. 30, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plan | 4. Retirement Benefit Plan On January 1, 1998, the Company adopted the George Risk Industries, Inc. Retirement Savings Plan (the “Plan”). The Plan is a defined contribution savings plan designed to provide retirement income to eligible employees of the Company. The Plan is intended to be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. It is funded by voluntary pre-tax and Roth (taxable) contributions from eligible employees who may contribute a percentage of their eligible compensation, limited and subject to statutory limits. Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company. Upon leaving the Company, each participant is 100% vested with respect to the participants’ contributions while the Company’s matching contributions are vested over a six-year period in accordance with the Plan document. Contributions are invested, as directed by the participant, in investment funds available under the Plan. Matching contributions of approximately $61,000 and $40,000 were paid in each of the fiscal years ending April 30, 2021 and 2020 respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Apr. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 5. Stockholders’ Equity Preferred Stock Convertible preferred stock without par value may be issued from time to time as determined by the board of directors. Shares of different series shall be of equal rank but may vary as to terms and conditions. Class A Common Stock During the fiscal year ended April 30, 2021, the Company purchased 3,458 shares of Class A common stock. This was initiated by stockholders contacting the Company. Stock Transfer Agent |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Apr. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. Earnings Per Share Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented are: April 30, 2021 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 10,822,000 Basic EPS $ 10,822,000 4,948,710 $ 2.19 Effect of dilutive Convertible Preferred Stock – 20,500 (.01 ) Diluted EPS $ 10,822,000 4,969,210 $ 2.18 April 30, 2020 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 2,104,000 Basic EPS $ 2,104,000 4,952,277 $ .42 Effect of dilutive Convertible Preferred Stock – 20,500 – Diluted EPS $ 2,104,000 4,972,777 $ .42 |
Commitments, Contingencies, and
Commitments, Contingencies, and Related Party Transactions | 12 Months Ended |
Apr. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, and Related Party Transactions | 7. Commitments, Contingencies, and Related Party Transactions The Company leased a building from Bonita Risk until the Company purchased the building from her in November 2019 for $200,000. Bonita Risk is a majority stockholder, a director and employee of the Company. This building contains the Company’s sales and accounting departments, maintenance department, engineering department and some production facilities. This lease required a minimum payment of $1,535 on a month-to-month basis. The total lease expense for this arrangement per year was $0 and $7,675 for the fiscal years ended April 30, 2021 and 2020, respectively. One of the directors of the board, Joel Wiens, is the principal shareholder of FirsTier Bank. FirsTier Bank is the financial institution the Company uses for its day to day banking operations. Year end balances of accounts held at this bank are $6,885,000 for the year ended April 30, 2021 and $5,167,000 for the year ended April 30, 2020. The Company also received interest income from FirsTier Bank in the amount of approximately $54,800 for the year ended April 30, 2021 and $74,600 for the year ended April 30, 2020. From time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in any litigation that we believe could have a material adverse effect on its financial condition or results of operations. The world has been impacted by the spread of the coronavirus (COVID-19) since early 2020. 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 has been able to continue to operate through the pandemic. The health and safety of our employees and their families remains our top priority. Therefore, we have implemented many Centers of Disease Control protocols to keep our employees safe while the Company continues to produce products and provide service to our customers. While we are operating in a rapidly changing environment, the Company has experienced delays in receiving raw material supplies in a timely manner. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes The Company utilizes the liability method of accounting for income taxes. The liability method measures the expected income tax impact of future income and deductions implicit in the Balance Sheets. The income tax provision for the fiscal year ended April 30, 2021 and 2020 consisted of the following: Year Ended April 30, 2021 2020 Current: Federal $ 1,203,000 784,000 State 433,000 272,000 Deferred: Federal 1,449,000 (361,000 ) State 539,000 (134,000 ) Total income tax provision $ 3,624,000 $ 561,000 Reconciliation of income taxes with Federal and State taxable income: 2021 2020 Income before income taxes $ 14,446,000 $ 2,665,000 State income tax deduction (433,000 ) (282,000 ) Interest and dividend income (387,000 ) (462,000 ) Nondeductible expenses and timing differences (7,763,000 ) 1,875,000 Taxable income $ 5,863,000 $ 3,796,000 The following schedule reconciles the provision for income taxes to the amount computed by applying the statutory rate to income before income taxes: 2021 2020 Income tax provision at statutory rate $ 4,162,000 $ 768,000 Increase (decrease) income taxes resulting from: State income taxes (125,000 ) (81,000 ) Interest and dividend income (112,000 ) (133,000 ) Deferred taxes 1,988,000 (495,000 ) Other temporary and permanent differences (2,289,000 ) 502,000 Income tax expense $ 3,624,000 $ 561,000 Federal tax rate 21.00 % 21.00 % State tax rate 7.81 % 7.81 % Blended statutory rate 28.81 % 28.81 % Deferred tax assets (liabilities) consist of the following components at April 30, 2021 and 2020: 2021 2020 Deferred tax assets (liabilities): Depreciation $ (124,000 ) $ (136,000 ) Inventory valuation 50,000 40,000 Allowance for doubtful accounts 3,000 2,000 Accrued vacation 38,000 32,000 Accumulated unrealized (gain)/loss on investments (2,702,000 ) (637,000 ) Net deferred tax assets (liabilities) $ (2,735,000 ) $ (699,000 ) Federal tax rate 21.00 % 21.00 % State tax rate 7.81 % 7.81 % Blended statutory rate 28.81 % 28.81 % |
Business Segments
Business Segments | 12 Months Ended |
Apr. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | 9. Business Segments The following is financial information relating to industry segments: Quarter ended Year ended Year ended April 30, April 30, April 30, 2021 2021 2020 (Unaudited) Net revenue: Security alarm products $ 4,370,000 $ 15,650,000 $ 12,021,000 Cable & wiring tools 639,000 2,237,000 2,141,000 Other products 169,000 618,000 647,000 Total net revenue $ 5,178,000 $ 18,505,000 $ 14,809,000 Income from operations: Security alarm products 1,302,000 4,487,000 3,186,000 Cable & wiring tools 186,000 642,000 387,000 Other products 52,000 177,000 157,000 Total income from operations $ 1,540,000 $ 5,306,000 $ 3,730,000 Depreciation and amortization: Security alarm products 40,000 139,000 121,000 Cable & wiring tools 31,000 123,000 123,000 Other products 15,000 61,000 64,000 Corporate general 18,000 78,000 65,000 Total depreciation and amortization $ 104,000 $ 401,000 $ 373,000 Capital expenditures: Security alarm products 27,000 275,000 359,000 Cable & wiring tools — — — Other products 129,000 242,000 18,000 Corporate general — — 354,000 Total capital expenditures $ 156,000 $ 517,000 $ 731,000 April 30, 2021 April 30, 2020 Identifiable assets: Security alarm products 8,955,000 7,150,000 Cable & wiring tools 2,534,000 2,684,000 Other products 667,000 724,000 Corporate general 41,980,000 33,204,000 Total assets $ 54,136,000 $ 43,762,000 |
Concentrations
Concentrations | 12 Months Ended |
Apr. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 10. Concentrations The Company maintains the majority of its cash balance in a financial institution in Kimball, Nebraska. Accounts at this institution are insured by the Federal Deposit Insurance Corporation for up to $250,000. For the years ended April 30, 2021 and 2020, the Company had uninsured balances of $6,773,000, and $4,940,000, respectively. Management believes that this financial institution is financially sound and the risk of loss is minimal. Management also has cash funds with Wells Fargo Bank with uninsured balances of $190,000 and $1,041,000 for the years ending April 30, 2021 and 2020, respectively. Management believes that this financial institution is financially sound and the risk of loss is minimal. The Company has sales to a security alarm distributor representing 40% of total sales for the year ended April 30, 2021 and 40% of total sales for the year ended April 30, 2020. This distributor accounted for 55% and 54% of accounts receivable at April 30, 2021 and 2020, respectively. Security switch sales made up 85% of total sales for the fiscal year ended April 30, 2021 and 81% of total sales for the fiscal year ended April 30, 2020. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Apr. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11. Fair Value Measurements The carrying value of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short-term nature. The fair value of our investments is determined utilizing market-based information. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk. US GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The levels of the fair value hierarchy under US GAAP are described below: Level 1 Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Investments and Marketable Securities As of April 30, 2021, The Company’s investments consisted of money markets, publicly traded equity securities, REITs as well as certain state and municipal bonds. 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 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 Basis as of April 30, 2021 Level 1 Level 2 Level 3 Total Assets: Municipal Bonds — $ 6,009,000 — $ 6,009,000 REITs — $ 137,000 — $ 137,000 Equity Securities $ 26,419,000 — — $ 26,419,000 Money Markets and CDs $ 772,000 — — $ 772,000 Total fair value of assets measured on a recurring basis $ 27,191,000 $ 6,146,000 — $ 33,337,000 Assets Measured at Fair Value on a Recurring Basis as of April 30, 2020 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 |
Paycheck Protection Program Loa
Paycheck Protection Program Loan | 12 Months Ended |
Apr. 30, 2021 | |
Debt Disclosure [Abstract] | |
Paycheck Protection Program Loan | 12. Paycheck Protection Program Loan 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 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. The Company used the proceeds of the PPP Loan for qualifying expenses. On December 3, 2020, the Company received notice from the lender that the entire amount of the PPP loan was forgiven. In January 2021 it was determined that PPP loan forgiveness was not taxable. The loan forgiveness amount is included in the “Other” line of the Other Income (Expense) section of the income statement. |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company records an allowance for doubtful accounts based on an analysis of specifically identified customer balances. The Company has a limited number of customers with individually substantial amounts due at any given date. Any unanticipated change in any one of these customers’ credit worthiness or other matters affecting the collectability of amounts due from such customers could have a material effect on the results of operations in the period in which such changes or events occur. After all attempts to collect a receivable have failed, the receivable is written off. The Company has recorded an allowance for doubtful accounts of $9,947 for the year ended April 30, 2021 and $7,306 for the year ended April 30, 2020. For the fiscal year ended April 30, 2021, bad debt expense was $1,828. For the fiscal year ended April 30, 2020, bad debt recovery was $156. |
Inventories | Inventories |
Property and Equipment | Property and Equipment Classification Useful Life 2021 2020 Dies, jigs, and molds 3–7 $ 1,844,000 $ 1,826,000 Machinery and equipment 5–10 2,064,000 1,797,000 Furniture and fixtures 5–10 196,000 143,000 Improvements 5–32 361,000 266,000 Buildings 20–39 1,151,000 1,151,000 Automotive 3–5 110,000 110,000 Software 2–5 425,000 425,000 Land N/A 80,000 80,000 Total 6,231,000 5,798,000 Accumulated depreciation (4,527,000 ) (4,133,000 ) Property and equipment, net $ 1,704,000 $ 1,465,000 Depreciation expense of $278,000 and $250,000 was charged to operations for the years ended April 30, 2021 and 2020, respectively. Maintenance and repairs are charged to expense as incurred, and expenditures for major improvements are capitalized. When assets are retired or otherwise disposed of, the property accounts are relieved of costs and accumulated depreciation and any resulting gain or loss is credited or charged to operations. |
Investment in Limited Land Partnership | Investment in Limited Land Partnership — |
Intangible Assets | Intangible Assets — As of April 30, 2021, future amortization of intangible assets is expected as follows: Fiscal year end Amortization amount 2022 $ 123,000 2023 $ 122,000 2024 $ 121,000 2025 $ 121,000 2026 $ 121,000 Thereafter $ 786,000 $ 1,394,000 |
Basic and Diluted Earnings Per Share | Basic and Diluted Earnings per Share — |
Advertising | Advertising — |
Income Taxes | Income Taxes Accounting standards prescribe a recognition threshold and a measurement attribute for the financial statement recognition and measurement of the positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. A “more likely than not” tax position is measured as the largest amount of benefit that is greater than a fifty percent likelihood of being realized upon ultimate settlement, or else a full reserve is established against the tax asset or a liability is recorded. Tax years open for examination by taxing authorities are 2017, 2018, and 2019. Interest and penalties accrued on uncertain tax positions are recorded as income tax expense. It has been determined that the Company does not have uncertain tax positions on its tax returns for the years 2020, 2019, and prior. Based on evaluation of the 2020 transactions and events, the Company does not have any material uncertain tax positions that require measurement. |
Accounting Estimates | Accounting Estimates |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Investments | Investments The Company evaluates all marketable securities for other-than temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. |
Revenue Recognition | Revenue Recognition Variable Consideration Product Returns Product Warranties |
Shipping and Handling Costs | Shipping and Handling Costs |
Research and Development Costs | Research and Development Costs |
Comprehensive Income | Comprehensive Income |
Segment Reporting and Related Information | Segment Reporting and Related Information |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements “Financial Instruments - Credit Losses (Topic 326),” “Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842).” 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. |
Subsequent Events | Subsequent Events |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment | Property and equipment are recorded at cost. Depreciation is calculated based on the following estimated useful lives using the straight-line method: Classification Useful Life 2021 2020 Dies, jigs, and molds 3–7 $ 1,844,000 $ 1,826,000 Machinery and equipment 5–10 2,064,000 1,797,000 Furniture and fixtures 5–10 196,000 143,000 Improvements 5–32 361,000 266,000 Buildings 20–39 1,151,000 1,151,000 Automotive 3–5 110,000 110,000 Software 2–5 425,000 425,000 Land N/A 80,000 80,000 Total 6,231,000 5,798,000 Accumulated depreciation (4,527,000 ) (4,333,000 ) Property and equipment, net $ 1,704,000 $ 1,465,000 |
Schedule of Future Amortization of Intangible Assets | As of April 30, 2021, future amortization of intangible assets is expected as follows: Fiscal year end Amortization amount 2022 $ 123,000 2023 $ 122,000 2024 $ 121,000 2025 $ 121,000 2026 $ 121,000 Thereafter $ 786,000 $ 1,394,000 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories at April 30, 2021 and 2020, consisted of the following: 2021 2020 Raw materials $ 4,399,000 $ 4,233,000 Work in process 457,000 402,000 Finished goods 768,000 606,000 Inventory in transit 173,000 — 5,797,000 5,241,000 Less: allowance for obsolete inventory (175,000 ) (138,000 ) Inventories, net $ 5,622,000 $ 5,103,000 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments | As of April 30, 2021 and 2020, investments consisted of the following: Investments at Gross Gross April 30, 2021 Cost Unrealized Unrealized Reported Basis Gains Losses Value Municipal bonds $ 5,854,000 $ 198,000 $ (43,000 ) $ 6,009,000 REITs $ 131,000 $ 11,000 $ (5,000 ) $ 137,000 Equity securities $ 17,199,000 $ 9,294,000 $ (74,000 ) $ 26,419,000 Money Markets and CDs $ 772,000 $ - $ - $ 772,000 Total $ 23,956,000 $ 9,503,000 $ (122,000 ) $ 33,337,000 Investments at Gross Gross April 30, 2020 Cost Unrealized Unrealized Reported 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 April 30, 2021 and 2020. Unrealized Loss Breakdown by Investment Type at April 30, 2021 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 390,000 $ (6,000 ) $ 365,000 $ (37,000 ) $ 755,000 $ (43,000 ) REITs $ — $ — $ 23,000 $ (5,000 ) $ 23,000 $ (5,000 ) Equity securities $ 340,000 $ (35,000 ) $ 377,000 $ (39,000 ) $ 717,000 $ (74,000 ) Total $ 730,000 $ (41,000 ) $ 765,000 $ (81,000 ) $ 1,495,000 $ (122,000 ) 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 $ (44,000 ) 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 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
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: April 30, 2021 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 10,822,000 Basic EPS $ 10,822,000 4,948,710 $ 2.19 Effect of dilutive Convertible Preferred Stock – 20,500 (.01 ) Diluted EPS $ 10,822,000 4,969,210 $ 2.18 April 30, 2020 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 2,104,000 Basic EPS $ 2,104,000 4,952,277 $ .42 Effect of dilutive Convertible Preferred Stock – 20,500 – Diluted EPS $ 2,104,000 4,972,777 $ .42 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | The income tax provision for the fiscal year ended April 30, 2021 and 2020 consisted of the following: Year Ended April 30, 2021 2020 Current: Federal $ 1,203,000 784,000 State 433,000 272,000 Deferred: Federal 1,449,000 (361,000 ) State 539,000 (134,000 ) Total income tax provision $ 3,624,000 $ 561,000 |
Summary of Reconciliation of Income Taxes with Federal and State Taxable Income | Reconciliation of income taxes with Federal and State taxable income: 2021 2020 Income before income taxes $ 14,446,000 $ 2,665,000 State income tax deduction (433,000 ) (282,000 ) Interest and dividend income (387,000 ) (462,000 ) Nondeductible expenses and timing differences (7,763,000 ) 1,875,000 Taxable income $ 5,863,000 $ 3,796,000 |
Schedule of Statutory Rate to Income Before Income Taxes | The following schedule reconciles the provision for income taxes to the amount computed by applying the statutory rate to income before income taxes: 2021 2020 Income tax provision at statutory rate $ 4,162,000 $ 768,000 Increase (decrease) income taxes resulting from: State income taxes (125,000 ) (81,000 ) Interest and dividend income (112,000 ) (133,000 ) Deferred taxes 1,988,000 (495,000 ) Other temporary and permanent differences (2,289,000 ) 502,000 Income tax expense $ 3,624,000 $ 561,000 Federal tax rate 21.00 % 21.00 % State tax rate 7.81 % 7.81 % Blended statutory rate 28.81 % 28.81 % |
Summary of Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) consist of the following components at April 30, 2021 and 2020: 2021 2020 Deferred tax assets (liabilities): Depreciation $ (124,000 ) $ (136,000 ) Inventory valuation 50,000 40,000 Allowance for doubtful accounts 3,000 2,000 Accrued vacation 38,000 32,000 Accumulated unrealized (gain)/loss on investments (2,702,000 ) (637,000 ) Net deferred tax assets (liabilities) $ (2,735,000 ) $ (699,000 ) Federal tax rate 21.00 % 21.00 % State tax rate 7.81 % 7.81 % Blended statutory rate 28.81 % 28.81 % |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information Relating to Industry Segments | The following is financial information relating to industry segments: Quarter ended Year ended Year ended April 30, April 30, April 30, 2021 2021 2020 (Unaudited) Net revenue: Security alarm products $ 4,370,000 $ 15,650,000 $ 12,021,000 Cable & wiring tools 639,000 2,237,000 2,141,000 Other products 169,000 618,000 647,000 Total net revenue $ 5,178,000 $ 18,505,000 $ 14,809,000 Income from operations: Security alarm products 1,302,000 4,487,000 3,186,000 Cable & wiring tools 186,000 642,000 387,000 Other products 52,000 177,000 157,000 Total income from operations $ 1,540,000 $ 5,306,000 $ 3,730,000 Depreciation and amortization: Security alarm products 40,000 139,000 121,000 Cable & wiring tools 31,000 123,000 123,000 Other products 15,000 61,000 64,000 Corporate general 18,000 78,000 65,000 Total depreciation and amortization $ 104,000 $ 401,000 $ 373,000 Capital expenditures: Security alarm products 27,000 275,000 359,000 Cable & wiring tools — — — Other products 129,000 242,000 18,000 Corporate general — — 354,000 Total capital expenditures $ 156,000 $ 517,000 $ 731,000 April 30, 2021 April 30, 2020 Identifiable assets: Security alarm products 8,955,000 7,150,000 Cable & wiring tools 2,534,000 2,684,000 Other products 667,000 724,000 Corporate general 41,980,000 33,204,000 Total assets $ 54,136,000 $ 43,762,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | The following tables set forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Assets Measured at Fair Value on a Recurring Basis as of April 30, 2021 Level 1 Level 2 Level 3 Total Assets: Municipal Bonds — $ 6,009,000 — $ 6,009,000 REITs — $ 137,000 — $ 137,000 Equity Securities $ 26,419,000 — — $ 26,419,000 Money Markets and CDs $ 772,000 — — $ 772,000 Total fair value of assets measured on a recurring basis $ 27,191,000 $ 6,146,000 — $ 33,337,000 Assets Measured at Fair Value on a Recurring Basis as of April 30, 2020 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 |
Nature of Business and Summar_4
Nature of Business and Summary of Significant Accounting Policies (Details Narrative) | Nov. 30, 2002USD ($)a | Apr. 30, 2021USD ($)Segment | Apr. 30, 2020USD ($) |
Allowance for doubtful accounts | $ 9,947 | $ 7,306 | |
Bad debt expense | 3,000 | (2,000) | |
Depreciation expense | $ 278,000 | 250,000 | |
Investment in limited land partnership held for sale, description | In November 2002, the Company purchased 6.67% of a prime 22-acre land parcel for development in Winter Park-Grand County, CO for investment purposes for a total of $200,000. | ||
Intangible asset costs | $ 1,394,000 | 1,517,000 | |
Amortization expense | 123,000 | 123,000 | |
Advertising expense | $ 67,000 | 174,000 | |
Number of operating segment | Segment | 3 | ||
Non-compete Agreement [Member] | |||
Intangible assets useful live | 5 years | ||
Intellectual property with a useful live | 15 years | ||
Winter Park-Grand County, CO [Member] | |||
Area of land | a | 22 | ||
Investment | $ 200,000 | ||
Additional contributions expense | $ 120,000 | ||
Winter Park-Grand County, CO [Member] | Minimum [Member] | |||
Property for resale term | 2 years | ||
Winter Park-Grand County, CO [Member] | Maximum [Member] | |||
Property for resale term | 5 years | ||
Debt Recovery [Member] | |||
Allowance for doubtful accounts | $ 156 |
Nature of Business and Summar_5
Nature of Business and Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Total | $ 6,231,000 | $ 5,798,000 |
Accumulated depreciation | (4,527,000) | (4,333,000) |
Property and equipment, net | 1,704,000 | 1,465,000 |
Dies, Jigs, and Molds [Member] | ||
Total | $ 1,844,000 | 1,826,000 |
Dies, Jigs, and Molds [Member] | Minimum [Member] | ||
Useful Life in Years | 3 years | |
Dies, Jigs, and Molds [Member] | Maximum [Member] | ||
Useful Life in Years | 7 years | |
Machinery and Equipment [Member] | ||
Total | $ 2,064,000 | 1,797,000 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Useful Life in Years | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Useful Life in Years | 10 years | |
Furniture and Fixtures [Member] | ||
Total | $ 196,000 | 143,000 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Useful Life in Years | 5 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Useful Life in Years | 10 years | |
Improvements [Member] | ||
Total | $ 361,000 | 266,000 |
Improvements [Member] | Minimum [Member] | ||
Useful Life in Years | 5 years | |
Improvements [Member] | Maximum [Member] | ||
Useful Life in Years | 32 years | |
Buildings [Member] | ||
Total | $ 1,151,000 | 1,151,000 |
Buildings [Member] | Minimum [Member] | ||
Useful Life in Years | 20 years | |
Buildings [Member] | Maximum [Member] | ||
Useful Life in Years | 39 years | |
Automotive [Member] | ||
Total | $ 110,000 | 110,000 |
Automotive [Member] | Minimum [Member] | ||
Useful Life in Years | 3 years | |
Automotive [Member] | Maximum [Member] | ||
Useful Life in Years | 5 years | |
Software [Member] | ||
Total | $ 425,000 | 425,000 |
Software [Member] | Minimum [Member] | ||
Useful Life in Years | 2 years | |
Software [Member] | Maximum [Member] | ||
Useful Life in Years | 5 years | |
Land [Member] | ||
Useful Life in Years | 0 years | |
Total | $ 80,000 | $ 80,000 |
Nature of Business and Summar_6
Nature of Business and Summary of Significant Accounting Policies - Schedule of Future Amortization of Intangible Assets (Details) | Apr. 30, 2021USD ($) |
Accounting Policies [Abstract] | |
2022 | $ 123,000 |
2023 | 122,000 |
2024 | 121,000 |
2025 | 121,000 |
2026 | 121,000 |
Thereafter | 786,000 |
Finite-Lived Intangible Assets, Net | $ 1,394,000 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 4,399,000 | $ 4,233,000 |
Work in process | 457,000 | 402,000 |
Finished goods | 768,000 | 606,000 |
Inventory in transit | 173,000 | |
Inventory gross | 5,797,000 | 5,241,000 |
Less: allowance for obsolete inventory | (175,000) | (138,000) |
Inventories, net | $ 5,622,000 | $ 5,103,000 |
Investments (Details Narrative)
Investments (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities maturity year description | The investments in debt securities, which include municipal bonds and bond funds, mature between August 2021 and January 2044. | |
Impairment loss | $ 79,000 | $ 157,000 |
Equity securities of gross realized gain | 666,000 | 374,000 |
Equity securities of gross realized losses | 290,000 | 608,000 |
Debt securities of gross realized losses | 13,000 | 154,000 |
Debt securities of gross realized gains | 4,000 | |
Proceeds from sale of marketable securities | $ 21,000 | $ 776,000 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Cost Basis | $ 23,956,000 | $ 23,109,000 |
Gross Unrealized Gains | 9,503,000 | 3,526,000 |
Gross Unrealized Losses | (122,000) | (1,313,000) |
Fair Value | 33,337,000 | 25,322,000 |
Municipal Bonds [Member] | ||
Cost Basis | 5,854,000 | 5,271,000 |
Gross Unrealized Gains | 198,000 | 80,000 |
Gross Unrealized Losses | (43,000) | (89,000) |
Fair Value | 6,009,000 | 5,262,000 |
REITs [Member] | ||
Cost Basis | 131,000 | 112,000 |
Gross Unrealized Gains | 11,000 | |
Gross Unrealized Losses | (5,000) | (44,000) |
Fair Value | 137,000 | 68,000 |
Equity Securities [Member] | ||
Cost Basis | 17,199,000 | 17,119,000 |
Gross Unrealized Gains | 9,294,000 | 3,446,000 |
Gross Unrealized Losses | (74,000) | (1,180,000) |
Fair Value | 26,419,000 | 19,385,000 |
Money Markets and CDs [Member] | ||
Cost Basis | 772,000 | 581,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 772,000 | 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 ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Less than 12 months, Fair Value | $ 730,000 | $ 7,742,000 |
Less than 12 months, Unrealized Loss | (41,000) | (938,000) |
12 months or greater, Fair Value | 765,000 | 2,159,000 |
12 months or greater, Unrealized Loss | (81,000) | (375,000) |
Total, Fair Value | 1,495,000 | 9,901,000 |
Total, Unrealized Loss | (122,000) | (1,313,000) |
Municipal Bonds [Member] | ||
Less than 12 months, Fair Value | 390,000 | 2,203,000 |
Less than 12 months, Unrealized Loss | (6,000) | (42,000) |
12 months or greater, Fair Value | 365,000 | 484,000 |
12 months or greater, Unrealized Loss | (37,000) | (47,000) |
Total, Fair Value | 755,000 | 2,687,000 |
Total, Unrealized Loss | (43,000) | (89,000) |
REITs [Member] | ||
Less than 12 months, Fair Value | 43,000 | |
Less than 12 months, Unrealized Loss | (30,000) | |
12 months or greater, Fair Value | 23,000 | 24,000 |
12 months or greater, Unrealized Loss | (5,000) | (14,000) |
Total, Fair Value | 23,000 | 67,000 |
Total, Unrealized Loss | (5,000) | (44,000) |
Equity Securities [Member] | ||
Less than 12 months, Fair Value | 340,000 | 5,496,000 |
Less than 12 months, Unrealized Loss | (35,000) | (866,000) |
12 months or greater, Fair Value | 377,000 | 1,651,000 |
12 months or greater, Unrealized Loss | (39,000) | (314,000) |
Total, Fair Value | 717,000 | 7,147,000 |
Total, Unrealized Loss | $ (74,000) | $ (1,180,000) |
Retirement Benefit Plan (Detail
Retirement Benefit Plan (Details Narrative) - USD ($) | Jan. 01, 1998 | Apr. 30, 2021 | Apr. 30, 2020 |
Retirement Benefits [Abstract] | |||
Description of employees eligibility | Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company. | ||
Employees vesting percentage | 100.00% | ||
Employer matching contribution vesting period | 6 years | ||
Employees matching contributions | $ 61,000 | $ 40,000 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - Series 1 Noncumulative Preferred Stock [Member] | 12 Months Ended |
Apr. 30, 2021$ / sharesshares | |
Description of preferred stock conversion terms | Each share of the Series #1 preferred stock is convertible at the option of the holder into five shares of Class A common stock and is also redeemable at the option of the board of directors at $20 per share. |
Number of shares issued upon conversion | shares | 5 |
Redemption price per share | $ / shares | $ 20 |
Dividend rate per share | $ / shares | $ 1 |
Description of preferred stock dividend payment | No dividends may be paid on the Class A common stock until the holders of the Series #1 preferred stock have been paid. |
Purchases of common stock shares | shares | 3,458 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Net income | $ 10,822,000 | $ 2,104,000 |
Basic EPS, Income | $ 10,822,000 | $ 2,104,000 |
Basic EPS, Shares | 4,948,710 | 4,952,277 |
Basic EPS, Per-share | $ 2.19 | $ 0.42 |
Effect of dilutive Convertible Preferred Stock, Income | ||
Effect of dilutive Convertible Preferred Stock, Shares | 20,500 | 20,500 |
Effect of dilutive Convertible Preferred Stock, Per-share | $ (0.01) | |
Diluted EPS, Income | $ 10,822,000 | $ 2,104,000 |
Diluted EPS, Shares | 4,969,210 | 4,972,777 |
Diluted EPS, Per-share | $ 2.18 | $ 0.42 |
Commitments, Contingencies, a_2
Commitments, Contingencies, and Related Party Transactions (Details Narrative) - USD ($) | Nov. 30, 2019 | Apr. 30, 2021 | Apr. 30, 2020 |
Bonita Risk [Member] | |||
Purchase of asset | $ 200,000 | ||
Joel Wiens [Member] | |||
Bank deposits | $ 6,885,000 | $ 5,167,000 | |
Interest income on bank deposits | 54,800 | 74,600 | |
Building [Member] | Bonita Risk [Member] | |||
Monthly minimum lease payment | 1,535 | ||
Total lease expense | $ 0 | $ 7,675 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Current: Federal | $ 1,203,000 | $ 784,000 |
Current: State | 433,000 | 272,000 |
Deferred: Federal | 1,449,000 | (361,000) |
Deferred: State | 539,000 | (134,000) |
Total income tax provision | $ 3,624,000 | $ 561,000 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Income Taxes with Federal and State Taxable Income (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Income before income taxes | $ 14,446,000 | $ 2,665,000 |
Federal and State [Member] | ||
Income before income taxes | 14,446,000 | 2,665,000 |
State income tax deduction | (433,000) | (282,000) |
Interest and dividend income | (387,000) | (462,000) |
Nondeductible expenses and timing differences | (7,763,000) | 1,875,000 |
Taxable income | $ 5,863,000 | $ 3,796,000 |
Income Taxes - Schedule of Stat
Income Taxes - Schedule of Statutory Rate to Income Before Income Taxes (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision at statutory rate | $ 4,162,000 | $ 768,000 |
State income taxes | (125,000) | (81,000) |
Interest and dividend income | (112,000) | (133,000) |
Deferred taxes | 1,988,000 | (495,000) |
Other temporary and permanent differences | (2,289,000) | 502,000 |
Total Income Tax Expense | $ 3,624,000 | $ 561,000 |
Federal tax rate | 21.00% | 21.00% |
State tax rate | 7.81% | 7.81% |
Blended statutory rate | 28.81% | 28.81% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets (Liabilities) (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Depreciation | $ (124,000) | $ (136,000) |
Inventory valuation | 50,000 | 40,000 |
Allowance for doubtful accounts | 3,000 | 2,000 |
Accrued vacation | 38,000 | 32,000 |
Accumulated unrealized (gain)/loss on investments | (2,702,000) | (637,000) |
Net deferred tax assets (liabilities) | $ (2,735,000) | $ (699,000) |
Federal tax rate | 21.00% | 21.00% |
State tax rate | 7.81% | 7.81% |
Blended statutory rate | 28.81% | 28.81% |
Business Segments - Schedule of
Business Segments - Schedule of Financial Information Relating to Industry Segments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2021 | Apr. 30, 2020 | |
Total net revenue | $ 5,178,000 | $ 18,505,000 | $ 14,809,000 |
Total income from operations | 1,540,000 | 5,306,000 | 3,730,000 |
Total depreciation and amortization | 104,000 | 401,000 | 373,000 |
Total capital expenditures | 156,000 | 517,000 | 731,000 |
Total assets | 54,136,000 | 54,136,000 | 43,762,000 |
Security Alarm Products [Member] | |||
Total net revenue | 4,370,000 | 15,650,000 | 12,021,000 |
Total income from operations | 1,302,000 | 4,487,000 | 3,186,000 |
Total depreciation and amortization | 40,000 | 139,000 | 121,000 |
Total capital expenditures | 27,000 | 275,000 | 359,000 |
Total assets | 8,955,000 | 8,955,000 | 7,150,000 |
Cable & Wiring Tools [Member] | |||
Total net revenue | 639,000 | 2,237,000 | 2,141,000 |
Total income from operations | 186,000 | 642,000 | 387,000 |
Total depreciation and amortization | 31,000 | 123,000 | 123,000 |
Total capital expenditures | |||
Total assets | 2,534,000 | 2,534,000 | 2,684,000 |
Other Products [Member] | |||
Total net revenue | 169,000 | 618,000 | 647,000 |
Total income from operations | 52,000 | 177,000 | 157,000 |
Total depreciation and amortization | 15,000 | 61,000 | 64,000 |
Total capital expenditures | 129,000 | 242,000 | 18,000 |
Total assets | 667,000 | 667,000 | 724,000 |
Corporate General [Member] | |||
Total depreciation and amortization | 18,000 | 78,000 | 65,000 |
Total capital expenditures | 354,000 | ||
Total assets | $ 41,980,000 | $ 41,980,000 | $ 33,204,000 |
Concentrations (Details Narrati
Concentrations (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Cash, FDIC insured amount | $ 250,000 | |
Uninsured amount | $ 6,773,000 | $ 4,940,000 |
Sales (Security Alarm) [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||
Percentage of concentration risk | 40.00% | 40.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||
Percentage of concentration risk | 55.00% | 54.00% |
Sales (Security Switch) [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||
Percentage of concentration risk | 85.00% | 81.00% |
Wells Fargo Bank [Member] | ||
Uninsured amount | $ 190,000 | $ 1,041,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Apr. 30, 2021 | 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 | $ 33,337,000 | $ 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 | 6,009,000 | 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 | 137,000 | 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 | 26,419,000 | 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 | 772,000 | 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 | 27,191,000 | 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 | 26,419,000 | 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 | 772,000 | 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 | 6,146,000 | 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 | 6,009,000 | 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 | 137,000 | 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 |
Paycheck Protection Program L_2
Paycheck Protection Program Loan (Details Narrative) - Paycheck Protection Program [Member] - FirsTier Bank [Member] | Apr. 15, 2020USD ($) |
Proceeds from loan | $ 950,000 |
Debt instrument, maturity 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 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. |
Prepayment penalties |