Cover
Cover - USD ($) | 12 Months Ended | ||
Apr. 30, 2023 | Jul. 31, 2023 | Jul. 28, 2023 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Apr. 30, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity File Number | 000-05378 | ||
Entity Registrant Name | George Risk Industries, Inc. | ||
Entity Central Index Key | 0000084112 | ||
Entity Tax Identification Number | 84-0524756 | ||
Entity Incorporation, State or Country Code | CO | ||
Entity Address, Address Line One | 802 South Elm St. | ||
Entity Address, City or Town | Kimball | ||
Entity Address, State or Province | NE | ||
Entity Address, Postal Zip Code | 69145 | ||
City Area Code | 308 | ||
Local Phone Number | 235–4645 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 21,926,000 | ||
Entity Common Stock, Shares Outstanding | 4,928,508 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | true | ||
Document Financial Statement Restatement Recovery Analysis [Flag] | false | ||
Auditor Name | Haynie and Company | ||
Auditor Location | Littleton, CO | ||
Auditor Firm ID | 457 | ||
Class A Common Stock, $0.10 par value | |||
Title of 12(b) Security | Class A Common Stock, $0.10 par value | ||
Trading Symbol | RSKIA | ||
Convertible Preferred Stock, $20 stated value | |||
Title of 12(b) Security | Convertible Preferred Stock, $20 stated value | ||
Trading Symbol | RSKIA |
Balance Sheets
Balance Sheets - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 4,943,000 | $ 6,078,000 |
Investments and securities | 31,363,000 | 30,979,000 |
Accounts receivable: | ||
Trade, net of allowance for credit losses of $17,922 and $33,531 for 2023 and 2022, respectively | 3,503,000 | 4,114,000 |
Other | 59,000 | 16,000 |
Income tax overpayment | 403,000 | |
Inventories, net | 11,443,000 | 7,940,000 |
Prepaid expenses | 651,000 | 1,362,000 |
Total Current Assets | 52,365,000 | 50,489,000 |
Property and Equipment, at cost, net | 1,997,000 | 1,782,000 |
Other Assets | ||
Investment in Limited Land Partnership, at cost | 344,000 | 344,000 |
Projects in process | 83,000 | 83,000 |
Other | 13,000 | 62,000 |
Total Other Assets | 440,000 | 489,000 |
Intangible Assets, net | 1,149,000 | 1,271,000 |
TOTAL ASSETS | 55,951,000 | 54,031,000 |
Current Liabilities | ||
Accounts payable, trade | 546,000 | 320,000 |
Dividends payable | 2,565,000 | 2,296,000 |
Deferred income | 43,000 | |
Accrued expenses | 421,000 | 354,000 |
Income tax payable | 277,000 | |
Total Current Liabilities | 3,575,000 | 3,247,000 |
Long-Term Liabilities | ||
Deferred income taxes | 1,727,000 | 1,742,000 |
Total Long-Term Liabilities | 1,727,000 | 1,742,000 |
Total Liabilities | 5,302,000 | 4,989,000 |
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) | (161,000) | (137,000) |
Retained earnings | 52,481,000 | 50,843,000 |
Less: treasury stock, 3,572,338 and 3,571,693 shares, at cost | (4,554,000) | (4,547,000) |
Total Stockholders’ Equity | 50,649,000 | 49,042,000 |
TOTAL LIABILITES AND STOCKHOLDERS’ EQUITY | $ 55,951,000 | $ 54,031,000 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Accounts receivable, allowance for credit loss, current | $ 17,922 | $ 33,531 |
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 | 3,572,338 | 3,571,693 |
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, 2023 | Apr. 30, 2022 | |
Income Statement [Abstract] | ||
Net Sales | $ 19,979,000 | $ 20,735,000 |
Less: Cost of Goods Sold | (10,605,000) | (10,720,000) |
Gross Profit | 9,374,000 | 10,015,000 |
Operating Expenses: | ||
General and Administrative | 1,380,000 | 1,426,000 |
Selling | 2,836,000 | 2,857,000 |
Engineering | 98,000 | 84,000 |
Total Operating Expenses | 4,314,000 | 4,367,000 |
Income From Operations | 5,060,000 | 5,648,000 |
Other Income (Expense) | ||
Other Income | 6,000 | 16,000 |
Dividend and Interest Income | 1,068,000 | 1,027,000 |
Unrealized (Loss) on Equity Securities | (31,000) | (2,764,000) |
Gain (Loss) on Sale of Investment | (291,000) | 414,000 |
Gain on Sale of Assets | 3,000 | |
Total Other Income (Expense) | 755,000 | (1,307,000) |
Income Before Provisions for Income Taxes | 5,815,000 | 4,341,000 |
Provisions for Income Taxes | ||
Current Expense | 1,226,000 | 1,669,000 |
Deferred tax (benefit) | (168,000) | (894,000) |
Total Income Tax Expense | 1,058,000 | 775,000 |
Net Income | $ 4,757,000 | $ 3,566,000 |
Earnings Per Share of Common Stock | ||
Basic | $ 0.96 | $ 0.72 |
Diluted | $ 0.96 | $ 0.72 |
Weighted Average Number of Common Shares Outstanding (Basic) | 4,930,835 | 4,941,825 |
Weighted Average Number of Common Shares Outstanding (Diluted) | 4,951,335 | 4,962,325 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Income Statement [Abstract] | ||
Net Income | $ 4,757,000 | $ 3,566,000 |
Unrealized (loss) on debt securities: | ||
Unrealized holding (losses) arising during period | (33,000) | (344,000) |
Income tax benefit related to other comprehensive income | 9,000 | 99,000 |
Other Comprehensive (Loss) | (24,000) | (245,000) |
Comprehensive Income | $ 4,733,000 | $ 3,321,000 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock Class A [Member] | Additional Paid-in Capital [Member] | Treasury Stock (Common Class A) [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balances at Apr. 30, 2021 | $ 99,000 | $ 850,000 | $ 1,934,000 | $ (4,336,000) | $ 108,000 | $ 49,749,000 | $ 48,404,000 |
Balance, shares at Apr. 30, 2021 | 4,100 | 8,502,881 | 3,556,412 | ||||
Purchases of common stock | $ (211,000) | (211,000) | |||||
Dividend declared at $0.60 per common share outstanding | (2,472,000) | (2,472,000) | |||||
Unrealized gain (loss), net of tax effect | (245,000) | (245,000) | |||||
Net Income | 3,566,000 | 3,566,000 | |||||
Prior period adjustment for provisions related to depreciation | |||||||
Purchases of common stock, shares | 15,281 | ||||||
Balance at Apr. 30, 2022 | 1,934,000 | $ (4,547,000) | (137,000) | 50,843,000 | 49,042,000 | ||
Balance, shares at Apr. 30, 2022 | 4,100 | 8,502,881 | 3,571,693 | ||||
Purchases of common stock | $ (7,000) | (7,000) | |||||
Dividend declared at $0.60 per common share outstanding | (2,958,000) | (2,958,000) | |||||
Unrealized gain (loss), net of tax effect | (24,000) | (24,000) | |||||
Net Income | 4,757,000 | 4,757,000 | |||||
Prior period adjustment for provisions related to depreciation | (161,000) | (161,000) | |||||
Purchases of common stock, shares | 645 | ||||||
Balance at Apr. 30, 2023 | $ 99,000 | $ 850,000 | $ 1,934,000 | $ (4,554,000) | $ (161,000) | $ 52,481,000 | $ 50,649,000 |
Balance, shares at Apr. 30, 2023 | 4,100 | 8,502,881 | 3,572,338 |
Statements of Stockholders' E_2
Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividend declared for per common share outstanding | $ 0.60 | $ 0.50 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Cash Flows From Operating Activities: | ||
Net Income | $ 4,757,000 | $ 3,566,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 445,000 | 435,000 |
Realized (gain) loss on sale of investments | 224,000 | (414,000) |
Impairment on investments | 67,000 | |
Unrealized loss on equity securities | 31,000 | 2,764,000 |
Provision for credit losses on accounts receivable | (16,000) | 24,000 |
Reserve for obsolete inventory | 100,000 | 113,000 |
(Gain) on sale of assets | (3,000) | |
Deferred income taxes | (167,000) | (894,000) |
(Increase) decrease in: | ||
Accounts receivable | 627,000 | (326,000) |
Inventories | (3,604,000) | (2,430,000) |
Prepaid expenses | 761,000 | (903,000) |
Other receivables | (43,000) | |
Income tax overpayment | (680,000) | |
Increase (decrease) in: | ||
Accounts payable | 226,000 | (157,000) |
Accrued expenses | 111,000 | (5,000) |
Income tax payable | 196,000 | |
Net cash from operating activities | 2,836,000 | 1,969,000 |
Cash Flows From Investing Activities: | ||
Proceeds from sale of assets | 12,000 | |
(Purchase) of property and equipment | (548,000) | (390,000) |
Proceeds from sale of marketable securities | 25,000 | 452,000 |
(Purchase) of marketable securities | (764,000) | (787,000) |
(Purchase) of long-term investment | (24,000) | |
Net cash from investing activities | (1,275,000) | (749,000) |
Cash Flows From Financing Activities: | ||
(Purchase) of treasury stock | (7,000) | (211,000) |
Dividends paid | (2,689,000) | (2,257,000) |
Net cash from financing activities | (2,696,000) | (2,468,000) |
Net Change in Cash and Cash Equivalents | (1,135,000) | (1,248,000) |
Cash and Cash Equivalents, beginning of year | 6,078,000 | 7,326,000 |
Cash and Cash Equivalents, end of year | 4,943,000 | 6,078,000 |
Supplemental Disclosure for Cash Flow Information: | ||
Income taxes paid | 2,070,000 | 1,575,000 |
Interest expense | ||
Cash receipts for: | ||
Income taxes | $ 176,000 | $ 114,000 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2023 | |
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 Accounts Receivable and Allowance for Estimated Credit Losses The Company maintains an allowance for estimated credit losses related to accounts receivable for future expected credit losses resulting from the inability or unwillingness of our customers to make required payments. We estimate our allowance for credit losses based on relevant information such as historical experience, current conditions, and future expectation of specifically identified customer balances. This allowance is adjusted as appropriate to reflect current conditions. The Company has recorded an allowance for estimated credit losses of $ 17,922 33,531 17,171 24,199 Concentrations of Credit Risk Inventories 1. Nature of Business and Summary of Significant Accounting Policies, continued Property and Equipment Schedule of Property and Equipment Classification Useful Life 2023 2022 Dies, jigs, and molds 3 7 $ 1,871,000 $ 1,855,000 Machinery and equipment 5 10 2,632,000 2,224,000 Furniture and fixtures 5 10 222,000 222,000 Improvements 5 32 605,000 541,000 Buildings 20 39 1,151,000 1,151,000 Automotive 3 5 126,000 110,000 Software 2 5 425,000 425,000 Land N/A 80,000 80,000 Total 7,112,000 6,608,000 Property and equipment, gross 7,112,000 6,608,000 Accumulated depreciation (5,115,000 ) (4,826,000 ) Property and equipment, net $ 1,997,000 $ 1,782,000 Depreciation expense of $ 323,000 312,000 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 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 2 5 144,000 Intangible Assets 15 1,149,000 1,271,000 122,000 123,000 1. Nature of Business and Summary of Significant Accounting Policies, continued As of April 30, 2023, future amortization of intangible assets is expected as follows: Schedule of Future Amortization of Intangible Assets Fiscal year end Amortization amount 2024 $ 121,000 2025 $ 121,000 2026 $ 121,000 2027 $ 121,000 2028 $ 121,000 Thereafter $ 544,000 Total $ 1,149,000 Basic and Diluted Earnings per Share Advertising 105,000 162,000 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. The Internal Revenue Service (“IRS”) may generally access additional income tax records for the most recent three years. This would generally prevent the IRS from opening an examination for years ending on or before April 30, 2019. However, there are exceptions that can extend the statute of limitations to six years, and in some cases, prevent the statute of limitations from ever expiring. Interest and penalties accrued on uncertain tax positions are recorded as income tax expense. 1. Nature of Business and Summary of Significant Accounting Policies, continued It has been determined that the Company does not have uncertain tax positions on its tax returns for the years 2022, 2021, and prior. Based on evaluation of the 2023 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 performance obligations in the contract and (5) recognizing revenue when performance obligations are satisfied. The Company recognizes revenue for product sales upon transfer of title to the customer. Customer purchase orders and/or contracts are generally used to determine the existence of an arrangement. Shipping documents and the completion of any customer acceptance requirements, when applicable, are used to verify product delivery or that services have been rendered. The Company assesses whether a price is fixed or determinable based upon the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. Payments received from customers in advance of product shipment or revenue recognition are treated as deferred revenues and recognized when the product is shipped. 1. Nature of Business and Summary of Significant Accounting Policies, continued Variable Consideration Product Returns Product Warranties Shipping and Handling Costs Research and Development Costs Comprehensive Income Segment Reporting and Related Information Prior Period Financial Statement Adjustment “Materiality” “Considering the Effects of Misstatements when Quantifying Misstatements in the Current Year Financial Statements,” Recently Issued Accounting Pronouncements Subsequent Events |
Inventories
Inventories | 12 Months Ended |
Apr. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. Inventories Inventories at April 30, 2023 and 2022, consisted of the following: Schedule of Inventories 2023 2022 Raw materials $ 9,886,000 $ 6,772,000 Work in process 678,000 618,000 Finished goods 1,267,000 838,000 Inventory gross 11,831,000 8,228,000 Less: allowance for obsolete inventory (388,000 ) (288,000 ) Inventories, net $ 11,443,000 $ 7,940,000 |
Investments
Investments | 12 Months Ended |
Apr. 30, 2023 | |
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 2023 and September 2042. As of April 30, 2023 and 2022, investments consisted of the following: Schedule of Investments Gross Gross Investments at Cost Unrealized Unrealized Reported April 30, 2023 Basis Gains Losses Value Municipal bonds $ 5,396,000 $ 46,000 $ (230,000 ) $ 5,212,000 REITs $ 93,000 $ - $ (22,000 ) $ 71,000 Equity securities $ 18,605,000 $ 6,915,000 $ (501,000 ) $ 25,019,000 Money Markets and CDs $ 1,060,000 $ 1,000 $ - $ 1,061,000 Total $ 25,154,000 $ 6,962,000 $ (753,000 ) $ 31,363,000 Gross Gross Investments at Cost Unrealized Unrealized Reported April 30, 2022 Basis Gains Losses Value Municipal bonds $ 5,625,000 $ 41,000 $ (229,000 ) $ 5,437,000 REITs $ 131,000 $ 16,000 $ (3,000 ) $ 144,000 Equity securities $ 18,322,000 $ 6,921,000 $ (473,000 ) $ 24,770,000 Money Markets and CDs $ 628,000 $ - $ - $ 628,000 Total $ 24,706,000 $ 6,978,000 $ (705,000 ) $ 30,979,000 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 an impairment loss of $ 67,000 no 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, 2023 the Company had sales of equity securities which yielded gross realized gains of $ 512,000 740,000 63,000 661,000 221,000 26,000 25,000 452,000 3. Investments, continued The following table shows the investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at April 30, 2023 and 2022. Unrealized Loss Breakdown by Investment Type at April 30, 2023 Schedule of Unrealized Loss Breakdown by Investment Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 868,000 $ (6,000 ) $ 3,769,000 $ (224,000 ) $ 4,637,000 $ (230,000 ) REITs $ 36,000 $ (9,000 ) $ 35,000 $ (13,000 ) $ 71,000 $ (22,000 ) Equity securities $ 3,048,000 $ (140,000 ) $ 2,209,000 $ (361,000 ) $ 5,257,000 $ (501,000 ) Total $ 3,952,000 $ (155,000 ) $ 6,013,000 $ (598,000 ) $ 9,965,000 $ (753,000 ) Unrealized Loss Breakdown by Investment Type at April 30, 2022 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 4,420,000 $ (142,000 ) $ 539,000 $ (87,000 ) $ 4,959,000 $ (229,000 ) REITs $ 18,000 $ (1,000 ) $ 26,000 $ (2,000 ) $ 44,000 $ (3,000 ) Equity securities $ 4,157,000 $ (424,000 ) $ 274,000 $ (49,000 ) $ 4,431,000 $ (473,000 ) Total $ 8,595,000 $ (567,000 ) $ 839,000 $ (138,000 ) $ 9,434,000 $ (705,000 ) 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, 2023 and 2022. 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, 2023 and 2022. |
Retirement Benefit Plan
Retirement Benefit Plan | 12 Months Ended |
Apr. 30, 2023 | |
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. 100% six-year 58,000 63,000 |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Apr. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | 5. Stockholders’ Equity Preferred Stock Each share of the Series #1 preferred stock is convertible at the option of the holder into five shares of Class A common stock and is also redeemable at the option of the board of directors at $ 20 1 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 No dividends may be paid on the Class A common stock until the holders of the Series #1 preferred stock have been paid. During the fiscal year ended April 30, 2023, the Company purchased 645 Stock Transfer Agent |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Apr. 30, 2023 | |
Earnings Per Share of Common Stock | |
Earnings Per Share | 6. Earnings Per Share Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented are: Schedule of Basic and Diluted Earnings Per Share April 30, 2023 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 4,757,000 Basic EPS $ 4,757,000 4,930,835 $ 0.96 Effect of dilutive Convertible Preferred Stock – 20,500 — Diluted EPS $ 4,757,000 4,951,335 $ 0.96 April 30, 2022 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 3,566,000 Basic EPS $ 3,566,000 4,941,825 $ 0.72 Effect of dilutive Convertible Preferred Stock – 20,500 — Diluted EPS $ 3,566,000 4,962,325 $ 0.72 |
Commitments, Contingencies, and
Commitments, Contingencies, and Related Party Transactions | 12 Months Ended |
Apr. 30, 2023 | |
Commitments Contingencies And Related Party Transactions | |
Commitments, Contingencies, and Related Party Transactions | 7. Commitments, Contingencies, and Related Party Transactions One of the directors of the board, Joel Wiens, is the principal shareholder of FirsTier Bank. FirsTier Bank is the financial institution the Company uses for its day-to-day banking operations. Year end balances of accounts held at this bank are $ 4,637,000 5,058,000 102,700 58,800 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2023 | |
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, 2023 and 2022 consisted of the following: Schedule of Income Tax Provision Year Ended April 30, 2023 2022 Current: Federal $ 1,051,000 1,202,000 State 175,000 467,000 Deferred: Federal (108,000 ) (652,000 ) State (60,000 ) (242,000 ) Total income tax provision $ 1,058,000 $ 775,000 Reconciliation of income taxes with Federal and State taxable income: Schedule of Reconciliation of Income Taxes with Federal and State Taxable Income 2023 2022 Income before income taxes $ 5,815,000 $ 4,341,000 State income tax deduction (351,000 ) (477,000 ) Interest and dividend income (511,000 ) (524,000 ) Nondeductible expenses and timing differences (11,000 ) 3,120,000 Taxable income $ 4,942,000 $ 6,460,000 The following schedule reconciles the provision for income taxes to the amount computed by applying the statutory rate to income before income taxes: Schedule of Statutory Rate to Income Before Income Taxes 2023 2022 Income tax provision at statutory rate $ 1,657,000 $ 1,251,000 Increase (decrease) income taxes resulting from: State income taxes (100,000 ) (138,000 ) Interest and dividend income (146,000 ) (151,000 ) Deferred taxes (168,000 ) (894,000 ) Other temporary and permanent differences (185,000 ) 707,000 Income tax expense $ 1,058,000 $ 775,000 Federal tax rate 21.00 % 21.00 % State tax rate 7.50 % 7.81 % Blended statutory rate 28.50 % 28.81 % Deferred tax assets (liabilities) consist of the following components at April 30, 2023 and 2022: Summary of Deferred Tax Assets (Liabilities) 2023 2022 Deferred tax assets (liabilities): Depreciation $ (276,000 ) $ (67,000 ) Capitalized R&D expense 165,000 $ — Inventory valuation 111,000 83,000 Allowance for doubtful accounts 5,000 10,000 Accrued vacation 37,000 39,000 Accumulated unrealized (gain)/loss on investments (1,769,000 ) (1,807,000 ) Net deferred tax assets (liabilities) $ (1,727,000 ) $ (1,742,000 ) |
Business Segments
Business Segments | 12 Months Ended |
Apr. 30, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | 9. Business Segments The following is financial information relating to industry segments: Schedule of Financial Information Relating to Industry Segments Quarter ended Year ended Year ended April 30, April 30, April 30, 2023 2023 2022 (Unaudited) Net revenue: Security alarm products $ 4,349,000 $ 17,428,000 $ 17,833,000 Cable & wiring tools 309,000 1,870,000 2,130,000 Other products 127,000 681,000 772,000 Total net revenue $ 4,785,000 $ 19,979,000 $ 20,735,000 Income from operations: Security alarm products 1,031,000 4,414,000 4,858,000 Cable & wiring tools 111,000 474,000 580,000 Other products 40,000 172,000 210,000 Total income from operations $ 1,182,000 $ 5,060,000 $ 5,648,000 Depreciation and amortization: Security alarm products 47,000 194,000 173,000 Cable & wiring tools 30,000 122,000 123,000 Other products 24,000 81,000 78,000 Corporate general 13,000 48,000 62,000 Total depreciation and amortization $ 114,000 $ 445,000 $ 436,000 Capital expenditures: Security alarm products 162,000 237,000 366,000 Cable & wiring tools — — — Other products 122,000 268,000 11,000 Corporate general 43,000 43,000 13,000 Total capital expenditures $ 327,000 $ 548,000 $ 390,000 April 30, 2023 April 30, 2022 Identifiable assets: Security alarm products 14,251,000 11,537,000 Cable & wiring tools 2,548,000 2,509,000 Other products 981,000 732,000 Corporate general 38,171,000 39,253,000 Total assets $ 55,951,000 $ 54,031,000 |
Concentrations
Concentrations | 12 Months Ended |
Apr. 30, 2023 | |
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 4,530,000 5,256,000 Management also has cash funds with Wells Fargo Bank with uninsured balances of $ 56,000 769,000 The Company has sales to a security alarm distributor representing 36% 35% 44% 50% Security switch sales made up 87% 86% |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Apr. 30, 2023 | |
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, 2023 and 2022, 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. Schedule of Assets Measured at Fair Value on Recurring Basis Level 1 Level 2 Level 3 Total Assets Measured at Fair Value on a Recurring Basis as of April 30, 2023 Level 1 Level 2 Level 3 Total Assets: Municipal Bonds — $ 5,212,000 — $ 5,212,000 REITs — $ 71,000 — $ 71,000 Equity Securities $ 25,019,000 — — $ 25,019,000 Money Markets and CDs $ 1,061,000 — — $ 1,061,000 Total fair value of assets measured on a recurring basis $ 26,080,000 $ 5,283,000 — $ 31,363,000 Level 1 Level 2 Level 3 Total Assets Measured at Fair Value on a Recurring Basis as of April 30, 2022 Level 1 Level 2 Level 3 Total Assets: Municipal Bonds — $ 5,437,000 — $ 5,437,000 REITs — $ 144,000 — $ 144,000 Equity Securities $ 24,770,000 — — $ 24,770,000 Money Markets and CDs $ 628,000 — — $ 628,000 Total fair value of assets measured on a recurring basis $ 25,398,000 $ 5,581,000 — $ 30,979,000 |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Accounts Receivable and Allowance for Estimated Credit Losses | Accounts Receivable and Allowance for Estimated Credit Losses The Company maintains an allowance for estimated credit losses related to accounts receivable for future expected credit losses resulting from the inability or unwillingness of our customers to make required payments. We estimate our allowance for credit losses based on relevant information such as historical experience, current conditions, and future expectation of specifically identified customer balances. This allowance is adjusted as appropriate to reflect current conditions. The Company has recorded an allowance for estimated credit losses of $ 17,922 33,531 17,171 24,199 |
Concentrations of Credit Risk | Concentrations of Credit Risk |
Inventories | Inventories 1. Nature of Business and Summary of Significant Accounting Policies, continued |
Property and Equipment | Property and Equipment Schedule of Property and Equipment Classification Useful Life 2023 2022 Dies, jigs, and molds 3 7 $ 1,871,000 $ 1,855,000 Machinery and equipment 5 10 2,632,000 2,224,000 Furniture and fixtures 5 10 222,000 222,000 Improvements 5 32 605,000 541,000 Buildings 20 39 1,151,000 1,151,000 Automotive 3 5 126,000 110,000 Software 2 5 425,000 425,000 Land N/A 80,000 80,000 Total 7,112,000 6,608,000 Property and equipment, gross 7,112,000 6,608,000 Accumulated depreciation (5,115,000 ) (4,826,000 ) Property and equipment, net $ 1,997,000 $ 1,782,000 Depreciation expense of $ 323,000 312,000 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 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 2 5 144,000 |
Intangible Assets | Intangible Assets 15 1,149,000 1,271,000 122,000 123,000 1. Nature of Business and Summary of Significant Accounting Policies, continued As of April 30, 2023, future amortization of intangible assets is expected as follows: Schedule of Future Amortization of Intangible Assets Fiscal year end Amortization amount 2024 $ 121,000 2025 $ 121,000 2026 $ 121,000 2027 $ 121,000 2028 $ 121,000 Thereafter $ 544,000 Total $ 1,149,000 |
Basic and Diluted Earnings per Share | Basic and Diluted Earnings per Share |
Advertising | Advertising 105,000 162,000 |
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. The Internal Revenue Service (“IRS”) may generally access additional income tax records for the most recent three years. This would generally prevent the IRS from opening an examination for years ending on or before April 30, 2019. However, there are exceptions that can extend the statute of limitations to six years, and in some cases, prevent the statute of limitations from ever expiring. Interest and penalties accrued on uncertain tax positions are recorded as income tax expense. 1. Nature of Business and Summary of Significant Accounting Policies, continued It has been determined that the Company does not have uncertain tax positions on its tax returns for the years 2022, 2021, and prior. Based on evaluation of the 2023 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 performance obligations in the contract and (5) recognizing revenue when performance obligations are satisfied. The Company recognizes revenue for product sales upon transfer of title to the customer. Customer purchase orders and/or contracts are generally used to determine the existence of an arrangement. Shipping documents and the completion of any customer acceptance requirements, when applicable, are used to verify product delivery or that services have been rendered. The Company assesses whether a price is fixed or determinable based upon the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. Payments received from customers in advance of product shipment or revenue recognition are treated as deferred revenues and recognized when the product is shipped. 1. Nature of Business and Summary of Significant Accounting Policies, continued |
Variable Consideration | Variable Consideration |
Product Returns | Product Returns |
Product Warranties | 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 |
Prior Period Financial Statement Adjustment | Prior Period Financial Statement Adjustment “Materiality” “Considering the Effects of Misstatements when Quantifying Misstatements in the Current Year Financial Statements,” |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
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, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment | Schedule of Property and Equipment Classification Useful Life 2023 2022 Dies, jigs, and molds 3 7 $ 1,871,000 $ 1,855,000 Machinery and equipment 5 10 2,632,000 2,224,000 Furniture and fixtures 5 10 222,000 222,000 Improvements 5 32 605,000 541,000 Buildings 20 39 1,151,000 1,151,000 Automotive 3 5 126,000 110,000 Software 2 5 425,000 425,000 Land N/A 80,000 80,000 Total 7,112,000 6,608,000 Property and equipment, gross 7,112,000 6,608,000 Accumulated depreciation (5,115,000 ) (4,826,000 ) Property and equipment, net $ 1,997,000 $ 1,782,000 |
Schedule of Future Amortization of Intangible Assets | As of April 30, 2023, future amortization of intangible assets is expected as follows: Schedule of Future Amortization of Intangible Assets Fiscal year end Amortization amount 2024 $ 121,000 2025 $ 121,000 2026 $ 121,000 2027 $ 121,000 2028 $ 121,000 Thereafter $ 544,000 Total $ 1,149,000 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories at April 30, 2023 and 2022, consisted of the following: Schedule of Inventories 2023 2022 Raw materials $ 9,886,000 $ 6,772,000 Work in process 678,000 618,000 Finished goods 1,267,000 838,000 Inventory gross 11,831,000 8,228,000 Less: allowance for obsolete inventory (388,000 ) (288,000 ) Inventories, net $ 11,443,000 $ 7,940,000 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments | As of April 30, 2023 and 2022, investments consisted of the following: Schedule of Investments Gross Gross Investments at Cost Unrealized Unrealized Reported April 30, 2023 Basis Gains Losses Value Municipal bonds $ 5,396,000 $ 46,000 $ (230,000 ) $ 5,212,000 REITs $ 93,000 $ - $ (22,000 ) $ 71,000 Equity securities $ 18,605,000 $ 6,915,000 $ (501,000 ) $ 25,019,000 Money Markets and CDs $ 1,060,000 $ 1,000 $ - $ 1,061,000 Total $ 25,154,000 $ 6,962,000 $ (753,000 ) $ 31,363,000 Gross Gross Investments at Cost Unrealized Unrealized Reported April 30, 2022 Basis Gains Losses Value Municipal bonds $ 5,625,000 $ 41,000 $ (229,000 ) $ 5,437,000 REITs $ 131,000 $ 16,000 $ (3,000 ) $ 144,000 Equity securities $ 18,322,000 $ 6,921,000 $ (473,000 ) $ 24,770,000 Money Markets and CDs $ 628,000 $ - $ - $ 628,000 Total $ 24,706,000 $ 6,978,000 $ (705,000 ) $ 30,979,000 |
Schedule of Unrealized Loss Breakdown by Investment | Unrealized Loss Breakdown by Investment Type at April 30, 2023 Schedule of Unrealized Loss Breakdown by Investment Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 868,000 $ (6,000 ) $ 3,769,000 $ (224,000 ) $ 4,637,000 $ (230,000 ) REITs $ 36,000 $ (9,000 ) $ 35,000 $ (13,000 ) $ 71,000 $ (22,000 ) Equity securities $ 3,048,000 $ (140,000 ) $ 2,209,000 $ (361,000 ) $ 5,257,000 $ (501,000 ) Total $ 3,952,000 $ (155,000 ) $ 6,013,000 $ (598,000 ) $ 9,965,000 $ (753,000 ) Unrealized Loss Breakdown by Investment Type at April 30, 2022 Less than 12 months 12 months or greater Total Description Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Municipal bonds $ 4,420,000 $ (142,000 ) $ 539,000 $ (87,000 ) $ 4,959,000 $ (229,000 ) REITs $ 18,000 $ (1,000 ) $ 26,000 $ (2,000 ) $ 44,000 $ (3,000 ) Equity securities $ 4,157,000 $ (424,000 ) $ 274,000 $ (49,000 ) $ 4,431,000 $ (473,000 ) Total $ 8,595,000 $ (567,000 ) $ 839,000 $ (138,000 ) $ 9,434,000 $ (705,000 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Earnings Per Share of Common Stock | |
Schedule of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented are: Schedule of Basic and Diluted Earnings Per Share April 30, 2023 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 4,757,000 Basic EPS $ 4,757,000 4,930,835 $ 0.96 Effect of dilutive Convertible Preferred Stock – 20,500 — Diluted EPS $ 4,757,000 4,951,335 $ 0.96 April 30, 2022 Income Shares Per-Share (Numerator) (Denominator) Amount Net income $ 3,566,000 Basic EPS $ 3,566,000 4,941,825 $ 0.72 Effect of dilutive Convertible Preferred Stock – 20,500 — Diluted EPS $ 3,566,000 4,962,325 $ 0.72 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | Schedule of Income Tax Provision Year Ended April 30, 2023 2022 Current: Federal $ 1,051,000 1,202,000 State 175,000 467,000 Deferred: Federal (108,000 ) (652,000 ) State (60,000 ) (242,000 ) Total income tax provision $ 1,058,000 $ 775,000 |
Schedule of Reconciliation of Income Taxes with Federal and State Taxable Income | Reconciliation of income taxes with Federal and State taxable income: Schedule of Reconciliation of Income Taxes with Federal and State Taxable Income 2023 2022 Income before income taxes $ 5,815,000 $ 4,341,000 State income tax deduction (351,000 ) (477,000 ) Interest and dividend income (511,000 ) (524,000 ) Nondeductible expenses and timing differences (11,000 ) 3,120,000 Taxable income $ 4,942,000 $ 6,460,000 |
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: Schedule of Statutory Rate to Income Before Income Taxes 2023 2022 Income tax provision at statutory rate $ 1,657,000 $ 1,251,000 Increase (decrease) income taxes resulting from: State income taxes (100,000 ) (138,000 ) Interest and dividend income (146,000 ) (151,000 ) Deferred taxes (168,000 ) (894,000 ) Other temporary and permanent differences (185,000 ) 707,000 Income tax expense $ 1,058,000 $ 775,000 Federal tax rate 21.00 % 21.00 % State tax rate 7.50 % 7.81 % Blended statutory rate 28.50 % 28.81 % |
Summary of Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) consist of the following components at April 30, 2023 and 2022: Summary of Deferred Tax Assets (Liabilities) 2023 2022 Deferred tax assets (liabilities): Depreciation $ (276,000 ) $ (67,000 ) Capitalized R&D expense 165,000 $ — Inventory valuation 111,000 83,000 Allowance for doubtful accounts 5,000 10,000 Accrued vacation 37,000 39,000 Accumulated unrealized (gain)/loss on investments (1,769,000 ) (1,807,000 ) Net deferred tax assets (liabilities) $ (1,727,000 ) $ (1,742,000 ) |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information Relating to Industry Segments | The following is financial information relating to industry segments: Schedule of Financial Information Relating to Industry Segments Quarter ended Year ended Year ended April 30, April 30, April 30, 2023 2023 2022 (Unaudited) Net revenue: Security alarm products $ 4,349,000 $ 17,428,000 $ 17,833,000 Cable & wiring tools 309,000 1,870,000 2,130,000 Other products 127,000 681,000 772,000 Total net revenue $ 4,785,000 $ 19,979,000 $ 20,735,000 Income from operations: Security alarm products 1,031,000 4,414,000 4,858,000 Cable & wiring tools 111,000 474,000 580,000 Other products 40,000 172,000 210,000 Total income from operations $ 1,182,000 $ 5,060,000 $ 5,648,000 Depreciation and amortization: Security alarm products 47,000 194,000 173,000 Cable & wiring tools 30,000 122,000 123,000 Other products 24,000 81,000 78,000 Corporate general 13,000 48,000 62,000 Total depreciation and amortization $ 114,000 $ 445,000 $ 436,000 Capital expenditures: Security alarm products 162,000 237,000 366,000 Cable & wiring tools — — — Other products 122,000 268,000 11,000 Corporate general 43,000 43,000 13,000 Total capital expenditures $ 327,000 $ 548,000 $ 390,000 April 30, 2023 April 30, 2022 Identifiable assets: Security alarm products 14,251,000 11,537,000 Cable & wiring tools 2,548,000 2,509,000 Other products 981,000 732,000 Corporate general 38,171,000 39,253,000 Total assets $ 55,951,000 $ 54,031,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | The following tables set forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Schedule of Assets Measured at Fair Value on Recurring Basis Level 1 Level 2 Level 3 Total Assets Measured at Fair Value on a Recurring Basis as of April 30, 2023 Level 1 Level 2 Level 3 Total Assets: Municipal Bonds — $ 5,212,000 — $ 5,212,000 REITs — $ 71,000 — $ 71,000 Equity Securities $ 25,019,000 — — $ 25,019,000 Money Markets and CDs $ 1,061,000 — — $ 1,061,000 Total fair value of assets measured on a recurring basis $ 26,080,000 $ 5,283,000 — $ 31,363,000 Level 1 Level 2 Level 3 Total Assets Measured at Fair Value on a Recurring Basis as of April 30, 2022 Level 1 Level 2 Level 3 Total Assets: Municipal Bonds — $ 5,437,000 — $ 5,437,000 REITs — $ 144,000 — $ 144,000 Equity Securities $ 24,770,000 — — $ 24,770,000 Money Markets and CDs $ 628,000 — — $ 628,000 Total fair value of assets measured on a recurring basis $ 25,398,000 $ 5,581,000 — $ 30,979,000 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 7,112,000 | $ 6,608,000 |
Accumulated depreciation | (5,115,000) | (4,826,000) |
Property and equipment, net | 1,997,000 | 1,782,000 |
Dies, Jigs, and Molds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,871,000 | 1,855,000 |
Dies, Jigs, and Molds [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life years | 3 years | |
Dies, Jigs, and Molds [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life years | 7 years | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,632,000 | 2,224,000 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life years | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life years | 10 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 222,000 | 222,000 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life years | 5 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life years | 10 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 605,000 | 541,000 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life years | 5 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life years | 32 years | |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,151,000 | 1,151,000 |
Buildings [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life years | 20 years | |
Buildings [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life years | 39 years | |
Automotive [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 126,000 | 110,000 |
Automotive [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life years | 3 years | |
Automotive [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life years | 5 years | |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 425,000 | 425,000 |
Software [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life years | 2 years | |
Software [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life years | 5 years | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 80,000 | $ 80,000 |
Schedule of Future Amortization
Schedule of Future Amortization of Intangible Assets (Details) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Accounting Policies [Abstract] | ||
2024 | $ 121,000 | |
2025 | 121,000 | |
2026 | 121,000 | |
2027 | 121,000 | |
2028 | 121,000 | |
Thereafter | 544,000 | |
Total | $ 1,149,000 | $ 1,271,000 |
Nature of Business and Summar_4
Nature of Business and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2002 | Apr. 30, 2023 | Apr. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Accounts receivable, allowance for credit loss, current | $ 17,922 | $ 33,531 | ||
Accounts receivable | 17,171 | 24,199 | ||
Depreciation expenses | 323,000 | 312,000 | ||
Investment in limited land partnership held for sale, description | the Company purchased 6.67% of a prime 22-acre land parcel for development in Winter Park-Grand County, CO for investment purposes for a total of $200,000 | |||
Intangible assets | 1,149,000 | 1,271,000 | ||
Amortization expenses | 122,000 | 123,000 | ||
Advertising expenses | $ 105,000 | $ 162,000 | ||
Non-compete Agreement [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Intellectual property with a useful live | 15 years | |||
Winter Park-Grand County, CO [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Investments | $ 200,000 | |||
Additional contributions expenses | $ 144,000 | |||
Winter Park-Grand County, CO [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property for resale term | 2 years | |||
Winter Park-Grand County, CO [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property for resale term | 5 years |
Schedule of Inventories (Detail
Schedule of Inventories (Details) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 9,886,000 | $ 6,772,000 |
Work in process | 678,000 | 618,000 |
Finished goods | 1,267,000 | 838,000 |
Inventory gross | 11,831,000 | 8,228,000 |
Less: allowance for obsolete inventory | (388,000) | (288,000) |
Inventories, net | $ 11,443,000 | $ 7,940,000 |
Schedule of Investments (Detail
Schedule of Investments (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Marketable Securities [Line Items] | ||
Cost Basis | $ 25,154,000 | $ 24,706,000 |
Gross Unrealized Gains | 6,962,000 | 6,978,000 |
Gross Unrealized Losses | (753,000) | (705,000) |
Fair Value | 31,363,000 | 30,979,000 |
Municipal Bonds [Member] | ||
Marketable Securities [Line Items] | ||
Cost Basis | 5,396,000 | 5,625,000 |
Gross Unrealized Gains | 46,000 | 41,000 |
Gross Unrealized Losses | (230,000) | (229,000) |
Fair Value | 5,212,000 | 5,437,000 |
Real Estate Investment [Member] | ||
Marketable Securities [Line Items] | ||
Cost Basis | 93,000 | 131,000 |
Gross Unrealized Gains | 16,000 | |
Gross Unrealized Losses | (22,000) | (3,000) |
Fair Value | 71,000 | 144,000 |
Equity Securities [Member] | ||
Marketable Securities [Line Items] | ||
Cost Basis | 18,605,000 | 18,322,000 |
Gross Unrealized Gains | 6,915,000 | 6,921,000 |
Gross Unrealized Losses | (501,000) | (473,000) |
Fair Value | 25,019,000 | 24,770,000 |
Money Markets and CDs [Member] | ||
Marketable Securities [Line Items] | ||
Cost Basis | 1,060,000 | 628,000 |
Gross Unrealized Gains | 1,000 | |
Gross Unrealized Losses | ||
Fair Value | $ 1,061,000 | $ 628,000 |
Schedule of Unrealized Loss Bre
Schedule of Unrealized Loss Breakdown by Investment (Details) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Marketable Securities [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months | $ 3,952,000 | $ 8,595,000 |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (155,000) | (567,000) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer | 6,013,000 | 839,000 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (598,000) | (138,000) |
Debt securities, available-for-sale, unrealized loss position | 9,965,000 | 9,434,000 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (753,000) | (705,000) |
Municipal Bonds [Member] | ||
Marketable Securities [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months | 868,000 | 4,420,000 |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (6,000) | (142,000) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer | 3,769,000 | 539,000 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (224,000) | (87,000) |
Debt securities, available-for-sale, unrealized loss position | 4,637,000 | 4,959,000 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (230,000) | (229,000) |
Real Estate Investment [Member] | ||
Marketable Securities [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months | 36,000 | 18,000 |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (9,000) | (1,000) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer | 35,000 | 26,000 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (13,000) | (2,000) |
Debt securities, available-for-sale, unrealized loss position | 71,000 | 44,000 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (22,000) | (3,000) |
Equity Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months | 3,048,000 | 4,157,000 |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (140,000) | (424,000) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer | 2,209,000 | 274,000 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (361,000) | (49,000) |
Debt securities, available-for-sale, unrealized loss position | 5,257,000 | 4,431,000 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ (501,000) | $ (473,000) |
Investments (Details Narrative)
Investments (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
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 2023 and September 2042. | |
Impairment loss | $ 67,000 | |
Gross realized gain | 512,000 | 661,000 |
Gross realized losses | 740,000 | 221,000 |
Debt securities loss | 63,000 | 26,000 |
Debt securities realized loss | $ 25,000 | $ 452,000 |
Retirement Benefit Plan (Detail
Retirement Benefit Plan (Details Narrative) - USD ($) | 12 Months Ended | ||
Jan. 01, 1998 | Apr. 30, 2023 | Apr. 30, 2022 | |
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% | ||
Employer matching contribution vesting period | P6Y | ||
Employees matching contributions | $ 58,000 | $ 63,000 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) | 12 Months Ended |
Apr. 30, 2023 $ / shares shares | |
Equity [Abstract] | |
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. |
Redemption price per share | $ 20 |
Dividend rate per share | $ 1 |
Preferred stock dividend payment description | No dividends may be paid on the Class A common stock until the holders of the Series #1 preferred stock have been paid. |
Purchase of common stock shares | shares | 645 |
Schedule of Basic and Diluted E
Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Earnings Per Share of Common Stock | ||
Net income | $ 4,757,000 | $ 3,566,000 |
Basic EPS, Income | $ 4,757,000 | $ 3,566,000 |
Basic EPS, Shares | 4,930,835 | 4,941,825 |
Basic EPS, Per-Share Amount | $ 0.96 | $ 0.72 |
Effect of dilutive Convertible Preferred Stock, Income | ||
Effect of dilutive Convertible Preferred Stock, Shares | 20,500 | 20,500 |
Effect of dilutive Convertible Preferred Stock, Per-Share Amount | ||
Diluted EPS, Income | $ 4,757,000 | $ 3,566,000 |
Diluted EPS, Shares | 4,951,335 | 4,962,325 |
Diluted EPS, Per-Share Amount | $ 0.96 | $ 0.72 |
Commitments, Contingencies, a_2
Commitments, Contingencies, and Related Party Transactions (Details Narrative) - Joel Wiens [Member] - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Bank deposit | $ 4,637,000 | $ 5,058,000 |
Interest income on bank deposit | $ 102,700 | $ 58,800 |
Schedule of Income Tax Provisio
Schedule of Income Tax Provision (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Current: | ||
Federal | $ 1,051,000 | $ 1,202,000 |
State | 175,000 | 467,000 |
Deferred: | ||
Federal | (108,000) | (652,000) |
State | (60,000) | (242,000) |
Total Income Tax Expense | $ 1,058,000 | $ 775,000 |
Schedule of Reconciliation of I
Schedule of Reconciliation of Income Taxes with Federal and State Taxable Income (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income before income taxes | $ 5,815,000 | $ 4,341,000 |
State income tax deduction | (351,000) | (477,000) |
Interest and dividend income | (511,000) | (524,000) |
Nondeductible expenses and timing differences | (11,000) | 3,120,000 |
Taxable income | $ 4,942,000 | $ 6,460,000 |
Schedule of Statutory Rate to I
Schedule of Statutory Rate to Income Before Income Taxes (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision at statutory rate | $ 1,657,000 | $ 1,251,000 |
State income taxes | (100,000) | (138,000) |
Interest and dividend income | (146,000) | (151,000) |
Deferred taxes | (168,000) | (894,000) |
Other temporary and permanent differences | (185,000) | 707,000 |
Total Income Tax Expense | $ 1,058,000 | $ 775,000 |
Federal tax rate | 21% | 21% |
State tax rate | 7.50% | 7.81% |
Blended statutory rate | 28.50% | 28.81% |
Summary of Deferred Tax Assets
Summary of Deferred Tax Assets (Liabilities) (Details) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Income Tax Disclosure [Abstract] | ||
Depreciation | $ (276,000) | $ (67,000) |
Capitalized R&D expense | 165,000 | |
Inventory valuation | 111,000 | 83,000 |
Allowance for doubtful accounts | 5,000 | 10,000 |
Accrued vacation | 37,000 | 39,000 |
Accumulated unrealized (gain)/loss on investments | (1,769,000) | (1,807,000) |
Net deferred tax assets (liabilities) | $ (1,727,000) | $ (1,742,000) |
Schedule of Financial Informati
Schedule of Financial Information Relating to Industry Segments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2023 | Apr. 30, 2022 | |
Segment Reporting Information [Line Items] | |||
Total net revenue | $ 4,785,000 | $ 19,979,000 | $ 20,735,000 |
Total income from operations | 1,182,000 | 5,060,000 | 5,648,000 |
Total depreciation and amortization | 114,000 | 445,000 | 436,000 |
Total capital expenditures | 327,000 | 548,000 | 390,000 |
Total assets | 55,951,000 | 55,951,000 | 54,031,000 |
Security Alarm Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net revenue | 4,349,000 | 17,428,000 | 17,833,000 |
Total income from operations | 1,031,000 | 4,414,000 | 4,858,000 |
Total depreciation and amortization | 47,000 | 194,000 | 173,000 |
Total capital expenditures | 162,000 | 237,000 | 366,000 |
Total assets | 14,251,000 | 14,251,000 | 11,537,000 |
Cable and Wiring Tools [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net revenue | 309,000 | 1,870,000 | 2,130,000 |
Total income from operations | 111,000 | 474,000 | 580,000 |
Total depreciation and amortization | 30,000 | 122,000 | 123,000 |
Total capital expenditures | |||
Total assets | 2,548,000 | 2,548,000 | 2,509,000 |
Other Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net revenue | 127,000 | 681,000 | 772,000 |
Total income from operations | 40,000 | 172,000 | 210,000 |
Total depreciation and amortization | 24,000 | 81,000 | 78,000 |
Total capital expenditures | 122,000 | 268,000 | 11,000 |
Total assets | 981,000 | 981,000 | 732,000 |
Corporate General [Member] | |||
Segment Reporting Information [Line Items] | |||
Total depreciation and amortization | 13,000 | 48,000 | 62,000 |
Total capital expenditures | 43,000 | 43,000 | 13,000 |
Total assets | $ 38,171,000 | $ 38,171,000 | $ 39,253,000 |
Concentrations (Details Narrati
Concentrations (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Concentration Risk [Line Items] | ||
Cash FDIC insured amount | $ 250,000 | |
Uninsured amount | $ 4,530,000 | $ 5,256,000 |
Sales Security Alarm [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 36% | 35% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 44% | 50% |
Sales (Security Switch) [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 87% | 86% |
Wells Fargo Bank [Member] | ||
Concentration Risk [Line Items] | ||
Uninsured amount | $ 56,000 | $ 769,000 |
Schedule of Assets Measured at
Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | $ 31,363,000 | $ 30,979,000 |
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 | 5,212,000 | 5,437,000 |
Real Estate Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 71,000 | 144,000 |
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 | 25,019,000 | 24,770,000 |
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 | 1,061,000 | 628,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 26,080,000 | 25,398,000 |
Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Real Estate Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 25,019,000 | 24,770,000 |
Fair Value, Inputs, Level 1 [Member] | Money Markets and CDs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 1,061,000 | 628,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 5,283,000 | 5,581,000 |
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 5,212,000 | 5,437,000 |
Fair Value, Inputs, Level 2 [Member] | Real Estate Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | 71,000 | 144,000 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Fair Value, Inputs, Level 2 [Member] | Money Markets and CDs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Fair Value, Inputs, Level 3 [Member] | Real Estate Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis | ||
Fair Value, Inputs, Level 3 [Member] | Money Markets and CDs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets measured on a recurring basis |