Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended April 30, 2023

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to _________

Commission File Number: 000-05378

George Risk Industries, Inc.

(Exact name of registrant as specified in its charter)

Colorado		84-0524756
(State of incorporation)		(IRS Employer Identification No.)

802 South Elm St., Kimball, NE		69145
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number (308) 235–4645

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Name of Exchange on Which Registered
None		None

Securities registered under Section 12(g) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.10 par value	RSKIA	OTC Markets
Convertible Preferred Stock, $20 stated value	RSKIA	OTC Markets

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Sections 15(d) of the Act.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229-405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐ No ☒

The aggregate market value, as of July 28, 2023, of the common stock (based on the average of the bid and asked prices of the shares on the OTCM of George Risk Industries, Inc.) held by non-affiliates (assuming, for this purpose, that all directors, officers and owners of 5% or more of the registrant’s common stock are deemed affiliates) was approximately $21,926,000.

The number of outstanding shares of the common stock as of July 31, 2023 was 4,928,508.

Part I

Preliminary Note Regarding Forward-Looking Statements and Currency Disclosure

This annual report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors” that may cause our, or our industry’s, actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We do not intend to update any of the forward-looking statements to conform these statements to actual results except as required by applicable law, including the securities laws of the United States.

Our financial statements are stated in United States dollars, rounded to the nearest thousand, and are prepared in accordance with United States Generally Accepted Accounting Principles.

Item 1 Business

(a) Business Development

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.

Products, Market, and Distribution

The Company designs, manufactures, and sells computer keyboards, proximity switches, security alarm components and systems, pool access alarms, water sensors, electronic switching devices, high security switches, and wire and cable installation tools. The Security sales division, which concentrates on selling products for security purposes, comprises approximately 96.6% of net revenues and these goods are sold to distributors and alarm dealers/installers.

The security segment has approximately 1,000 current customers. One of the distributors, Ademco, Inc. (previously known as ADI), accounts for approximately 35.8% of the Company’s sales of these products. Anixter, Inc. accounts for another 24.2% of the security segment of the Company sales. The loss of these distributors would be significant to the Company. However, both companies have purchased from the Company for many years and are expected to continue. Also, the Company has a written agreement with Ademco. This agreement was signed in February 2011 and was initiated by the customer. The contents of the agreement include product terms, purchasing, payment terms, term and termination, product marketing, representations and warranties, product support, mutual confidentiality, indemnification and insurance, and general provisions.

The keyboard and proximity switch segment has approximately 300 customers. These products are primarily sold to original equipment manufacturers to their specifications and to distributors of off-the-shelf keyboards of proprietary design.

Competition

The Company has intense competition in the keyboard/proximity and security/burglar alarm lines.

The security/burglar alarm segment has approximately six major competitors. The Company competes well based on price, product design, quality, customization and having products made in the USA.

The competitors in the keyboard/proximity segment are larger companies with automated production facilities. GRI has emphasized small custom order sales that many of its competitors decline or discourage.

Research and Development

The Company performs research and development for its customers when needed and as requested. Costs in connection with such product development have been borne by the customers. Costs associated with the development of new products are expensed as incurred. The Company also does R&D for itself to help in the development of new products.

Employees

GRI has approximately 175 employees.

Item 2 Properties

The Company owns the manufacturing and the office facilities that it operates in. Total square footage of the plant in Kimball, Nebraska is approximately 50,000 sq. ft. A 7,500 sq. ft. warehouse for raw material storage was purchased in June 2017 when the Company acquired its cable and wiring segment and another 9,600 sq. ft. building was purchased in April 2020 for additional expansion. Additionally, the Company purchased the 15,000 sq. ft. building that it previously leased from Bonita Risk, which has been used mainly for offices, in November 2019. Bonita Risk is a director of the Company.

The Company also owns a building in Gering, NE that is 7,200 sq. ft. in size. This is used for manufacturing. Currently, there are approximately 34 employees at the Gering site.

Item 3 Legal Proceedings

None.

Item 4 Submission of Matters to a Vote of Security Holders

Not applicable.

Part II

Item 5 Market for the Registrant’s Common Equity and Related Stockholders’ Matter

Principal Market

The Company’s Class A Common Stock, which is traded under the ticker symbol RSKIA, is currently quoted on the OTC Bulletin Board by one market maker.

Stock Prices and Dividends Information

2023 Fiscal Year	High		Low
May 1—July 31	$	12.24	$	11.02
August 1—October 31		12.00		9.52
November 1—January 31		11.60		10.35
February 1—April 30		11.69		10.62

2022 Fiscal Year	High		Low
May 1—July 31	$	13.05	$	12.30
August 1—October 31		14.50		12.50
November 1—January 31		15.84		13.20
February 1—April 30		15.50		12.00

On September 30, 2022, a dividend of $.60 per common share was declared for the fiscal year ending April 30, 2023.

For the prior fiscal year, a dividend of $.50 per common share was declared on September 30, 2021.

The number of holders of record of the Company’s Class A Common Stock as of April 30, 2023, was approximately 1,101.

Repurchases of Equity Securities

On September 18, 2008, the Board of Directors approved an authorization for the repurchase of up to 500,000 shares of the Company’s common stock. Purchases can be made in the open market or in privately negotiated transactions. The Board did not specify an expiration date for the authorization.

The following tables show repurchases of GRI’s common stock made on a quarterly basis:

2023 Fiscal Year	Number of shares repurchased
May 1—July 31		200
August 1—October 31		70
November 1—January 31		175
February 1—April 30		200

2022 Fiscal Year	Number of shares repurchased
May 1—July 31		13
August 1—October 31		2,000
November 1—January 31		700
February 1—April 30		12,568

There are still approximately 225,000 shares available to be repurchased under the current resolution.

Item 6 Selected Financial Data

Not Applicable

Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations

Executive Overview

George Risk Industries, Inc. (GRI) (the “Company”) is a diversified manufacturer of electronic components, encompassing the security industry’s widest variety of door and window contact switches, environmental products, wire and cable installation tools, proximity switches and custom keyboards. The security products division comprises the largest portion of GRI sales and products are sold worldwide through distributors, who in turn sell these products to security installation companies. These products are used for residential, commercial, industrial and government installations. International sales accounted for approximately 11.1% of revenues for fiscal year 2023 and 10.7% for 2022.

GRI is known for its quality American made products, top-notch customer service and the willingness to work with customers on their special applications.

GRI owns and operates its main manufacturing plant and offices in Kimball, Nebraska with a satellite plant 40 miles away in Gering, Nebraska.

The Company has substantial marketable securities holdings and these holdings have a material impact on the financial results. For the fiscal year ending April 30, 2023, the percentage of other income (expense) was a gain of 12.98% of income before income taxes. In comparison, for the year ending April 30, 2022, the percentage of other income (expense) was a loss of 30.11% of the income before income taxes. Management’s philosophy behind having holdings in marketable securities is to keep the money working and to gain interest on the cash that is not needed to be put back into the business. Over the years, the investments have kept the earnings per share up when the results from operations have not fared as well.

Management is always open to the possibility of acquiring a business that would complement our existing operations, which is exactly what took place in October 2017 when the Company purchased substantially all of the assets from Labor Saving Devices, Inc. (“LSDI”) and Roy Bowling (“Bowling”).

There are no known seasonal trends with any of GRI’s products, since the Company mostly sells to distributors and original equipment manufacturers (OEMs). The products are tied to the housing industry and will fluctuate with building trends.

Liquidity and Capital Resources

Operating

Net cash decreased by $1,135,000 during the year ended April 30, 2023 compared to a decrease of $1,248,000 during the year ended April 30, 2022. Accounts receivable decreased by $627,000 during the current year while showing a $326,000 increase in the prior year. The current decrease in cash flow from accounts receivable is the result of a combination of slightly faster collection of accounts receivable and decreased sales. At April 30, 2023, 79.90% of receivables were less than 60 days and 4.95% were over 90 days. In comparison, 75.19% of the receivables were considered current (less than 60 days) and 7.86% of the total were over 90 days past due for the prior year during the same period.

Inventories increased by $3,604,000 in the fiscal year ended April 30, 2023, while the prior year showed an increase of $2,430,000 at year end. The current year increase is a result of having more raw materials on hand since sales had increased previously and having the raw material costing more than before. In turn, with material and labor costs rising, the work in process and finished goods inventories have also increased.

Prepaid expenses decreased by $761,000 while they increased $903,000 in the current and prior year, respectively. The current year decrease is due to not having as many prepayments of raw materials than at year-end last year and not having to renew multi-year subscriptions in the current year.

Income tax overpayment increased by $680,000 for the year ended April 30, 2023, compared to a $196,000 increase in income tax payable for the year ended April 30, 2022. The current increase is largely due to having slightly lower sales and income before tax and not making larger income tax estimates than last year.

For the year ended April 30, 2023, accounts payable increased by $226,000 as compared to a decrease of $157,000 for the same period the year before. The change in cash with regards to accounts payable is largely based on timing. Payables are paid within terms and fluctuate based primarily on inventory needs for production. Accrued expenses increased $111,000 for the year ended April 30, 2023, due to having significantly more accrued customer liability refund calculated compared to the prior year.

Investing

As for investment activities, $548,000 was spent on purchases of property and equipment during the current fiscal year, compared to $390,000 during the year ended April 30, 2022 These capitalized costs mainly consisted of purchases of machinery and equipment and making capital improvements. Additionally, the Company continues to purchase marketable securities, which include municipal bonds and quality stocks. Cash spent on purchases of marketable securities for the year ended April 30, 2023 was $764,000 versus the $787,000 spent for the corresponding period last year. Conversely, net proceeds from the sale of marketable securities were $25,000 and $452,000 at April 30, 2023 and 2022, respectively. The Company uses “money manager” accounts for most stock transactions. By doing this, the Company gives an independent third-party firm, who are experts in this field, permission to buy and sell stocks at will. The Company pays quarterly service fees based on the value of the investments.

Financing

Cash used in financing activities consists of two items. First, for the year ended April 30, 2023, $2,689,000 was spent on the payment of dividends. The Company declared a dividend of $0.60 per share of common stock on September 30, 2022 for the current fiscal year, while a $0.50 per share of common stock dividend was declared on September 30, 2021 and issued in the prior fiscal year. Second, the Company continues to purchase back its Class A common stock when the opportunity arises. For the year ended April 30, 2023, the Company purchased $7,000 of treasury stock and $211,000 was bought back for the year ended April 30, 2022. In an effort to repurchase its Class A Common Stock, the Company has been actively searching for stockholders that have been “lost” over the years.

At April 30, 2023, working capital increased 3.28% in comparison to the previous fiscal year. The Company measures liquidity using the quick ratio, which is the ratio of cash, securities and accounts receivables to current obligations. The Company’s quick ratio decreased to 14.648 for the year ended April 30, 2023 compared to 15.549 for the year ended April 30, 2022.

Results of Operations

GRI completed the fiscal year ending April 30, 2023 with a net profit of 23.81% of net sales. Net sales were at $19,979,000, down 3.65% over the previous fiscal year. The decrease in sales is a result of a slowing economy which has seen inflation grow to some of its highest levels in the last 15 years. Cost of goods sold was 53.08% of net sales for the year ended April 30, 2023 and 51.70% for the same period last year. Management aims to keep the cost of goods sold percentage within 50% and was just slightly over that percentage for the current fiscal year. Management strives to be as efficient as possible since wages and material costs continue to increase, due to the increased inflation in our economy. Management offset some of these added expenses by implementing a 10% price increase effective January 1, 2023.

Operating expenses were 21.59% of net sales for the year ended April 30, 2023 as compared to 21.06% for the corresponding period last year. Management’s goal is to keep the operating expenses around 30% or less of net sales, so the goal has been met for the current fiscal year. Income from operations for the year ended April 30, 2023 was at $5,060,000, which is a 10.41% decrease from the corresponding period last year, which had income from operations of $5,648,000.

Other income and expense results for the fiscal year ended April 30, 2023 produced a gain of $755,000. This is in comparison to a loss of $1,307,000 for the fiscal year ending April 30, 2022. Dividend and interest income was $1,068,000, which is up 3.99% over the prior year. Dividend and interest income at April 30, 2022 was $1,027,000. Investments in marketable securities are presented at fair value and an unrealized gain or loss is recorded within the statements of operations, a non-cash entry. As a result, an unrealized loss of $31,000 was recorded for the fiscal year ended April 30, 2023 and an unrealized loss of $2,764,000 was recorded for the prior year ended April 30, 2022. Net loss on the sale of investments for the current fiscal year was $291,000, which is a 170.29% decrease over the net gain on the sale of investments of $414,000 for the fiscal year ending April 30, 2022.

Net income for the year ended April 30, 2023 was $4,757,000, which is up 33.40% from the prior year, which produced net income of $3,566,000. Basic and diluted earnings per common share (“EPS”) for the year ended April 30, 2023 was $0.96 per share. Basic and diluted EPS for the year ended April 30, 2022 was $0.72 per share.

Management is hopeful that sales will increase for the fiscal year ending April 30, 2024. Opportunities for Management include focusing on finding ways to get our products out to our customers in a timelier manner. One way we are doing this is by looking into more automation. Challenges facing Management include obtaining certain raw materials and the increased costs of most raw materials because of inflation. The Company also struggles to get enough workers to fill production needs. Our Security sales division, which is our largest sales generator, is directly tied to the housing industry and we normally experience the same fluctuations. We are always researching and developing new products that will help our sales increase. There were a few new or improved products that were successfully launched in fiscal year 2023, and we are confident that more new products will be released soon, and we are searching for products that complement our current offerings. Management is always open to the possibility of acquiring a business or product line that would complement our existing operations. Due to the Company’s strong cash position, management believes this could be achieved without the need for outside financing. The intent is to utilize the equipment, marketing techniques and established customers to deliver new products and increase sales and profits.

New product development

The GRI Engineering department continues to develop enhancements to our existing products as well as to develop new products that will continue to secure our position in the industry.

Explosion proof contacts that will be UL listed for hazardous locations are in development. There has been demand from our customers for this type of high security magnetic reed switch.

The Company is developing magnetic contacts which are listed under UL 634 Level 2. These sensors are for high security applications such as government buildings, military use, nuclear facilities, and financial institutions.

Research is being done on updating our small profile glass break detector, in addition to looking at development of programmable temperature and humidity sensors with built-in hysteresis.

Wireless technology is a main area of focus for product development. We are considering adding wireless technology to some of our current products. A wireless contact switch is in the final stages of development. Also, we are working on wireless versions of monitoring devices which include glass break detection, tilt sensing and environmental monitoring. A redesign of our brass water valve shut-off system is near completion.

Critical Accounting Policies

The discussion and analysis of the financial condition and results of operations are based upon the financial statements, which have been prepared in conformity with generally accepted accounting principles in the United States. The preparation of these financial statements requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses reported in those financial statements. These judgments can be subjective and complex, and consequently actual results could differ from those estimates. The most critical accounting policies relate to accounts receivable; marketable securities; inventory; income taxes; and segment reporting.

Accounts receivable—Accounts receivable are customer obligations due under normal trade terms. The Company sells its products to security alarm distributors, alarm installers, and original equipment manufacturers. Management performs continuing credit evaluations of its customers’ financial condition and the Company generally does not require collateral.

The Company records an allowance for credit losses based on an analysis of specifically identified customer balances. The Company has a limited number of customers with individually large 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.

Marketable securities—The Company has investments in publicly traded equity securities, state and municipal debt securities, and real-estate investment trusts (REITs). The investments in securities are reported at fair value. The Company uses the average cost method to determine the cost of securities sold and any unrealized gains or losses on equity securities are reported in the respective period’s earnings. Unrealized gains and losses on debt securities are excluded from earnings and reported separately as a component of stockholder’s equity. Dividend and interest income are reported as earned.

In accordance with the Generally Accepted Accounting Principles in the United States (US GAAP), the Company evaluates all marketable securities for other-than temporary declines in fair value. When the cost basis exceeds the fair market value for approximately one year, management evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized loss position. When it is determined that a security will likely remain impaired, a recognized loss is booked and the investment is written down to its new fair value. The investments are periodically evaluated to determine if impairment changes are required.

Inventories—Inventories are valued at the lower of cost or net realizable value. Costs are determined using the average cost-pricing method. The Company uses actual costs to price its manufactured inventories, approximating average costs. The reported net value of inventory includes finished saleable products, work-in-process and raw materials that will be sold or used in future periods. Inventory costs include raw materials, direct labor and overhead. The Company’s overhead expenses are applied, based in part, upon estimates of the proportion of those expenses that are related to procuring and storing raw materials as compared to the manufacture and assembly of finished products. These proportions, the method of their application, and the resulting overhead included in ending inventory, are based in part on subjective estimates and approximations and actual results could differ from those estimates.

In addition, the Company records an inventory obsolescence reserve, which represents the cost of the inventory that has had no movement in over two years. There is inherent professional judgment and subjectivity made by management in determining the estimated obsolescence percentage. In addition, and as necessary, the Company may establish specific reserves for future known or anticipated events.

Income Taxes—US GAAP requires use of the assets and liability method; whereby current and deferred tax assets and liabilities are determined based on tax rates and laws enacted as of the balance sheet date. Deferred tax expense represents the change in the deferred tax asset/liability balances.

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 for the year ended April 30, 2023 and $5,058,000 for the year ended April 30, 2022. The Company also received interest income from FirsTier Bank in the amount of approximately $102,700 for the fiscal year ended April 30, 2023 and approximately $58,800 was received for the fiscal year ended April 30, 2022.

Item 8 Financial Statements

Index to Financial Statements

George Risk Industries, Inc.

	Page

Report of Independent Registered Public Accounting Firm	F-2

Balance Sheets—April 30, 2023 and 2022	F-4

Statements of Income For the Years Ended April 30, 2023 and 2022	F-6

Statements of Comprehensive Income For the Years Ended April 30, 2023 and 2022	F-7

Statements of Changes in Stockholders’ Equity For the Years Ended April 30, 2023 and 2022	F-8

Statements of Cash Flows For the Years Ended April 30, 2023 and 2022	F-10

Notes to Financial Statements	F-11

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Stockholders of George Risk Industries, Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of George Risk Industries, Inc. (the Company) as of April 30, 2023 and 2022, and the related statements of income, comprehensive income, stockholders’ equity, and cash flows for each of the years in the two-year period ended April 30, 2023, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of April 30, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the two-year period ended April 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

F-2

Critical Audit Matter – Revenue Recognition – Refer to Note 1 of the Financial Statements

Critical Audit Matter Description

The Company primarily generates revenue through non-complex sales transactions that require limited judgement. However, there are instances in which revenue contracts contain complexities that are subject to critical judgment around when the performance obligation is satisfied. These specific elements of revenue are variable considerations, returns and allowances.

Consideration in contracts with customers is variable due to anticipated reductions such as discounts, rebates, and allowances. Accordingly, revenues are recorded net of estimated variable consideration, returns and allowances, based on known or expected values.

This matter was considered a critical audit matter as there is a high degree of auditor effort in performing procedures and evaluation of audit evidence related to contractual terms in customer arrangements to determine the amounts of consideration.

How the Critical Audit Matter was Addressed in the Audit

Our principal procedures related to the Company’s revenue recognition for these specific elements are the following:

	●	We evaluated management’s significant accounting policies related to various elements of revenue recognition.

	●	We performed analytical procedures to test the reasonableness of recorded balances.

	●	For a sample of transactions, we inspected source documents, including customer contracts or purchase orders, third-party shipping information, invoices, and relevant communication.

	●	Evaluated contractual terms in customer arrangements that impact management determination of the variable consideration related to the productions and related recognition of revenue on a sample basis.

Critical Audit Matter – Valuation of Investments – Refer to Note 1 and Note 3 of the Financial Statements

Critical Audit Matter Description

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. Some of these investments are Level 2 investments and can be hard to value. In addition, as the securities held at fair value, management must assess securities that are in a significant unrealized loss position for other than temporary impairment. For these securities, management must make difficult and subjective judgements about the ability of the issuer to be able to meet its obligations under terms of the security. These judgements can have a significant impact on the Company’s reported earnings if they should prove to be significantly inaccurate.

How the Critical Audit Matter was Addressed in the Audit

Our principal procedures related to the Company’s process for debt securities valuations as well as the process for equity securities other than temporary impairment evaluation included are the following:

	●	We evaluated management’s significant accounting policies related to the identification of other than temporary impairment.

	●	Valuation specialists, with specialized skills and knowledge, were involved in the assessment of the fair values for a sample of Level 2 investments.

	●	We performed testing over a sample of securities to determine if conclusions reached by management regarding other than temporary impairment were appropriate.

/s/ Haynie and Company

We have served as the Company’s auditor since 1992.
Littleton, CO
Firm ID 457
July 31, 2023

F-3

George Risk Industries, Inc.

Balance Sheets

As of April 30, 2023 and 2022

	2023		2022
ASSETS
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

The accompanying notes are an integral part of these financial statements.

F-4

George Risk Industries, Inc.

Balance Sheets (Continued)

As of April 30, 2023 and 2022

	2023			2022
LIABILITIES AND STOCKHOLDERS’ EQUITY

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

The accompanying notes are an integral part of these financial statements.

F-5

George Risk Industries, Inc.

Income Statements

For the years ended April 30, 2023 and 2022

	Year ended			Year ended
	April 30, 2023			April 30, 2022

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

The accompanying notes are an integral part of these financial statements.

F-6

George Risk Industries, Inc.

Statements of Comprehensive Income

For the years ended April 30, 2023 and 2022

	Year ended			Year ended
	April 30, 2023			April 30, 2022

Net Income	$	4,757,000		$	3,566,000

Other Comprehensive (Loss), Net of Tax
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

The accompanying notes are an integral part of these financial statements.

F-7

George Risk Industries, Inc.

Statements of Stockholders’ Equity

For the Years Ended April 30, 2023 and 2022


	Preferred Stock				Common Stock Class A
	Shares		Amount		Shares		Amount
Balances, April 30, 2021		4,100	$	99,000		8,502,881	$	850,000

Purchases of common stock		—		—		—		—

Dividend declared at $0.50 per common share outstanding		—		—		—		—

Unrealized gain (loss), net of tax effect		—		—		—		—

Net Income		—		—		—		—

Balances, April 30, 2022		4,100		99,000		8,502,881		850,000
Balances		4,100		99,000		8,502,881		850,000


Prior period adjustment for provisions related to depreciation		—		—		—		—

Purchases of common stock		—		—		—		—

Dividend declared at $0.60 per common share outstanding

Unrealized gain (loss), net of tax effect		—		—		—		—

Net Income		—		—		—		—

Balance, April 30, 2023		4,100	$	99,000		8,502,881	$	850,000
Balance		4,100	$	99,000		8,502,881	$	850,000

The accompanying notes are an integral part of these financial statements.

F-8

George Risk Industries, Inc.

Statements of Stockholders’ Equity

For the Years Ended April 30, 2023 and 2022


	Paid-In		Treasury Stock (Common Class A)					Accumulated Other Comprehensive			Retained
	Capital		Shares		Amount			Income (Loss)			Earnings			Total
Balances, April 30, 2021	$	1,934,000		3,556,412	$	(4,336,000	)	$	108,000		$	49,749,000		$	48,404,000


Purchases of common stock		—		15,281		(211,000	)		—			—			(211,000	)

Dividend declared at $0.50 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

Balances, April 30, 2022		1,934,000		3,571,693		(4,547,000	)		(137,000	)		50,843,000			49,042,000
Balances		1,934,000		3,571,693		(4,547,000	)		(137,000	)		50,843,000			49,042,000

Prior period adjustment for provisions related to depreciation		—		—		—			—			(161,000	)		(161,000	)

Purchases of common stock		—		645		(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

Balance, April 30, 2023	$	1,934,000		3,572,338	$	(4,554,000	)	$	(161,000	)	$	52,481,000		$	50,649,000
Balance	$	1,934,000		3,572,338	$	(4,554,000	)	$	(161,000	)	$	52,481,000		$	50,649,000

The accompanying notes are an integral part of these financial statements.

F-9

George Risk Industries, Inc.

Statements of Cash Flows

	Year ended			Year ended
	April 30, 2023			April 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	)
Changes in assets and liabilities:
(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:
Cash payments for:
Income taxes paid	$	2,070,000		$	1,575,000
Interest expense		—			—

Cash receipts for:
Income taxes	$	176,000		$	114,000

The accompanying notes are an integral part of these financial statements.

F-10

George Risk Industries, Inc.

Notes to Financial Statements

April 30, 2023

Nature of Business and Summary of Significant Accounting Policies

Nature of Business — The Company is engaged in the design, manufacture, and marketing of custom computer keyboards, proximity sensors, security alarm components, pool access alarms, liquid detection sensors, raceway wire covers, wire and cable installation tools and various other sensors and devices.

Cash and Cash Equivalents — The Company considers all investments with a maturity of three months or less to be cash equivalents. The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.

Accounts Receivable and Allowance for Estimated Credit Losses — Accounts receivable are customer obligations due under normal trade terms. The Company sells its products to security alarm distributors, alarm installers, and original equipment manufacturers. The Company extends credit to its customers based on their credit worthiness and performs continuing credit evaluations of its customers’ financial condition. If the Company believes the extension of credit is not advisable, other payment methods such as prepayments are required. Balances deemed uncollectible by the Company are written off against our allowance for credit loss accounts.

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 for the year ended April 30, 2023 and $33,531 for the year ended April 30, 2022 For the fiscal year ended April 30, 2023, the provision for credit losses on accounts receivable was a credit of $17,171 compared to an expense of $24,199 for the fiscal year ended April 30, 2022.

Concentrations of Credit Risk — 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.

Inventories — Inventories are stated at the lower of cost or net realized value. Cost is determined using the average cost-pricing method. The Company uses actual costs to price its manufactured inventories, approximating average costs.

F-11

Nature of Business and Summary of Significant Accounting Policies, continued

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 in Years	2023 Cost			2022 Cost
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 and $312,000 was charged to operations for the years ended April 30, 2023 and 2022, 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 — 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. The goal was to hold the property for resale(s) in 2-5 years, but many efforts to sell the property have not materialized. Over the years, there has been a total of $144,000 of additional contributions to aid in improvements and recurring expenses such as debt service, utilities, taxes, maintenance, insurance, and professional fees. Management has evaluated this investment and does not believe there is any impairment and that the full cost will be recovered when sold.

Intangible Assets — Intangible assets are amortized on a straight-line basis over their estimated useful lives, unless it is determined their lives to be indefinite. The intangible asset currently being amortized is intellectual property with a useful life of 15 years. As of April 30, 2023 the Company had $1,149,000 of net intangible asset costs, while the net intangible assets costs at April 30, 2022 were $1,271,000. Amortization expense was $122,000 for the year ended April 30, 2023 and $123,000 for the year ended April 30, 2022, respectively.

F-12

Nature of Business and Summary of Significant Accounting Policies, continued

As of April 30, 2023, future amortization of intangible assets is expected as follows:

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 — The Company computes earnings per share in accordance with Accounting Standards Codification (“ASC”) 260-10-45 Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face of the statement of income. Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings per share excludes all potential common shares if their effect is anti-dilutive.

Advertising — Advertising costs are expensed as incurred and are included in selling expenses. Advertising expense amounted to $105,000 and $162,000 for the years ended April 30, 2023 and 2022, respectively.

Income Taxes — Deferred tax assets and liabilities are recorded for the future consequences of events that have been recognized in the Company’s financial statements or tax returns. Measurement of the deferred tax items is based on enacted tax laws. In the event the future consequences of differences between financial reporting bases and tax bases of the Company’s assets or liabilities result in a deferred tax asset, we evaluate the probability of realizing the future benefits comprising that asset and record a valuation allowance if considered necessary.

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.

F-13

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 — The preparation of these financial statements requires the use of estimates and assumptions including the carrying value of assets. The estimates and assumptions result in approximate rather than exact amounts.

Fair Value of Financial Instruments — Certain financial instruments are required to be recorded at fair value. Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations or cash flows. Other financial instruments, including cash equivalents, certain investments and short-term debt, are recorded at cost, which approximates fair value. The fair values of long-term debt and financial instruments are disclosed in Note 11.

Investments — The accounting policies for the Company’s principal investments are as follows: Debt Securities and Equity Securities: Effective May 1, 2018, the Company adopted Accounting Standards Update 2016-01 “Financial Instruments-Overall (ASC Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”. As a result, the Company measures its equity securities at fair value and recognizes any changes in fair value in net income. Prior to adoption, equity securities were designated as available-for-sale and reported at fair value with unrealized capital gains (losses) recorded in Accumulated other comprehensive income (loss) (“AOCI”). The Company’s debt securities are currently designated as available-for-sale. Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in AOCI and presented, net of related changes, in deferred income taxes. Purchases and sales of debt securities and equity securities are recorded on the trade date. Investment gains and losses on sales of securities are generally determined on a first-in-first-out (“FIFO”) basis.

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 —The Company accounts for revenue using the guidance provided by ASC 606, “Revenue from Contracts with Customers.” The Company recognizes product revenue using a five-step approach to determine the amount and timing of revenue to be recognized. The five-step approach requires (1) identifying the contract with the customer, (2) identifying the performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the 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.

F-14

Nature of Business and Summary of Significant Accounting Policies, continued

Variable Consideration — The Company measures revenue as the amount of consideration for which it expects to be entitled in exchange for transferring goods. Certain customers may receive cash and/or non-cash incentives such as cash rebates, customer discounts (such as volume or trade discounts), which are accounted for as variable consideration. In some cases, the Company must apply judgment, including contractual rates and historical payment trends, when estimating variable consideration.

Product Returns — In the normal course of business, the Company may allow customers to return product per the provisions in a sale agreement. Estimated product returns are recorded as a reduction in reported revenues with offsetting entries recorded in the balance sheet quarterly based upon historical product return experience, adjusted for known trends, to arrive at the amount of consideration expected to receive.

Product Warranties — In the normal course of business, the Company offers warranties for a variety of its products. The specific terms and conditions of the warranties vary depending upon the specific product and markets in which the products were sold. The Company accrues for the estimated cost of product warranty at the time of sale based on historical experience.

Shipping and Handling Costs — The Company considers all shipping and handling to be fulfillment activities and not a separate performance obligation. Shipping and handling costs are recorded as cost of sales.

Research and Development Costs — Generally, costs related to the research, design, and development of products are charged to engineering expense as incurred. Certain research and development costs are recognized under assets in the balance sheet.

Comprehensive Income — US GAAP requires disclosure of total non-stockholder changes in equity in interim periods and additional disclosures of the components of non-stockholder changes in equity on an annual basis. Total non-stockholder changes in equity include all changes in equity during a period except those resulting from fiscal investments by and distributions to stockholders.

Segment Reporting and Related Information — The Company designates the internal organization that is used by management for allocating resources and assessing performance as the source of the Company’s reportable segments. US GAAP also requires disclosures about products and services, geographic area and major customers. At April 30, 2023, the Company operated in three segments organized by security line products, cable and wiring tools (Labor Saving Devices - LSDI) products, and all other products. See Note 9 for further segment information disclosures.

Prior Period Financial Statement Adjustment – In connection with the preparation of our financial statements, we identified an immaterial misstatement to our financial statements in the Company’s fiscal year end 2022 Annual Report. The misstatement is related to a difference in deferred taxes on depreciation for a few years and up through the year ended April 30, 2022. In accordance with Staff Accounting Bulletins No. 99 (“SAB No. 99”) Topic 1.M, “Materiality” and SAB No. 99 Topic 1.N “Considering the Effects of Misstatements when Quantifying Misstatements in the Current Year Financial Statements,” we evaluated the misstatement and determined that the related impact was not consequential to our financial statements for any annual or interim period for fiscal 2022, any other prior period, nor would the cumulative impact of correcting the misstatement be consequential to our results of operations and equity for the fiscal and interim periods of 2023.

Recently Issued Accounting Pronouncements — There are no new accounting pronouncements that are expected to have a significant impact on our financial statements.

Subsequent Events – Management has evaluated all events or transactions that occurred after April 30, 2023 and through the date of this report. During this period, the Company received news about its investment in the limited land partnership. The sale of this property (called Idlewild) closed on June 30, 2023. Disbursement of the sale proceeds are contingent on finishing wetland restoration of the land. The limited land partnership intends to start making periodic distributions of the net proceeds of the sale in January 2024.

F-15

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

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. 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, 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 for the year ended April 30, 2023, but did not have to record any impairment losses for the year ended April 30, 2022.

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 and gross realized losses of $740,000. 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 $63,000. Conversely, the Company recorded gross realized gains on equity securities of $661,000 and gross realized losses of $221,000 for the fiscal year ending April 30, 2022. As for debt securities, there were not any sales of debt securities for gross realized gains, but sales of debt securities yielded gross realized losses of $26,000 for the fiscal year ending April 30, 2022. The gross realized loss numbers include the impaired figures listed in the previous paragraph. Additionally, proceeds from sales of securities available for sale were $25,000 for the fiscal year ended April 30, 2023 and were $452,000 for the prior fiscal year.

F-16

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


	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.

F-17

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 $58,000 and $63,000 were paid in each of the fiscal years ending April 30, 2023 and 2022, respectively.

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 per share. The holders of the convertible preferred stock shall be entitled to a dividend at a rate up to $1 per share annually, payable quarterly as declared by the board of directors. No dividends were declared or paid during the two years ended April 30, 2023 and 2022.

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—The holders of the Class A common stock are entitled to receive dividends as declared by the board of directors. No dividends may be paid on the Class A common stock until the holders of the Series #1 preferred stock have been paid. A dividend for the four prior quarters and provision has been made for the full dividend in the current fiscal year.

During the fiscal year ended April 30, 2023, the Company purchased 645 shares of Class A common stock. This was initiated by stockholders contacting the Company.

Stock Transfer Agent—The Company does not have an independent stock transfer agent. The Company maintains all stock records.

F-18

Earnings Per Share

Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented are:

	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 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 for the year ended April 30, 2023 and $5,058,000 for the year ended April 30, 2022. The Company also received interest income from FirsTier Bank in the amount of approximately $102,700 for the year ended April 30, 2023 and $58,800 for the year ended April 30, 2022.

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.

F-19

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:

	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:

	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:

	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	)

F-20

Business Segments

The following is 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

F-21

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, 2023 and 2022, the Company had uninsured balances of $4,530,000, and $5,256,000, 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 $56,000 and $769,000 for the years ending April 30, 2023 and 2022, 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 36% of total sales for the year ended April 30, 2023 and 35% of total sales for the year ended April 30, 2022. This distributor accounted for 44% and 50% of accounts receivable at April 30, 2023 and 2022, respectively.

Security switch sales made up 87% of total sales for the fiscal year ending April 30, 2023 and 86% of total sales for the fiscal year ending April 30, 2022.

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.

F-22

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.

	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

F-23

Item 9

Disagreements on Accounting and Financial Disclosures

There were no disagreements with accountants on accounting and financial disclosure.

Item 9A

Controls and Procedures

Evaluation of disclosure controls and procedures:

Based on their evaluation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of April 30, 2023 our president and chief executive officer (also working as our chief financial officer) has concluded that our disclosure controls and procedures are effective such that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and (ii) accumulated and communicated to our management, including our chief executive officer (also working as our chief financial officer), as appropriate to allow timely decisions regarding disclosure. A control system cannot provide absolute assurance, however, that the objectives of the control systems are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

Internal control over financial reporting:

The Company’s management is responsible for establishing and maintaining adequate internal controls over financial reporting for the Company. Due to limited resources, Management conducted an evaluation of internal controls based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). The results of this evaluation determined that our internal control over financial reporting was ineffective for the years ended of April 30, 2023 and 2022, due to a material weakness. A material weakness in internal control over financial reporting is defined as a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of our financial reporting.

Management’s assessment identified the following material weakness in internal control over financial reporting:

●

The small size of our Company limits our ability to achieve the desired level of separation of duties for proper internal controls and financial reporting, particularly as it relates to financial reporting to assure material disclosures or implementation of newly issued accounting standards are included. A secondary review over annual and quarterly filings does occur with an outside party. A part-time Controller was hired in March 2023, but the current CEO and CFO roles are being fulfilled by the same individual. We do not have an audit committee. We do not believe we have met the full requirement for separation of duties for financial reporting purposes.

Because of the material weakness in internal control over financial reporting described above, the Company’s management has concluded that, as of April 30, 2023 and 2022, the Company’s internal control over financial reporting was not effective based on the criteria in Internal Control - Integrated Framework issued by the COSO.

We will continue to follow the standards for the Public Company Accounting Oversight Board (United States) for internal control over financial reporting to include procedures that:

	●	Pertain to the maintenance of records in reasonable detail that fairly reflect the transactions and dispositions of the Company’s assets;
	●	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and the Board of Directors; and
	●	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

This annual report does not include an attestation report of the Corporation’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Corporation’s independent registered public accounting firm pursuant to Section 404(c) of the Sarbanes-Oxley Act of 2002, as amended, that permit the Corporation to provide only the management’s report in this annual report.

Item 9B

Other Information

None.

Part III

Item 10

Directors and Executive Officers of the Registrant

(a & b) Identification of Directors and Executive Officers

All the executive officers of the corporation serve at the pleasure of the board of directors and do not have fixed terms.

The following information as of April 30, 2023, is furnished with respect to each director and executive officer:

Name	Principal Occupation or Employment	Age	Director or Officer Since
Stephanie M. Risk-McElroy	Chairman of the Board, Chief Executive Officer, and Chief Financial Officer	51	August 8,1999
Sharon Westby	Secretary/Treasurer	71	June 16, 2006
Donna Debowey	Director, retired GRI plant manager	85	July 12, 2005
Joel H. Wiens	Director, FirsTier Banks	93	September 6, 2007
Bonita P. Risk	Director, Stock Transfer Agent at GRI	73	March 15, 2013
Jerry Knutsen	Director, retired business owner	80	August 29, 2016

The following director compensation table is furnished with respect to each director that served during the year ended April 30, 2023:

Name	Director’s Fees Paid		Stock Awards		Option Awards		Non-equity incentive plan compen-sation		Non-qualified deferred compensation earnings		Total
Stephanie Risk-McElroy (1)		—		—		—		—		—		—
Sharon Westby (1)		—		—		—		—		—		—
Donna Debowey (2)	$	200		—		—		—		—	$	200
Joel H. Wiens (2)		—		—		—		—		—		—
Bonita P. Risk (1)		—		—		—		—		—		—
Jerry Knutsen	$	200		—		—		—		—	$	200

The inside directors (1), or employees of the Company, do not receive additional compensation for their services. Outside directors (2) are paid $200 per meeting for their services.

None.

(d) Family Relationships

Stephanie Risk-McElroy and Bonita P. Risk have a daughter - mother relationship.

(e) Business Experience of Directors and Executive Officers

Stephanie Risk-McElroy, Chairman of the Board, Chief Executive Officer, and Chief Financial Officer, has over twenty-nine years of experience in the accounting field. Mrs. Risk-McElroy graduated from Hastings College with a degree in Accounting. Stephanie worked for Platte Valley Sales from May 1990 until January 1997 as a staff accountant. In 1997, she pursued her career with an accounting manager position at Kershner’s Auto Korner in Hastings, NE. She joined the accounting staff at GRI in 1999 and then was promoted to CFO upon retirement of the prior CFO. Upon the death of her father, Ken R. Risk, in February 2013, she was appointed to the position of Chairman of the Board and Chief Executive Officer.

Mrs. Risk-McElroy serves on the Board of Directors of GRI, as a direct link to the financial condition of the Company. She and her staff oversee all the accounting obligations of the Company. She has knowledge and experience in business outside of the Company that makes her an asset to the Board. And as President of the Company, she oversees all of the day-to-day operations as well.

Sharon Westby, the Corporate Secretary, worked at GRI right after high school for a couple of years as the personal secretary to the Founder of the Company, George Risk, who was President and CEO. Before she returned to the Company in 1982, Sharon was a Clerk Steno 1 at Jackson County Welfare in Kansas City, MO, worked in medical records at the Kimball County Hospital in Kimball, NE, and also managed motels in Texas and Nebraska. She is the Executive Assistant to the President and CEO and Sales Administrator of the Keyboard and Switch division of GRI.

Mrs. Westby continues in her position on the Board of Directors at GRI with over 37 years of experience with the Company. She has seen the Company through many years of ups and downs, has broad knowledge of her product line and is very customer oriented in trying to sell her products to the “non-security use” industry.

Donna Debowey, Director, worked in various retail stores and restaurants until she started at GRI in 1968. She started on the production line, but quickly worked her way up the ranks. She has been a Production Line Supervisor, Director of Quality Control and was named Plant Manager and Senior Vice President in 1998. She held that position until her retirement in 2003.

Mrs. Debowey made the transition from employee of GRI to a member of the Board of Directors with no hesitation after her retirement. She brings her 50+ years of experience in the industry to the table and has a vested interest in seeing the continued success of the Company that she helped to build.

Joel H. Wiens, Director, is an entrepreneur with many business interests. He is a director and principal shareholder of FirsTier Banks Nebraska/Wyoming, director of FirsTier II BanCorporation (which owns FirsTier Bank Nebraska/Wyoming), Chairman of Rite-A-Way Industries (lodging and hospitality industries), real estate investments, and ranching and livestock.

Mr. Wiens took his place on the Board of Directors when his predecessor Mike Nelson, (who is affiliated with Mr. Wiens’ financial institutions) retired from the Board to take another position within the banks and moved away. Joel’s knowledge and experience in business and industry span 60+ years and serves as a valuable asset to GRI.

Bonita P. Risk, Director, attended Wayne State College, in Wayne, Nebraska. Upon returning back home to Columbus, NE, she worked in factory positions. Upon her marriage to Ken Risk, she became a homemaker, raising 3 children and working at several sales positions. In 1981, she and Ken started Platte Valley Sales in Hastings, Nebraska, and her expertise was in accounting and sales. For 8 years, she ran the Hastings business while Ken devoted his time to both GRI in Kimball and Platte Valley Sales in Hastings. Ken and Bonita moved to Kimball in 1997. In 1998, she began at GRI in sales support. She continues in sales support and became the Company stock transfer agent in 2004 upon the retirement of Eileen Risk and is an assistant to the chief financial officer.

Jerry Knutsen, Director, has lived in Kimball, Nebraska most of his life. He left the community for a few years to attend the University of Nebraska at Lincoln. Before his retirement, Jerry owned and operated several businesses over his career, including Knutsen Oil, Inc., Marv’s LP Gas, Inc., and Jerry Knutsen, Inc., and he co-owned Kimball Ford-Lincoln-Mercury. He served 24 years and held several positions on the school board in Kimball, NE. Mr. Knutsen is a past member and president of The Nebraska Propane Gas Association and The Nebraska Petroleum Marketers & Convenience Store Association. Other boards he is presently serving on include the Kimball Schools Foundation Board of Directors and Kimball Health Services Board of Trustees.

(f) Involvement in Certain Legal Proceedings

None.

(g) Promoters and Control Persons

None.

Compliance with Section 16(a) of the Securities Exchange Act of 1934

Section 16(a) of the Exchange Act requires our executive officers and directors and persons who own more than 10% of a registered class of our equity securities to file with the SEC initial statements of beneficial ownership, reports of changes in ownership and annual reports concerning their ownership of our common stock and other equity securities, on Forms 3, 4 and 5 respectively. Executive officers, directors and greater than 10% shareholders are required by the SEC regulations to furnish us with copies of all Section 16(a) reports that they file.

Based solely on our review of copies of the Section 16(a) reports filed for the fiscal year ended April 30, 2023, we believe that all filing requirements applicable to our officers, directors, and greater than 10% beneficial owners were complied with.

Code of Ethics and Code of Business Conduct

The Company does not have a written code of ethics at this time. The Company is a small business and employees know that the President of the Company must approve all material business. The Company also has checks and balances to make sure that there is not any fraud or illegal activities taking place.

Corporate Governance

Nominating and Compensation Committees

We do not have standing nominating or compensation committees, or committees performing similar functions. Our Board of Directors believes that it is not necessary to have a standing compensation committee at this time because our Board of Directors adequately performs the functions of such committee.

Our Board of Directors also is of the view that it is appropriate for us not to have a standing nominating committee because our Board of Directors has performed and will perform adequately the functions of a nominating committee. Our Board of Directors has not adopted a charter for the nomination committee. There have not been any defined policy or procedure requirements for stockholders to submit recommendations or nomination for directors. Our Board of Directors does not believe that a defined policy with regard to the consideration of candidates recommended by stockholders is necessary at this time because we believe that, given the early stages of our development, a specific nominating policy would be premature and of little assistance until our business operations are at a more advanced level.

Audit Committee

We do not have a standing audit committee at the present time. Our Board of Directors has determined that we do not have a board member that qualifies as an “audit committee financial expert” as defined in Item 401(h) of Regulation S-K, nor do we have a board member that qualifies as “independent” as the term is used in Item 7(d)(3)(iv) of Schedule 14A under the Securities Exchange Act of 1934, as amended.

Other Committees

All proceedings of our Board of Directors for the year ended April 30, 2023 were conducted by resolutions consented to in writing by our directors and filed with the minutes of the proceedings of the Board of Directors. Our Company currently does not have any committees.

Item 11

Executive Compensation

The following table sets forth certain information regarding the compensation paid to or accrued by the Company to executive officers for services rendered in all capacities during each of the Company’s fiscal years ended April 30, 2023 and 2022.

Name and principal position	Year		Salary		Bonus		Stock Awards		Option Awards		Non-Equity Incentive Plan Compen-sation		Change in Pension Value and Non-qualified Deferred Compen-sation Earnings		All Other Compen-sation		Total
Bonita Risk, Director,		2023	$	42,000	$	—		—		—		—		—	$	132,000	$	174,000
Shareholder, Employee		2022	$	41,000	$	—		—		—		—		—	$	148,000	$	189,000
Stephanie Risk-McElroy,		2023	$	104,000	$	—		—		—		—		—	$	56,000	$	160,000
CEO/CFO, Director, Shareholder		2022	$	103,000	$	—		—		—		—		—	$	49,000	$	152,000
Scott McMurray, Director of Sales		2023	$	55,000	$	—		—		—		—		—	$	83,000	$	138,000
2022			$	53,000	$	—		—		—		—		—	$	86,000	$	139,000

Bonita Risk, Stephanie Risk-McElroy, and Scott McMurray receive a base salary and bonus/commission based on a percentage of sales for the year.

There were no other officers compensated in excess of $100,000 for the fiscal years ended April 30, 2023 and 2022.

Item 12

Security Ownership of Certain Beneficial Owners and Management

The following table sets forth certain information regarding our Common Stock beneficially owned as of April 30, 2023 for (i) each stockholder known to be the beneficial owner of 5% or more of our outstanding Common Stock, (ii) each executive officer and director, and (iii) all executive officers and directors as a group. In general, a person is deemed to be a beneficial owner of a security if that person has or shares the power to vote or direct the voting of such security, or the power to dispose or to direct the disposition of such security. A person is also deemed to be a beneficial owner of any securities of which the person has the right to acquire beneficial ownership within 60 days. Shares of Common Stock subject to options, warrants or convertible securities exercisable or convertible within 60 days are deemed outstanding for computing the percentage of the person or entity holding such options, warrants or convertible securities but are not deemed outstanding for computing the percentage of any other person. Percentages are determined based on 4,930,543 shares of Common Stock of the Company issued and outstanding and less treasury shares as of April 30, 2023. To the best of our knowledge, subject to community and marital property laws, all persons named have sole voting and investment power with respect to such shares, except as otherwise noted.

Name and Address of Beneficial Owner (1)	Number of Shares of Common Stock (2)		% of Class of Stock Outstanding (3)
Executive Officers and Directors:
Bonita Risk – Director		2,947,128	59.77	%
The above director has beneficial ownership over the Kenneth Risk Trust that owns 2,187,056 shares, Bonita Risk Family Irrevocable Trust that owns 732,470 shares, and 27,602 shares owned personally. As a result, combined, they have voting and shared dispositive control.

Stephanie M. Risk-McElroy Chairman, CEO, & CFO		1,775	Less than 1	%
Donna Debowey – Director		500	Less than 1	%
Daniel Douglas – Vice President, Materials		250	Less than 1	%

All Officers and Directors as a group		2,949,653	59.82	%

(1)	Unless otherwise indicated, the address of the named beneficial owner is George Risk Industries, Inc., 802 S. Elm St., Kimball, NE 69145.

(2)	Security ownership information for named beneficial owners (other than executive officers and directors of the Company) is taken from statements filed with the Securities and Exchange Commission pursuant to information made known by the Company and from the Company’s transfer agent.

(3)	Based on the net shares outstanding as of April 30, 2023. This consists of Common Shares issued and outstanding (8,502,881) less treasury shares (3,572,338).

Changes in Control

We are not aware of any arrangements, including any pledge by any person of our securities, the operation of which may result in a change in control of the Company.

Item 13

Certain Relationships and Related Party Transactions

During each of three years ended April 30, 2023, 2022, and 2021, the Company executed transactions with related entities and individuals. Each of the transactions was in terms at least as favorable as could be obtained from unrelated third parties.

Related Party	2023		2022		2021
Bank Balances
Joel Wiens, Director	$	4,636,584	$	5,058,307	$	6,885,460
Interest Income
Joel Wiens, Director	$	102,713	$	58,751	$	54,761

Item 14

Principal Accountant Fees and Services

1)	Audit Fees

For each of the last two fiscal years the Company incurred aggregate fees and expenses for professional services rendered by our principal accountants for the audit of our annual financial statements and review of our financial statements for Form 10-Q. The amounts are listed below:

FYE 2023	$	78,000	Haynie & Company
	$	1,763	Carey Schroeder, CPA

FYE 2022	$	61,060	Haynie & Company

2)	Audit-Related Fees

The Company incurred aggregate fees and expenses for professional services rendered by our principal accountants for the audit of the Company’s employee benefit plan. The amounts are listed below:

FYE 2023	$	10,500	Haynie & Company

FYE 2022	$	8,000	Haynie & Company

Tax Fees

The Company incurred aggregate fees or expenses for professional services rendered by tax accountants for tax compliance, tax advice, and tax planning for the last two fiscal years.

FYE 2023	$	6,000	Tax Resources Group, Inc.
	$	4,900	Tax Resources Group, Inc.

FYE 2022	$	4,875	Tax Resources Group, Inc .

4)	All Other Fees

The Company incurred aggregate fees and expenses for professional services rendered by our principal accountants for restatement of some of the Company’s 10-Qs and 10-K. The amounts are listed below:

FYE 2023		None

FYE 2022		None

5)	The Board of Directors considered whether, and determined that, the auditor’s provisions of non-audit services were compatible with maintaining the auditor’s independence. All the services described above were approved by the Board of Directors pursuant to its policies and procedures.

Part IV

Item 15

Exhibits and Reports on Form 8–K

3.(1).a		Articles of Incorporation—Filed as Exhibit 5 to the Registrant’s Form 10–K for the fiscal year ended April 10, 1970, and incorporated by reference herein

3.(i).b		Certificate of Amendment to the Articles of Incorporation of the Registrant—Filed as Exhibit 1.2 to the Registrant’s Form 10–K for the fiscal year ended April 30, 1971, and incorporated by reference herein

3.(ii).c		By-laws—Filed as Exhibit 1.3 to the Registrant’s Form 10–K for the fiscal year ended April 10, 1971, and incorporated by reference herein

10.1		Vendor agreement dated as of February 16, 2011 between Honeywell International, Inc., acting through the ADI business of its Security Group (“ADI”) and George Risk Industries, Inc. – Filed as Exhibit 10.1 to the Registrant’s Form 10-K for the fiscal year ended April 30, 2012, and incorporated by reference herein. *

31.1		Certification pursuant to Rule 13a-14(a) of the Chief Executive Officer (Principal Financial and Accounting Officer)

32.1		Certification pursuant to 18 U.S.C. 1350 of the Chief Executive Officer (Principal Financial and Accounting Officer)

* Portions of this exhibit have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities Exchange Act of 1934.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

/s/ STEPHANIE M. RISK-MCELROY

July 31, 2023

STEPHANIE M. RISK-MCELROY

Date

President and Chairman of the Board

Pursuant to the requirements of the securities exchange act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ STEPHANIE M. RISK-MCELROY		July 31, 2023
STEPHANIE M. RISK-MCELROY		Date
President and Chairman of the Board

/s/ DONNA DEBOWEY		July 31, 2023
DONNA DEBOWEY		Date
Director

/s/ JOEL H. WIENS		July 31, 2023
JOEL H. WIENS		Date
Director

/s/ BONITA P. RISK		July 31, 2023
BONITA P. RISK		Date
Director

/s/ JERRY KNUTSEN		July 31, 2023
JERRY KNUTSEN		Date
Director

Exhibit 31.1

CERTIFICATION OF STEPHANIE M. RISK-MCELROY, CHIEF EXECUTIVE AND FINANCIAL OFFICER, PURSUANT TO RULE 13a-14 OF THE SECURITIES EXCHANGE ACT OF 1934

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stephanie M. Risk-McElroy, certify that:

(1) I have reviewed this annual report on Form 10K of George Risk Industries, Inc.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the smaller reporting company issuer as of, and for, the periods presented in this report;

(4) The smaller reporting company issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the smaller reporting company issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the smaller reporting company issuer, including its subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the smaller reporting company issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the smaller reporting company issuer’s internal control over financial reporting that occurred during the smaller reporting company issuer’s most recent fiscal quarter (the smaller reporting company issuer’s fourth fiscal quarter in the case of this annual report) that has materially affected, or is reasonably likely to materially affect, the smaller reporting company issuer’s internal control over financial reporting; and

(5) The smaller reporting company issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the smaller reporting company issuer’s auditors and the audit committee of the smaller reporting company issuer’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the smaller reporting company issuer’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the smaller reporting company issuer’s internal control over financial reporting.

Date: July 31, 2023

/s/ Stephanie M. Risk-McElroy
Stephanie M. Risk-McElroy
Chief Executive and Financial Officer

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE AND FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Stephanie M. Risk-McElroy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the annual report of George Risk Industries, Inc. on Form 10-K dated April 30, 2023 fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10K fairly presents in all material respects the financial condition and results of operations of George Risk Industries, Inc.

Date: July 31, 2023	/s/ Stephanie M. Risk-McElroy
	Stephanie M. Risk-McElroy
	Chief Executive and Financial Officer

Cover - USD ($)	12 Months Ended
Cover - USD ($)	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 - 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) - 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 - USD ($)	12 Months Ended
Income Statements - USD ($)	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 Income - USD ($)	12 Months Ended
Statements of Comprehensive Income - USD ($)	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' 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' 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 - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	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 of Significant Accounting Policies

12 Months Ended

Apr. 30, 2023

Accounting Policies [Abstract]

Nature of Business and Summary of Significant Accounting Policies

Nature of Business and Summary of Significant Accounting Policies, continued

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 in Years	2023 Cost			2022 Cost
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 and $312,000 was charged to operations for the years ended April 30, 2023 and 2022, respectively.

Nature of Business and Summary of Significant Accounting Policies, continued

As of April 30, 2023, future amortization of intangible assets is expected as follows:

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

Nature of Business and Summary of Significant Accounting Policies, continued

Recently Issued Accounting Pronouncements — There are no new accounting pronouncements that are expected to have a significant impact on our financial statements.

Inventories

12 Months Ended

Apr. 30, 2023

Inventory Disclosure [Abstract]

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

12 Months Ended

Apr. 30, 2023

Investments, Debt and Equity Securities [Abstract]

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

Investments, continued

Unrealized Loss Breakdown by Investment Type at April 30, 2023


	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

Marketable Equity Securities and REITs

Retirement Benefit Plan

12 Months Ended

Apr. 30, 2023

Retirement Benefits [Abstract]

Retirement Benefit Plan

Stockholders’ Equity

12 Months Ended

Apr. 30, 2023

Equity [Abstract]

Stockholders’ Equity

During the fiscal year ended April 30, 2023, the Company purchased 645 shares of Class A common stock. This was initiated by stockholders contacting the Company.

Stock Transfer Agent—The Company does not have an independent stock transfer agent. The Company maintains all stock records.

Earnings Per Share

12 Months Ended

Apr. 30, 2023

Earnings Per Share of Common Stock

Earnings Per Share

Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented are:

	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 Related Party Transactions

12 Months Ended

Apr. 30, 2023

Commitments Contingencies And Related Party Transactions

Commitments, Contingencies, and Related Party Transactions

Income Taxes

12 Months Ended

Apr. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

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:

	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:

	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:

	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

12 Months Ended

Apr. 30, 2023

Segment Reporting [Abstract]

Business Segments

The following is 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

12 Months Ended

Apr. 30, 2023

Risks and Uncertainties [Abstract]

Concentrations

10.

Concentrations

Security switch sales made up 87% of total sales for the fiscal year ending April 30, 2023 and 86% of total sales for the fiscal year ending April 30, 2022.

Fair Value Measurements

12 Months Ended

Apr. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

11.

Fair Value Measurements

Level 1

Valuation is based upon quoted prices for identical instruments traded in active markets.

Level 2

Level 3

Investments and Marketable Securities

Fair Value Hierarchy

	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 Summary of Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2023

Accounting Policies [Abstract]

Nature of Business

Cash and Cash Equivalents

Accounts Receivable and Allowance for Estimated Credit Losses

Concentrations of Credit Risk

Inventories

Nature of Business and Summary of Significant Accounting Policies, continued

Property and Equipment

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 in Years	2023 Cost			2022 Cost
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 and $312,000 was charged to operations for the years ended April 30, 2023 and 2022, respectively.

Investment in Limited Land Partnership

Intangible Assets

Nature of Business and Summary of Significant Accounting Policies, continued

As of April 30, 2023, future amortization of intangible assets is expected as follows:

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

Income Taxes

Nature of Business and Summary of Significant Accounting Policies, continued

Accounting Estimates

Fair Value of Financial Instruments

Investments

Revenue Recognition

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

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements — There are no new accounting pronouncements that are expected to have a significant impact on our financial statements.

Subsequent Events

Nature of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2023

Accounting Policies [Abstract]

Schedule of Property and Equipment

Classification	Useful Life in Years	2023 Cost			2022 Cost
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:

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)

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)

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


	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)

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:

	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)

12 Months Ended

Apr. 30, 2023

Income Tax Disclosure [Abstract]

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:

	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:

	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:

	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)

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:

	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)

12 Months Ended

Apr. 30, 2023

Fair Value Disclosures [Abstract]

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 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 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 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 (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 (Details) - USD ($)	12 Months Ended
Schedule of Investments (Details) - USD ($)	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 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) - USD ($)	12 Months Ended
Investments (Details Narrative) - USD ($)	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 (Details Narrative) - USD ($)		12 Months Ended
Retirement Benefit Plan (Details Narrative) - USD ($)	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	100.00%
Employer matching contribution vesting period	P6Y
Employees matching contributions		$ 58,000	$ 63,000

Stockholders’ Equity (Details Narrative)	12 Months Ended
Stockholders’ Equity (Details Narrative)	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 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, 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 Provision (Details) - USD ($)	12 Months Ended
Schedule of Income Tax Provision (Details) - USD ($)	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 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 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	21.00%	21.00%
State tax rate	7.50%	7.81%
Blended statutory rate	28.50%	28.81%

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 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 Narrative) - USD ($)	12 Months Ended
Concentrations (Details Narrative) - USD ($)	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	36.00%	35.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	44.00%	50.00%
Sales (Security Switch) [Member] \| Customer Concentration Risk [Member] \| Customer [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	87.00%	86.00%
Wells Fargo Bank [Member]
Concentration Risk [Line Items]
Uninsured amount	$ 56,000	$ 769,000

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

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