10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarter ended October 31, 2016

[  ] 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 small business issuer as specified in its charter)

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

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

(308) 235-4645

(Registrant’s telephone number, including area code)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 [X]     No [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [  ]      No [X]

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

Large accelerated filer [  ]	Accelerated filer [  ]
Non-accelerated filer [  ]	Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

APPLICABLE ONLY TO CORPORATE ISSUERS

The number of shares of the Registrant’s Common Stock outstanding, as of December 15, 2016 was 4,946,250.

Transitional Small Business Disclosure Format: Yes [X] No [  ]

GEORGE RISK INDUSTRIES, INC.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

The unaudited financial statements for the three and six-month period ended October 31, 2016, are attached hereto.

 2

GEORGE RISK INDUSTRIES, INC.

CONDENSED BALANCE SHEETS

	October 31, 2016		April 30, 2016
	(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	5,592,000	$	5,918,000
Investments and securities		25,094,000		24,530,000
Accounts receivable:
Trade, net of $394 and $74 doubtful account allowance		1,859,000		1,912,000
Income tax overpayment		201,000		199,000
Inventories, net		2,663,000		2,964,000
Prepaid expenses		57,000		68,000
Total Current Assets	$	35,466,000	$	35,591,000
Property and Equipment, net, at cost		785,000		756,000
Other Assets
Investment in Limited Land Partnership, at cost		273,000		253,000
Projects in process		17,000		68,000
Total Other Assets	$	290,000	$	321,000
TOTAL ASSETS	$	36,541,000	$	36,668,000

See accompanying notes to the condensed financial statements.

 3

GEORGE RISK INDUSTRIES, INC.

CONDENSED BALANCE SHEETS

	October 31, 2016			April 30, 2016
	(unaudited)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable, trade	$	128,000		$	31,000
Dividends payable		1,417,000			1,255,000
Accrued expenses:
Payroll and related expenses		304,000			320,000
Deferred income taxes		148,000			87,000
Total Current Liabilities	$	1,997,000		$	1,693,000
Long-Term Liabilities
Deferred income taxes		177,000			191,000
Total Long-Term Liabilities	$	177,000		$	191,000
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		1,736,000			1,736,000
Accumulated other comprehensive income		430,000			347,000
Retained earnings		34,838,000			35,337,000
Less: treasury stock, 3,481,221 and 3,481,021 shares, at cost		(3,586,000	)		(3,585,000	)
Total Stockholders’ Equity	$	34,367,000		$	34,784,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	36,541,000		$	36,668,000

See accompanying notes to the condensed financial statements

 4

GEORGE RISK INDUSTRIES, INC.

CONDENSED INCOME STATEMENTS (Unaudited)

	Three months			Six months			Three months			Six months
	ended			ended			ended			ended
	Oct 31, 2016			Oct 31, 2016			Oct 31, 2015			Oct 31, 2015
Net Sales	$	2,883,000		$	5,549,000		$	2,775,000		$	5,630,000
Less: Cost of Goods Sold		(1,284,000	)		(2,670,000	)		(1,187,000	)		(2,548,000	)
Gross Profit	$	1,599,000		$	2,879,000		$	1,588,000		$	3,082,000
Operating Expenses
General and Administrative		230,000			441,000			213,000			416,000
Sales		487,000			971,000			486,000			980,000
Engineering		24,000			42,000			23,000			38,000
Rent Paid to Related Parties		4,000			9,000			5,000			9,000
Total Operating Expenses	$	745,000		$	1,463,000		$	727,000		$	1,443,000
Income From Operations		854,000			1,416,000			861,000			1,639,000
Other Income (Expense)
Other		7,000			10,000			5,000			8,000
Dividend and Interest Income		126,000			318,000			142,000			309,000
Gain (Loss) on Investments		38,000			85,000			(135,000	)		(46,000	)
	$	171,000		$	413,000		$	12,000		$	271,000
Income Before Provisions for Income Taxes		1,025,000			1,829,000			873,000			1,910,000
Provisions for Income Taxes:
Current Expense		(325,000	)		(583,000	)		(287,000	)		(626,000	)
Deferred Tax Benefit (Expense)		(8,000	)		13,000			(13,000	)		11,000
Total Income Tax Expense	$	(333,000	)	$	(570,000	)	$	(300,000	)	$	(615,000	)
Net Income	$	692,000		$	1,259,000		$	573,000		$	1,295,000
Cash Dividends
Common Stock ($0.35 per share)	$	1,758,000		$	1,758,000
Common Stock ($0.34 per share)							$	1,709,000		$	1,709,000
Income Per Share of Common Stock
Basic	$	0.14		$	0.25		$	0.11		$	0.26
Diluted	$	0.14		$	0.25		$	0.11		$	0.26
Weighted Average Number of Common Shares Outstanding
Basic		5,021,660			5,021,701			5,025,244			5,025,379
Diluted		5,042,160			5,042,201			5,045,744			5,045,879

See accompanying notes to the condensed financial statements

 5

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)

	Three months			Six months			Three months			Six months
	ended			ended			ended			ended
	Oct 31, 2016			Oct 31, 2016			Oct 31, 2015			Oct 31, 2015
Net Income	$	692,000		$	1,259,000		$	573,000		$	1,295,000
Other Comprehensive Income, net of tax
Unrealized gain (loss) on securities:
Unrealized holding gains (losses) arising during period		(376,000	)		168,000			(631,000	)		(1,118,000	)
Reclassification adjustment for gains (losses) included in net income		(7,000	)		(25,000	)		194,000			131,000
Income tax benefit (expense) related to other comprehensive income		160,000			(60,000	)		183,000			413,000
Other Comprehensive Income	$	(223,000	)	$	83,000		$	(254,000	)	$	(574,000	)
Comprehensive Income	$	469,000		$	1,342,000		$	319,000		$	721,000

See accompanying notes to the condensed financial statements

 6

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENT OF CASH FLOWS (Unaudited)

	Six months			Six months
	ended			ended
	Oct 31, 2016			Oct 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	1,259,000		$	1,295,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		91,000			79,000
(Gain) loss on sale of investments		(98,000	)		23,000
Impairments on investments		13,000			23,000
Reserve for obsolete inventory		15,000			12,000
Deferred income taxes		(13,000	)		(11,000	)
Changes in assets and liabilities:
(Increase) decrease in:
Accounts receivable		53,000			254,000
Inventories		286,000			(563,000	)
Prepaid expenses		12,000			37,000
Other receivables		-			(2,000	)
Income tax overpayment		(2,000	)		(228,000	)
Increase (decrease) in:
Accounts payable		97,000			24,000
Accrued expenses		(16,000	)		3,000
Net cash provided by (used in) operating activities	$	1,697,000		$	946,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Other assets manufactured		50,000			(14,000	)
(Purchase) of property and equipment		(120,000	)		(27,000	)
Proceeds from sale of marketable securities		37,000			55,000
(Purchase) of marketable securities		(373,000	)		(376,000	)
(Purchase) of long-term investment		(20,000	)		-
Collection of loans to employees		-			1,000
Net cash provided by (used in) investing activities	$	(426,000	)	$	(361,000	)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Purchase) of treasury stock		(1,000	)		(4,000	)
Dividends paid		(1,596,000	)		(1,553,000	)
Net cash provided by (used in) financing activities	$	(1,597,000	)	$	(1,557,000	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	$	(326,000	)	$	(972,000	)
Cash and Cash Equivalents, beginning of period	$	5,918,000		$	5,691,000
Cash and Cash Equivalents, end of period	$	5,592,000		$	4,719,000
Supplemental Disclosure for Cash Flow Information:
Cash payments for:
Income taxes	$	706,000		$	850,000
Interest paid	$	0		$	0
Cash receipts for:
Income taxes	$	0		$	0

See accompanying notes to the condensed financial statements

 7

GEORGE RISK INDUSTRIES, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

OCTOBER 31, 2016

Note 1 Unaudited Interim Financial Statements

The accompanying financial statements have been prepared in accordance with the instructions for Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s April 30, 2016 annual report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for any quarter are not necessarily indicative of the results for any other quarter or for the full year.

Note 2 Investments

The Company has investments in publicly traded equity securities, corporate bonds, state and municipal debt securities, real estate investment trusts, and money markets funds. The investments in securities are classified as available-for-sale securities, and are reported at fair value. Available-for-sale investments in debt securities mature between November 2016 and November 2048. The Company uses the average cost method to determine the cost of securities sold and the amount reclassified out of accumulated other comprehensive income into earnings. Unrealized gains and losses are excluded from earnings and reported separately as a component of stockholders’ equity. Dividend and interest income are reported as earned.

As of October 31, 2016 and April 30, 2016, investments consisted of the following:

			Gross		Gross
Investments at	Cost		Unrealized		Unrealized			Fair
October 31, 2016	Basis		Gains		Losses			Value
Municipal bonds	$	5,964,000	$	107,000	$	(233,000	)	$	5,838,000
Corporate bonds	$	129,000	$	-	$	(1,000	)	$	128,000
REITs	$	42,000	$	6,000	$	(3,000	)	$	45,000
Equity securities	$	15,948,000	$	1,373,000	$	(511,000	)	$	16,810,000
Money markets and CDs	$	2,273,000	$	-	$	-		$	2,273,000
Total	$	24,356,000	$	1,486,000	$	(748,000	)	$	25,094,000

 8

			Gross		Gross
Investments at	Cost		Unrealized		Unrealized			Fair
April 30, 2016	Basis		Gains		Losses			Value
Municipal bonds	$	6,489,000	$	133,000	$	(239,000	)	$	6,383,000
Corporate bonds	$	130,000	$	-	$	(4,000	)	$	126,000
REITs	$	42,000	$	4,000	$	(2,000	)	$	44,000
Equity securities	$	14,796,000	$	1,187,000	$	(484,000	)	$	15,499,000
Money markets and CDs	$	2,478,000	$	-	$	-		$	2,478,000
Total	$	23,935,000	$	1,324,000	$	(729,000	)	$	24,530,000

The Company evaluates all marketable securities for other-than temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. As a result of this standard, management did not record an impairment loss during the quarter, but did record a loss of $13,000 for the six months ended October 31, 2016. Likewise, as for the corresponding periods last year, management did not record a loss for the quarter, but did record a $23,000 impairment loss for the six months ended October 31, 2015.

The following table shows the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at October 31, 2016 and April 30, 2016, respectively.

Unrealized Loss Breakdown by Investment Type at October 31, 2016

	Less than 12 months					12 months or greater					Total
Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	737,000	$	(11,000	)	$	1,850,000	$	(222,000	)	$	2,587,000	$	(233,000	)
Corporate bonds	$	99,000	$	-		$	29,000	$	(1,000	)	$	128,000	$	(1,000	)
REITs	$	-	$	-		$	25,000	$	(3,000	)	$	25,000	$	(3,000	)
Equity securities	$	4,008,000	$	(319,000	)	$	1,445,000	$	(192,000	)	$	5,453,000	$	(511,000	)
Total	$	4,844,000	$	(330,000	)	$	3,349,000	$	(418,000	)	$	8,193,000	$	(748,000	)

 9

Unrealized Loss Breakdown by Investment Type at April 30, 2016

	Less than 12 months					12 months or greater					Total
Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	3,129,000	$	(215,000	)	$	609,000	$	(24,000	)	$	3,738,000	$	(239,000	)
Corporate bonds		-		-		$	27,000	$	(4,000	)	$	27,000	$	(4,000	)
REITs	$	27,000	$	(2,000	)		-		-		$	27,000	$	(2,000	)
Equity securities	$	5,018,000	$	(323,000	)	$	1,171,000	$	(161,000	)	$	6,189,000	$	(484,000	)
Total	$	8,174,000	$	(540,000	)	$	1,807,000	$	(189,000	)	$	9,981,000	$	(729,000	)

Municipal Bonds

The unrealized losses on the Company’s investments in municipal bonds were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the Company has the ability to hold these investments until a recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at October 31, 2016.

Corporate Bonds

The Company’s unrealized loss on investments in corporate bonds relates to two bonds. The contractual term of these investments does not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the Company has the ability to hold these investments until a recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at October 31, 2016.

Marketable Equity Securities and REITs

The Company’s investments in marketable equity securities and REITs consist of a wide variety of companies. Investments in these companies include growth, growth income, and foreign investment objectives. The individual holdings have been evaluated, and due to management’s plan to hold on to these investments for an extended period, the Company does not consider these investments to be other-than-temporarily impaired at October 31, 2016.

 10

Note 3 Inventories

Inventories at October 31, 2016 and April 30, 2016 consisted of the following:

	October 31, 2016			April 30, 2016
Raw materials	$	1,819,000		$	1,948,000
Work in process		495,000			641,000
Finished goods		437,000			448,000
		2,751,000			3,037,000
Less: allowance for obsolete inventory		(88,000	)		(73,000	)
Totals	$	2,663,000		$	2,964,000

 11

Note 4 Business Segments

The following is financial information relating to industry segments:

	Three months		Six months		Three months		Six months
	ended		ended		ended		ended
	Oct 31, 2016		Oct 31, 2016		Oct 31, 2015		Oct 31, 2015
Net revenue:
Security alarm products	$	2,473,000	$	4,746,000	$	2,351,000	$	4,768,000
Other products		410,000		803,000		424,000		862,000
Total net revenue	$	2,883,000	$	5,549,000	$	2,775,000	$	5,630,000
Income from operations:
Security alarm products		732,000		1,211,000		729,000		1,389,000
Other products		122,000		205,000		132,000		250,000
Total income from operations	$	854,000	$	1,416,000	$	861,000	$	1,639,000
Depreciation and amortization:
Security alarm products		7,000		21,000		4,000		8,000
Other products		28,000		53,000		30,000		60,000
Corporate general		12,000		17,000		6,000		11,000
Total depreciation and amortization	$	47,000	$	91,000	$	40,000	$	79,000
Capital expenditures:
Security alarm products		-		-		24,000		24,000
Other products		59,000		114,000		-		-
Corporate general		2,000		6,000		-		3,000
Total capital expenditures	$	61,000	$	120,000	$	24,000	$	27,000

	October 31, 2016		April 30, 2016
Identifiable assets:
Security alarm products		3,672,000		4,203,000
Other products		1,427,000		1,142,000
Corporate general		31,442,000		31,323,000
Total assets	$	36,541,000	$	36,668,000

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Note 5 Earnings per Share

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

	For the three months ended October 31, 2016
	Income		Shares		Per-share
	(Numerator)		(Denominator)		Amount
Net Income	$	692,000		-		-
Basic EPS	$	692,000		5,021,660	$	.1378
Effect of dilutive securities:
Convertible preferred stock		0		20,500		(.0006	)
						-
Diluted EPS	$	692,000		5,042,160	$	.1372

	For the six months ended October 31, 2016
	Income		Shares		Per-share
	(Numerator)		(Denominator)		Amount
Net Income	$	1,259,000		-		-
Basic EPS	$	1,259,000		5,021,701	$	.2507
Effect of dilutive securities:
Convertible preferred stock		0		20,500		(.0010	)
Diluted EPS	$	1,259,000		5,042,201	$	.2497

	For the three months ended October 31, 2015
	Income		Shares		Per-share
	(Numerator)		(Denominator)		Amount
Net Income	$	573,000		-		-
Basic EPS	$	573,000		5,025,244	$	.1140
Effect of dilutive securities:
Convertible preferred stock		0		20,500		(.0004	)
Diluted EPS	$	573,000		5,045,744	$	.1136

 13

	For the six months ended October 31, 2015
	Income		Shares		Per-share
	(Numerator)		(Denominator)		Amount
Net Income	$	1,295,000		-		-
Basic EPS	$	1,295,000		5,025,379	$	.2577
Effect of dilutive securities:
Convertible preferred stock		0		20,500		(.0011	)
Diluted EPS	$	1,295,000		5,045,879	$	.2566

Note 6 Retirement Benefit Plan

On January 1, 1998, the Company adopted the George Risk Industries, Inc. Retirement Savings Plan (the “Plan”). The Plan is a defined contribution savings plan designed to provide retirement income to eligible employees of the corporation. The Plan is intended to be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. Matching contributions by the Company of approximately $3,000 were paid during both the quarters ending October 31, 2016 and 2015, respectively. Likewise, the Company paid matching contributions of approximately $5,000 during both the six-month periods ending October 31, 2016 and 2015, respectively.

 14

Note 7 Fair Value Measurements

Generally accepted accounting principles in the United States of America (US GAAP) defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.

US GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The levels of the fair value hierarchy under US GAAP are described below:

Level 1	Valuation is based upon quoted prices for identical instruments traded in active markets.
Level 2	Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
Level 3	Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.

Investments and Marketable Securities

As of October 31, 2016, our investments consisted of money markets, publicly traded equity securities, real estate investment trusts (REITs) as well as certain state and municipal debt securities and corporate bonds. Our marketable securities are valued using third-party broker statements. The value of the investments is derived from quoted market information. The inputs to the valuation are generally classified as Level 1 given the active market for these securities, however, if an active market does not exist, which is the case for municipal bonds and REITs, the inputs are recorded as Level 2.

Fair Value Hierarchy

The following table sets forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

 15

	Assets Measured at Fair Value on a Recurring Basis as of October 31, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	-	$	5,838,000	$	-	$	5,838,000
Corporate Bonds	$	128,000	$	-	$	-	$	128,000
REITs	$	-	$	45,000	$	-	$	45,000
Equity Securities	$	16,810,000	$	-	$	-	$	16,810,000
Money Markets and CDs	$	2,273,000	$	-	$	-	$	2,273,000
Total fair value of assets measured on a recurring basis	$	19,211,000	$	5,883,000	$	-	$	25,094,000

	Assets Measured at Fair Value on a Recurring Basis as of April 30, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	-	$	6,383,000	$	-	$	6,383,000
Corporate Bonds	$	126,000	$	-	$	-	$	126,000
REITs	$	-	$	44,000	$	-	$	44,000
Equity Securities	$	15,499,000	$	-	$	-	$	15,499,000
Money Markets and CDs	$	2,478,000	$	-	$	-	$	2,478,000
Total fair value of assets measured on a recurring basis	$	18,103,000	$	6,427,000	$	-	$	24,530,000

Note 8 Subsequent Events

None

 16

GEORGE RISK INDUSTRIES, INC.

PART I. FINANCIAL INFORMATION

Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act) and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), which are subject to the “safe harbor” created by those sections. Any statements herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “expect,” “intend,” “believe,” “estimate,” “project” or “continue,” and the negatives of such terms are intended to identify forward-looking statements. The information included herein represents our estimates and assumptions as of the date of this filing. Unless required by law, we undertake no obligation to update publicly any forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

The following discussion should be read in conjunction with the attached condensed financial statements, and with the Company’s audited financial statements and discussion for the fiscal year ended April 30, 2016.

Executive Summary

The Company’s performance has remained fairly constant through the first and second quarters, due to the continuation of our quality USA made products with the ability for customization and our notable customer service. Additionally, strong performance in the stock market has generated adequate returns on the marketable securities. Challenges in the coming months include the implementation of new hardware and software systems which will enhance productivity and communication throughout the organization and getting new products out to the marketplace.

Results of Operations

● Net sales were $2,883,000 for the quarter ended October 31, 2016, which is a 3.89% increase from the corresponding quarter last year. Year-to-date net sales were $5,549,000 at October 31, 2016, which is a 1.44% decrease from the same period last year. The slight variations in sales shows the stability of the Company and loyalty of its customer base. Our ongoing commitment to outstanding customer service and customization of products are a few of the many reasons sales remained relatively constant. New competition and the inability to bring new products to market in a timelier manner are a few of the reasons why management believes it has not been able to increase sales in a timelier manner.

● Cost of goods sold was 44.54% of net sales for the quarter ended October 31, 2016 and was 42.77% for the same quarter last year. Year-to-date cost of goods sold percentages were 48.12% for the current six months and 45.26% for the corresponding six months last year, keeping within the target of less than 50% for both the quarter and year-to-date results. The biggest reason for the slight increases in the current periods is the fact that there were minimum wage increases in our state which increased the cost of our direct labor.

● Operating expenses were up $18,000 for the quarter and $20,000 for the six-months ended October 31, 2016 as compared to the corresponding periods last year. These increased costs are primarily due to new product development and implementation costs and fees for the new computer software. The Company has been able to keep the operating expenses at less than 30% of net sales for many years; however, the effects of the Affordable Care Act, the State of Nebraska regulatory increase in the minimum wage and various other expenditures continue to provide concerns regarding the ability to maintain this pattern.

 17

● Income from operations for the quarter ended October 31, 2016 was at $854,000 which is a 0.81% decrease from the corresponding quarter last year, which had income from operations of $861,000. Income from operations for the six months ended October 31, 2016 was at $1,416,000, which is a 13.61% decrease from the corresponding six months last year, which had income from operations of $1,639,000.

● Other income and expenses are up when comparing to the current quarter and six-month periods the prior year, with an increase of $159,000 in the current quarter and an increase of $142,00 for the current year-to-date. The majority of activity in these accounts consists of investment interest, dividends, and gain or loss on sale of investments. With the recent uptick in the performance of the stock market, decisions were made to sell holdings and take the realized gain and dividends and interest payments remain solid.

● Overall, net income for the quarter ended October 31, 2016 was up $119,000, or 20.77%, from the same quarter last year. Conversely, net income for the six-month period ended October 31, 2016 was down $36,000, or 2.78%, from the same period in the prior year.

● Earnings per common share for quarter ended October 31, 2016 were $0.14 per share and $0.25 per share for the year-to-date numbers. EPS for the quarter and six months ended October 31, 2015 were $0.11 per share and $0.26 per share, respectively.

Liquidity and capital resources

Operating

● Net cash decreased $326,000 during the six months ended October 31, 2016 as compared to a decrease of $972,000 during the corresponding period last year.

● Accounts receivable decreased $53,000 for the six months ended October 31, 2016 compared with a $254,000 increase for the same period last year. The smaller current year decrease is a result of sales remaining steady and the Company’s ongoing ability to continue to collect on accounts receivable in a timely manner.

● Inventories decreased $286,000 during the current six-month period as compared to a $563,000 increase last year, primarily due to the fact that sales have remained steady, which drives the amount that needs to be purchased. This is offset by price increases from various vendors.

● Prepaid expenses saw a $12,000 decrease for the current six months, primarily due to the recording of regular monthly expense transactions (from the purchasing of service agreements and such in advance at intervals of a year and sometimes more) and not having to renew any service agreements over the last six months. The prior six months showed a $37,000 decrease in prepaid expenses.

● There was a slight increase of $2,000 income tax overpayment for the period ended October 31, 2016, while the increase was $228,000 for the same period the prior year. Management usually pays income tax estimates in the same amounts that were actually taxed on for the prior year when we don’t expect a huge fluctuation in income and since net income up to this point is close to the same as last year, the estimates are a close match to the actual expense.

 18

● Accounts payable shows increases for both six month periods at $97,000 and $24,000, respectively. The company strives to pay all invoices within terms, and the variance in increases is primarily due to the timing of receipt of products and payment of invoices.

● Accrued expenses decreased $16,000 for the current six-month period as compared to a $3,000 increase for the six-month period ended October 31, 2015.

Investing

● As for our investment activities, the Company spent approximately $120,000 on acquisitions of property and equipment for the current six-month period, in comparison to the corresponding six months last year, where there was activity of $27,000. In addition, the company has disbursed $50,000 towards assets manufactured on site for the current six-month period.

● Additionally, the Company continues to purchase marketable securities, which include municipal bonds and quality stocks. During the six-month period ended October 31, 2016 there was quite a bit of buy/sell activity in the investment accounts. Net cash spent on purchases of marketable securities for the six-month period ended October 31, 2016 was $373,000 compared to $376,000 spent in the prior six-month period. We continue to use “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 a quarterly service fee based on the value of the investments.

Financing

●	The Company continues to purchase back common stock when the opportunity arises. For the six-month period ended October 31, 2016, the Company purchased $1,000 worth of treasury stock, in comparison to $4,000 repurchased in the corresponding six-month period last year.
●	The company paid out dividends of $1,596,000 during the six months ending October 31, 2016. These dividends were paid during the second quarter. The company declared a dividend of $0.35 per share of common stock on September 30, 2016 and these dividends were paid by October 31, 2016. As for the prior year numbers, dividends paid was $1,553,000 for the six months ending October 31, 2015. A dividend of $0.34 per common share was declared and paid during the second fiscal quarter last year.
	The following is a list of ratios to help analyze George Risk Industries’ performance:

	For the quarter ended
	October 31, 2016		October 31, 2015
Working capital  (current assets – current liabilities)	$	33,469,000	$	32,549,000
Current ratio (current assets / current liabilities)		17.760		16.210
Quick ratio ((cash + investments + AR) / current liabilities)		16.297		14.498

 19

New Product Development

The Company and its engineering department continue to develop enhancements to product lines, develop new products which complement existing products, and look for products that are well suited to our distribution network and manufacturing capabilities. Items currently in the development process include:

● Wireless contact switches, Wi-Fi to enable monitoring of sensors from a smartphone, pool alarms and environmental sensors are in development

● A redesign of our top selling resistor pack. The new design will be more automated which will allow us to produce more in a shorter timeframe.

● Redesign of the connectors in our raceway line has gone through molding and are going through product safety standards testing approval. The original raceway line connectors were not fire rated and high voltage rated compliant.

● Slim-line face plate for pool alarms that will also allow homeowner to change the plate to match their decor

● Triple biased High Security Switch

● Redesign of our Current Controller is complete and now is going through the U.L. approval process. The new design will allow us to manufacture a 15-amp version that would automatically turn on a whole room of lights and a 220-volt version for international markets. 12 and 24-volt versions are also being developed in response to many requests to turn on LED lighting.

● Redesign for the cover of the 29-Series terminal switch

● New float water sensor that will monitor water levels in livestock tanks and sump pumps

● Fuel level monitor – With fuel theft being a major problem around the world, we are crafting a monitor to tie into the security system to alarm if tanks or trucks are tampered with.

● A new version of our 200-36 overhead door switch line up is nearing completion. The modified version, part #200-36UF, is for universal fit that allows an installer to replace an existing competitor’s switch without drilling new holes into the cement or adjusting the location. The modified case has an additional mounting hole along with reshaped mounting holes.

● The smaller size custom power transfer device (PTDC) has been completed. The PTDC series offer a secure way to channel electrical wiring from the door frame to the door and are used for powering exit bars, locks, electric strikes etc. We will offer two different end pieces; 0.218” inside diameter and 0.313” inside diameter which will allow different sizes or wire to be looped through the custom length armored cable.

Other Information

In addition to researching developing new products, 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.

There are no known seasonal trends with any of GRI’s products, since we sell to distributors and OEM manufacturers. Our products are tied to the housing industry and will fluctuate with building trends.

 20

Recently Issued Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. The objective of this update is to provide a robust framework for addressing revenue recognition issues and, upon its effective date, replaces almost all existing revenue recognition guidance. This update is effective in annual reporting periods beginning after December 15, 2017 and the interim periods within that year. The Company is evaluating the impact of this update on the Company’s financial statements.

In January 2015, the FASB issued Accounting Standards Update No. 2015-04, “Requirement that All Deferred Income Tax Assets and Liabilities Be Presented as Non-Current in a Classified Balance Sheet”. The objective of this update is to require deferred tax liabilities and assets be classified entirely as non-current in a classified balance sheet. This update is effective in annual reporting periods beginning after December 15, 2016 and the interim periods within that year. The Company is evaluating the impact of this update on the Company’s financial statements.

In February of 2016, the FASB issued ASU 2016-02 Leases. Under the new guidance, lessees will be required to recognize so-called right-of-use assets and liabilities for most leases having lease terms of 12 months or more. This update is effective in annual reporting periods beginning after December 31, 2019 and the interim periods starting thereafter. The Company is evaluating the impact of this update on the Company’s financial statements.

 21

GEORGE RISK INDUSTRIES, INC.

PART I. FINANCIAL INFORMATION

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not applicable

Item 4. Controls and Procedures

Our management, under the supervision and with the participation of our chief executive officer (also working as our chief financial officer), evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of October 31, 2016. Based on that evaluation, our chief executive officer (also working as our chief financial officer) concluded that the disclosure controls and procedures employed at the Company were not effective to provide reasonable assurance that the information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

We continue to operate with a limited number of accounting and financial personnel. Although we added the services of a controller during 2014, more training will be required to fulfill disclosure control and procedure responsibilities, including review procedures for key accounting schedules and timely and proper documentation of material transactions and agreements. We believe these control deficiencies represent material weaknesses in internal control over financial reporting.

Despite the material weaknesses in financial reporting noted above, we believe that our consolidated financial statements included in this report fairly present our financial position, results of operations and cash flows as of and for the periods presented in all material respects.

We are committed to the establishment of effective internal controls over financial reporting and will place emphasis on quarterly and year-end closing procedures, timely documentation and internal review of accounting and financial reporting consequences of material contracts and agreements, and enhanced review of all schedules and account analyses by experienced accounting department personnel or independent consultants.

Changes in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting during the fiscal quarter ended October 31, 2016 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 22

GEORGE RISK INDUSTRIES, INC.

Part II. OTHER INFORMATION

Item 1. Legal Proceedings

Not applicable

Item 1A. Risk Factors

Not applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information relating to the Company’s repurchase of common stock for the second quarter of fiscal year 2017.

Period	Number of shares repurchased
August 1, 2016 – August 31, 2016		-0-
September 1, 2016 – September 30, 2016		-0-
October 1, 2016 – October 31, 2016		-0-

Item 3. Defaults upon Senior Securities

Not applicable

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

Not applicable

Item 6. Exhibits

Exhibit No.	Description
31.1	Certification of the Chief Executive Officer (Principal Financial and Accounting Officer), as required by Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of the Chief Executive Officer (Principal Financial and Accounting Officer), as required by Section 906 of the Sarbanes-Oxley Act of 2002.

 23

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	George Risk Industries, Inc.
	(Registrant)
Date December 15, 2016	By:	/s/ Stephanie M. Risk-McElroy
		Stephanie M. Risk-McElroy
		President, Chief Executive Officer, Chief Financial Officer and Chairman of the Board

 24

EX-31.1

Exhibit 31.1

CERTIFICATION OF STEPHANIE M. RISK-MCELROY, CHIEF EXECUTIVE OFFICER AND
CHIEF FINANCIAL OFFICER, PURSUANT TO RULE 13a-14 OF THE SECURITIES
EXCHANGE ACT OF 1934SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

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

(1) I have reviewed this quarterly report on Form 10-Q 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 quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

(4) The small business 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 small business 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 small business issuer, including its consolidated 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 small business 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 small business issuer’s internal control over financial reporting that occurred during the small business issuer’s most recent fiscal quarter (the small business issuer’s first fiscal quarter in the case of this quarterly report) that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting; and

(5) The small business issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business 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 small business 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 small business issuer’s internal control over financial reporting.

Date: December 15, 2016

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

EX-32.1

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 quarterly report of George Risk Industries, Inc. on Form 10-Q dated October 31, 2016 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 10-Q fairly presents in all material respects the financial condition and results of operations of George Risk Industries, Inc.

Date: December 15, 2016	By:	/s/ Stephanie M. Risk-McElroy
		Stephanie M. Risk-McElroy
		President and Chief Executive and Financial
		Officer

XML

Document and Entity Information - shares	6 Months Ended
	Oct. 31, 2016	Dec. 15, 2016
Document And Entity Information
Entity Registrant Name	GEORGE RISK INDUSTRIES, INC.
Entity Central Index Key	0000084112
Document Type	10-Q
Document Period End Date	Oct. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,946,250
Trading Symbol	RSKIA
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2017

XML

Condensed Balance Sheets - USD ($)	Oct. 31, 2016	Apr. 30, 2016
Current Assets:
Cash and cash equivalents	$ 5,592,000	$ 5,918,000
Investments and securities	25,094,000	24,530,000
Accounts receivable:
Trade, net of $394 and $74 doubtful account allowance	1,859,000	1,912,000
Income tax overpayment	201,000	199,000
Inventories, net	2,663,000	2,964,000
Prepaid expenses	57,000	68,000
Total Current Assets	35,466,000	35,591,000
Property and Equipment, net, at cost	785,000	756,000
Other Assets
Investment in Limited Land Partnership, at cost	273,000	253,000
Projects in process	17,000	68,000
Total Other Assets	290,000	321,000
TOTAL ASSETS	36,541,000	36,668,000
Current Liabilities
Accounts payable, trade	128,000	31,000
Dividends payable	1,417,000	1,255,000
Accrued expenses:
Payroll and related expenses	304,000	320,000
Deferred income taxes	148,000	87,000
Total Current Liabilities	1,997,000	1,693,000
Long-Term Liabilities
Deferred income taxes	177,000	191,000
Total Long-Term Liabilities	177,000	191,000
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	1,736,000	1,736,000
Accumulated other comprehensive income	430,000	347,000
Retained earnings	34,838,000	35,337,000
Less: treasury stock, 3,481,221 and 3,481,021 shares, at cost	(3,586,000)	(3,585,000)
Total Stockholders' Equity	34,367,000	34,784,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 36,541,000	$ 36,668,000

XML

Condensed Balance Sheets (Parenthetical) - USD ($)	Oct. 31, 2016	Apr. 30, 2016
Allowance for doubtful account receivable	$ 394	$ 74
Convertible preferred stock, shares authorized	1,000,000	1,000,000
Common stock, par value	$ 0.10	$ .10
Common stock, authorized	10,000,000	10,000,000
Common stock, shares issued	8,502,881	8,502,881
Common stock, shares outstanding	8,502,881	8,502,881
Treasury stock, shares	3,481,221	3,481,021
Series 1 Noncumulative Preferred Stock [Member]
Convertible preferred stock, shares authorized	25,000	25,000
Convertible preferred stock, stated value	$ 20	$ 20
Convertible preferred stock, shares issued	4,100	4,100
Convertible preferred stock, shares outstanding	4,100	4,100

XML

Condensed Income Statements (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Income Statement [Abstract]
Net Sales	$ 2,883,000	$ 2,775,000	$ 5,549,000	$ 5,630,000
Less: Cost of Goods Sold	(1,284,000)	(1,187,000)	(2,670,000)	(2,548,000)
Gross Profit	1,599,000	1,588,000	2,879,000	3,082,000
Operating Expenses
General and Administrative	230,000	213,000	441,000	416,000
Sales	487,000	486,000	971,000	980,000
Engineering	24,000	23,000	42,000	38,000
Rent Paid to Related Parties	4,000	5,000	9,000	9,000
Total Operating Expenses	745,000	727,000	1,463,000	1,443,000
Income From Operations	854,000	861,000	1,416,000	1,639,000
Other Income (Expense)
Other	7,000	5,000	10,000	8,000
Dividend and Interest Income	126,000	142,000	318,000	309,000
Gain (Loss) on Investments	38,000	(135,000)	85,000	(46,000)
Total Other Income (Expense)	171,000	12,000	413,000	271,000
Income Before Provisions for Income Taxes	1,025,000	873,000	1,829,000	1,910,000
Provisions for Income Taxes:
Current Expense	(325,000)	(287,000)	(583,000)	(626,000)
Deferred Tax Benefit (Expense)	(8,000)	(13,000)	13,000	11,000
Total Income Tax Expense	(333,000)	(300,000)	(570,000)	(615,000)
Net Income	692,000	573,000	1,259,000	1,295,000
Cash Dividends, Common Stock ($0.35 per share), ($0.34 per share)	$ 1,758,000	$ 1,709,000	$ 1,758,000	$ 1,709,000
Income Per Share of Common Stock
Basic	$ 0.14	$ 0.11	$ 0.25	$ 0.26
Diluted	$ 0.14	$ 0.11	$ 0.25	$ 0.26
Weighted Average Number of Common Shares Outstanding
Basic	5,021,660	5,025,244	5,021,701	5,025,379
Diluted	5,042,160	5,045,744	5,042,201	5,045,879

XML

Condensed Income Statements (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Income Statement [Abstract]
Common Stock, Dividends, Per Share, Cash	$ 0.35	$ 0.34	$ 0.35	$ 0.34

XML

Condensed Statement of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Condensed Statement Of Comprehensive Income
Net Income	$ 692,000	$ 573,000	$ 1,259,000	$ 1,295,000
Other Comprehensive Income, net of tax Unrealized gain (loss) on securities:
Unrealized holding gains (losses) arising during period	(376,000)	(631,000)	168,000	(1,118,000)
Reclassification adjustment for gains (losses) included in net income	(7,000)	194,000	(25,000)	131,000
Income tax benefit (expense) related to other comprehensive income	160,000	183,000	(60,000)	413,000
Other Comprehensive Income	(223,000)	(254,000)	83,000	(574,000)
Comprehensive Income	$ 469,000	$ 319,000	$ 1,342,000	$ 721,000

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Condensed Statement of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 1,259,000	$ 1,295,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	91,000	79,000
(Gain) loss on sale of investments	(98,000)	23,000
Impairments on investments	13,000	23,000
Reserve for obsolete inventory	15,000	12,000
Deferred income taxes	(13,000)	(11,000)
(Increase) decrease in:
Accounts receivable	53,000	254,000
Inventories	286,000	(563,000)
Prepaid expenses	12,000	37,000
Other receivables		(2,000)
Income tax overpayment	(2,000)	(228,000)
Increase (decrease) in:
Accounts payable	97,000	24,000
Accrued expenses	(16,000)	3,000
Net cash provided by (used in) operating activities	1,697,000	946,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Other assets manufactured	50,000	(14,000)
(Purchase) of property and equipment	(120,000)	(27,000)
Proceeds from sale of marketable securities	37,000	55,000
(Purchase) of marketable securities	(373,000)	(376,000)
(Purchase) of long-term investment	(20,000)
Collection of loans to employees		1,000
Net cash provided by (used in) investing activities	(426,000)	(361,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Purchase) of treasury stock	(1,000)	(4,000)
Dividends paid	(1,596,000)	(1,553,000)
Net cash provided by (used in) financing activities	(1,597,000)	(1,557,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(326,000)	(972,000)
Cash and Cash Equivalents, beginning of period	5,918,000	5,691,000
Cash and Cash Equivalents, end of period	5,592,000	4,719,000
Cash payments for:
Income taxes	706,000	850,000
Interest paid	0	0
Cash receipts for:
Income taxes	$ 0	$ 0

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Unaudited Interim Financial Statements

6 Months Ended

Oct. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Unaudited Interim Financial Statements

Note 1 Unaudited Interim Financial Statements

The accompanying financial statements have been prepared in accordance with the instructions for Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s April 30, 2016 annual report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for any quarter are not necessarily indicative of the results for any other quarter or for the full year.

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Investments

6 Months Ended

Oct. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Investments

Note 2 Investments

The Company has investments in publicly traded equity securities, corporate bonds, state and municipal debt securities, real estate investment trusts, and money markets funds. The investments in securities are classified as available-for-sale securities, and are reported at fair value. Available-for-sale investments in debt securities mature between November 2016 and November 2048. The Company uses the average cost method to determine the cost of securities sold and the amount reclassified out of accumulated other comprehensive income into earnings. Unrealized gains and losses are excluded from earnings and reported separately as a component of stockholders’ equity. Dividend and interest income are reported as earned.

As of October 31, 2016 and April 30, 2016, investments consisted of the following:

			Gross		Gross
Investments at	Cost		Unrealized		Unrealized			Fair
October 31, 2016	Basis		Gains		Losses			Value
Municipal bonds	$	5,964,000	$	107,000	$	(233,000	)	$	5,838,000
Corporate bonds	$	129,000	$	-	$	(1,000	)	$	128,000
REITs	$	42,000	$	6,000	$	(3,000	)	$	45,000
Equity securities	$	15,948,000	$	1,373,000	$	(511,000	)	$	16,810,000
Money markets and CDs	$	2,273,000	$	-	$	-		$	2,273,000
Total	$	24,356,000	$	1,486,000	$	(748,000	)	$	25,094,000

			Gross		Gross
Investments at	Cost		Unrealized		Unrealized			Fair
April 30, 2016	Basis		Gains		Losses			Value
Municipal bonds	$	6,489,000	$	133,000	$	(239,000	)	$	6,383,000
Corporate bonds	$	130,000	$	-	$	(4,000	)	$	126,000
REITs	$	42,000	$	4,000	$	(2,000	)	$	44,000
Equity securities	$	14,796,000	$	1,187,000	$	(484,000	)	$	15,499,000
Money markets and CDs	$	2,478,000	$	-	$	-		$	2,478,000
Total	$	23,935,000	$	1,324,000	$	(729,000	)	$	24,530,000

The Company evaluates all marketable securities for other-than temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. As a result of this standard, management did not record an impairment loss during the quarter, but did record a loss of $13,000 for the six months ended October 31, 2016. Likewise, as for the corresponding periods last year, management did not record a loss for the quarter, but did record a $23,000 impairment loss for the six months ended October 31, 2015.

The following table shows the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at October 31, 2016 and April 30, 2016, respectively.

Unrealized Loss Breakdown by Investment Type at October 31, 2016

	Less than 12 months					12 months or greater					Total
Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	737,000	$	(11,000	)	$	1,850,000	$	(222,000	)	$	2,587,000	$	(233,000	)
Corporate bonds	$	99,000	$	-		$	29,000	$	(1,000	)	$	128,000	$	(1,000	)
REITs	$	-	$	-		$	25,000	$	(3,000	)	$	25,000	$	(3,000	)
Equity securities	$	4,008,000	$	(319,000	)	$	1,445,000	$	(192,000	)	$	5,453,000	$	(511,000	)
Total	$	4,844,000	$	(330,000	)	$	3,349,000	$	(418,000	)	$	8,193,000	$	(748,000	)

Unrealized Loss Breakdown by Investment Type at April 30, 2016

	Less than 12 months					12 months or greater					Total
Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	3,129,000	$	(215,000	)	$	609,000	$	(24,000	)	$	3,738,000	$	(239,000	)
Corporate bonds		-		-		$	27,000	$	(4,000	)	$	27,000	$	(4,000	)
REITs	$	27,000	$	(2,000	)		-		-		$	27,000	$	(2,000	)
Equity securities	$	5,018,000	$	(323,000	)	$	1,171,000	$	(161,000	)	$	6,189,000	$	(484,000	)
Total	$	8,174,000	$	(540,000	)	$	1,807,000	$	(189,000	)	$	9,981,000	$	(729,000	)

Municipal Bonds

The unrealized losses on the Company’s investments in municipal bonds were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the Company has the ability to hold these investments until a recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at October 31, 2016.

Corporate Bonds

The Company’s unrealized loss on investments in corporate bonds relates to two bonds. The contractual term of these investments does not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the Company has the ability to hold these investments until a recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at October 31, 2016.

Marketable Equity Securities and REITs

The Company’s investments in marketable equity securities and REITs consist of a wide variety of companies. Investments in these companies include growth, growth income, and foreign investment objectives. The individual holdings have been evaluated, and due to management’s plan to hold on to these investments for an extended period, the Company does not consider these investments to be other-than-temporarily impaired at October 31, 2016.

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Inventories

6 Months Ended

Oct. 31, 2016

Inventory Disclosure [Abstract]

Inventories

Note 3 Inventories

Inventories at October 31, 2016 and April 30, 2016 consisted of the following:

	October 31, 2016			April 30, 2016
Raw materials	$	1,819,000		$	1,948,000
Work in process		495,000			641,000
Finished goods		437,000			448,000
		2,751,000			3,037,000
Less: allowance for obsolete inventory		(88,000	)		(73,000	)
Totals	$	2,663,000		$	2,964,000

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Business Segments

6 Months Ended

Oct. 31, 2016

Segment Reporting [Abstract]

Business Segments

Note 4 Business Segments

The following is financial information relating to industry segments:

	Three months		Six months		Three months		Six months
	ended		ended		ended		ended
	Oct 31, 2016		Oct 31, 2016		Oct 31, 2015		Oct 31, 2015
Net revenue:
Security alarm products	$	2,473,000	$	4,746,000	$	2,351,000	$	4,768,000
Other products		410,000		803,000		424,000		862,000
Total net revenue	$	2,883,000	$	5,549,000	$	2,775,000	$	5,630,000
Income from operations:
Security alarm products		732,000		1,211,000		729,000		1,389,000
Other products		122,000		205,000		132,000		250,000
Total income from operations	$	854,000	$	1,416,000	$	861,000	$	1,639,000
Depreciation and amortization:
Security alarm products		7,000		21,000		4,000		8,000
Other products		28,000		53,000		30,000		60,000
Corporate general		12,000		17,000		6,000		11,000
Total depreciation and amortization	$	47,000	$	91,000	$	40,000	$	79,000
Capital expenditures:
Security alarm products		-		-		24,000		24,000
Other products		59,000		114,000		-		-
Corporate general		2,000		6,000		-		3,000
Total capital expenditures	$	61,000	$	120,000	$	24,000	$	27,000

	October 31, 2016		April 30, 2016
Identifiable assets:
Security alarm products		3,672,000		4,203,000
Other products		1,427,000		1,142,000
Corporate general		31,442,000		31,323,000
Total assets	$	36,541,000	$	36,668,000

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Earnings Per Share

6 Months Ended

Oct. 31, 2016

Income Per Share of Common Stock

Earnings Per Share

Note 5 Earnings per Share

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

	For the three months ended October 31, 2016
	Income		Shares		Per-share
	(Numerator)		(Denominator)		Amount
Net Income	$	692,000		-		-
Basic EPS	$	692,000		5,021,660	$	.1378
Effect of dilutive securities:
Convertible preferred stock		0		20,500		(.0006	)
						-
Diluted EPS	$	692,000		5,042,160	$	.1372

	For the six months ended October 31, 2016
	Income		Shares		Per-share
	(Numerator)		(Denominator)		Amount
Net Income	$	1,259,000		-		-
Basic EPS	$	1,259,000		5,021,701	$	.2507
Effect of dilutive securities:
Convertible preferred stock		0		20,500		(.0010	)
Diluted EPS	$	1,259,000		5,042,201	$	.2497

	For the three months ended October 31, 2015
	Income		Shares		Per-share
	(Numerator)		(Denominator)		Amount
Net Income	$	573,000		-		-
Basic EPS	$	573,000		5,025,244	$	.1140
Effect of dilutive securities:
Convertible preferred stock		0		20,500		(.0004	)
Diluted EPS	$	573,000		5,045,744	$	.1136

	For the six months ended October 31, 2015
	Income		Shares		Per-share
	(Numerator)		(Denominator)		Amount
Net Income	$	1,295,000		-		-
Basic EPS	$	1,295,000		5,025,379	$	.2577
Effect of dilutive securities:
Convertible preferred stock		0		20,500		(.0011	)
Diluted EPS	$	1,295,000		5,045,879	$	.2566

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Retirement Benefit Plan

6 Months Ended

Oct. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Retirement Benefit Plan

Note 6 Retirement Benefit Plan

On January 1, 1998, the Company adopted the George Risk Industries, Inc. Retirement Savings Plan (the “Plan”). The Plan is a defined contribution savings plan designed to provide retirement income to eligible employees of the corporation. The Plan is intended to be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. Matching contributions by the Company of approximately $3,000 were paid during both the quarters ending October 31, 2016 and 2015, respectively. Likewise, the Company paid matching contributions of approximately $5,000 during both the six-month periods ending October 31, 2016 and 2015, respectively.

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Fair Value Measurements

6 Months Ended

Oct. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 7 Fair Value Measurements

Generally accepted accounting principles in the United States of America (US GAAP) defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.

US GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The levels of the fair value hierarchy under US GAAP are described below:

Level 1	Valuation is based upon quoted prices for identical instruments traded in active markets.
Level 2	Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
Level 3	Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.

Investments and Marketable Securities

As of October 31, 2016, our investments consisted of money markets, publicly traded equity securities, real estate investment trusts (REITs) as well as certain state and municipal debt securities and corporate bonds. Our marketable securities are valued using third-party broker statements. The value of the investments is derived from quoted market information. The inputs to the valuation are generally classified as Level 1 given the active market for these securities, however, if an active market does not exist, which is the case for municipal bonds and REITs, the inputs are recorded as Level 2.

Fair Value Hierarchy

The following table sets forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	Assets Measured at Fair Value on a Recurring Basis as of October 31, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	-	$	5,838,000	$	-	$	5,838,000
Corporate Bonds	$	128,000	$	-	$	-	$	128,000
REITs	$	-	$	45,000	$	-	$	45,000
Equity Securities	$	16,810,000	$	-	$	-	$	16,810,000
Money Markets and CDs	$	2,273,000	$	-	$	-	$	2,273,000
Total fair value of assets measured on a recurring basis	$	19,211,000	$	5,883,000	$	-	$	25,094,000

	Assets Measured at Fair Value on a Recurring Basis as of April 30, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	-	$	6,383,000	$	-	$	6,383,000
Corporate Bonds	$	126,000	$	-	$	-	$	126,000
REITs	$	-	$	44,000	$	-	$	44,000
Equity Securities	$	15,499,000	$	-	$	-	$	15,499,000
Money Markets and CDs	$	2,478,000	$	-	$	-	$	2,478,000
Total fair value of assets measured on a recurring basis	$	18,103,000	$	6,427,000	$	-	$	24,530,000

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Subsequent Events

6 Months Ended

Oct. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Note 8 Subsequent Events

None

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Investments (Tables)

6 Months Ended

Oct. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment

As of October 31, 2016 and April 30, 2016, investments consisted of the following:

			Gross		Gross
Investments at	Cost		Unrealized		Unrealized			Fair
October 31, 2016	Basis		Gains		Losses			Value
Municipal bonds	$	5,964,000	$	107,000	$	(233,000	)	$	5,838,000
Corporate bonds	$	129,000	$	-	$	(1,000	)	$	128,000
REITs	$	42,000	$	6,000	$	(3,000	)	$	45,000
Equity securities	$	15,948,000	$	1,373,000	$	(511,000	)	$	16,810,000
Money markets and CDs	$	2,273,000	$	-	$	-		$	2,273,000
Total	$	24,356,000	$	1,486,000	$	(748,000	)	$	25,094,000

			Gross		Gross
Investments at	Cost		Unrealized		Unrealized			Fair
April 30, 2016	Basis		Gains		Losses			Value
Municipal bonds	$	6,489,000	$	133,000	$	(239,000	)	$	6,383,000
Corporate bonds	$	130,000	$	-	$	(4,000	)	$	126,000
REITs	$	42,000	$	4,000	$	(2,000	)	$	44,000
Equity securities	$	14,796,000	$	1,187,000	$	(484,000	)	$	15,499,000
Money markets and CDs	$	2,478,000	$	-	$	-		$	2,478,000
Total	$	23,935,000	$	1,324,000	$	(729,000	)	$	24,530,000

Schedule of Unrealized Loss Breakdown by Investment

Unrealized Loss Breakdown by Investment Type at October 31, 2016

	Less than 12 months					12 months or greater					Total
Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	737,000	$	(11,000	)	$	1,850,000	$	(222,000	)	$	2,587,000	$	(233,000	)
Corporate bonds	$	99,000	$	-		$	29,000	$	(1,000	)	$	128,000	$	(1,000	)
REITs	$	-	$	-		$	25,000	$	(3,000	)	$	25,000	$	(3,000	)
Equity securities	$	4,008,000	$	(319,000	)	$	1,445,000	$	(192,000	)	$	5,453,000	$	(511,000	)
Total	$	4,844,000	$	(330,000	)	$	3,349,000	$	(418,000	)	$	8,193,000	$	(748,000	)

Unrealized Loss Breakdown by Investment Type at April 30, 2016

	Less than 12 months					12 months or greater					Total
Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	3,129,000	$	(215,000	)	$	609,000	$	(24,000	)	$	3,738,000	$	(239,000	)
Corporate bonds		-		-		$	27,000	$	(4,000	)	$	27,000	$	(4,000	)
REITs	$	27,000	$	(2,000	)		-		-		$	27,000	$	(2,000	)
Equity securities	$	5,018,000	$	(323,000	)	$	1,171,000	$	(161,000	)	$	6,189,000	$	(484,000	)
Total	$	8,174,000	$	(540,000	)	$	1,807,000	$	(189,000	)	$	9,981,000	$	(729,000	)

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Inventories (Tables)

6 Months Ended

Oct. 31, 2016

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories at October 31, 2016 and April 30, 2016 consisted of the following:

	October 31, 2016			April 30, 2016
Raw materials	$	1,819,000		$	1,948,000
Work in process		495,000			641,000
Finished goods		437,000			448,000
		2,751,000			3,037,000
Less: allowance for obsolete inventory		(88,000	)		(73,000	)
Totals	$	2,663,000		$	2,964,000

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Business Segments (Tables)

6 Months Ended

Oct. 31, 2016

Segment Reporting [Abstract]

Schedule of Financial Information Relating to Industry Segments

The following is financial information relating to industry segments:

	Three months		Six months		Three months		Six months
	ended		ended		ended		ended
	Oct 31, 2016		Oct 31, 2016		Oct 31, 2015		Oct 31, 2015
Net revenue:
Security alarm products	$	2,473,000	$	4,746,000	$	2,351,000	$	4,768,000
Other products		410,000		803,000		424,000		862,000
Total net revenue	$	2,883,000	$	5,549,000	$	2,775,000	$	5,630,000
Income from operations:
Security alarm products		732,000		1,211,000		729,000		1,389,000
Other products		122,000		205,000		132,000		250,000
Total income from operations	$	854,000	$	1,416,000	$	861,000	$	1,639,000
Depreciation and amortization:
Security alarm products		7,000		21,000		4,000		8,000
Other products		28,000		53,000		30,000		60,000
Corporate general		12,000		17,000		6,000		11,000
Total depreciation and amortization	$	47,000	$	91,000	$	40,000	$	79,000
Capital expenditures:
Security alarm products		-		-		24,000		24,000
Other products		59,000		114,000		-		-
Corporate general		2,000		6,000		-		3,000
Total capital expenditures	$	61,000	$	120,000	$	24,000	$	27,000

	October 31, 2016		April 30, 2016
Identifiable assets:
Security alarm products		3,672,000		4,203,000
Other products		1,427,000		1,142,000
Corporate general		31,442,000		31,323,000
Total assets	$	36,541,000	$	36,668,000

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Earnings Per Share (Tables)

6 Months Ended

Oct. 31, 2016

Income 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:

	For the three months ended October 31, 2016
	Income		Shares		Per-share
	(Numerator)		(Denominator)		Amount
Net Income	$	692,000		-		-
Basic EPS	$	692,000		5,021,660	$	.1378
Effect of dilutive securities:
Convertible preferred stock		0		20,500		(.0006	)
						-
Diluted EPS	$	692,000		5,042,160	$	.1372

	For the six months ended October 31, 2016
	Income		Shares		Per-share
	(Numerator)		(Denominator)		Amount
Net Income	$	1,259,000		-		-
Basic EPS	$	1,259,000		5,021,701	$	.2507
Effect of dilutive securities:
Convertible preferred stock		0		20,500		(.0010	)
Diluted EPS	$	1,259,000		5,042,201	$	.2497

	For the three months ended October 31, 2015
	Income		Shares		Per-share
	(Numerator)		(Denominator)		Amount
Net Income	$	573,000		-		-
Basic EPS	$	573,000		5,025,244	$	.1140
Effect of dilutive securities:
Convertible preferred stock		0		20,500		(.0004	)
Diluted EPS	$	573,000		5,045,744	$	.1136

	For the six months ended October 31, 2015
	Income		Shares		Per-share
	(Numerator)		(Denominator)		Amount
Net Income	$	1,295,000		-		-
Basic EPS	$	1,295,000		5,025,379	$	.2577
Effect of dilutive securities:
Convertible preferred stock		0		20,500		(.0011	)
Diluted EPS	$	1,295,000		5,045,879	$	.2566

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Fair Value Measurements (Tables)

6 Months Ended

Oct. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

	Assets Measured at Fair Value on a Recurring Basis as of October 31, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	-	$	5,838,000	$	-	$	5,838,000
Corporate Bonds	$	128,000	$	-	$	-	$	128,000
REITs	$	-	$	45,000	$	-	$	45,000
Equity Securities	$	16,810,000	$	-	$	-	$	16,810,000
Money Markets and CDs	$	2,273,000	$	-	$	-	$	2,273,000
Total fair value of assets measured on a recurring basis	$	19,211,000	$	5,883,000	$	-	$	25,094,000

	Assets Measured at Fair Value on a Recurring Basis as of April 30, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	-	$	6,383,000	$	-	$	6,383,000
Corporate Bonds	$	126,000	$	-	$	-	$	126,000
REITs	$	-	$	44,000	$	-	$	44,000
Equity Securities	$	15,499,000	$	-	$	-	$	15,499,000
Money Markets and CDs	$	2,478,000	$	-	$	-	$	2,478,000
Total fair value of assets measured on a recurring basis	$	18,103,000	$	6,427,000	$	-	$	24,530,000

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Investments (Details Narrative) - USD ($)	6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015
Impairment loss	$ 13,000	$ 23,000
Minimum [Member]
Available-for-sale debt securities maturity year	2016-01
Maximum [Member]
Available-for-sale debt securities maturity year	2048-11

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Investments - Schedule of Investments (Details) - USD ($)	6 Months Ended	12 Months Ended
	Oct. 31, 2016	Apr. 30, 2016
Cost Basis	$ 24,356,000	$ 23,935,000
Gross Unrealized Gains	1,486,000	1,324,000
Gross Unrealized Losses	(748,000)	(729,000)
Fair Value	25,094,000	24,530,000
Municipal Bonds [Member]
Cost Basis	5,964,000	6,489,000
Gross Unrealized Gains	107,000	133,000
Gross Unrealized Losses	(233,000)	(239,000)
Fair Value	5,838,000	6,383,000
Corporate Bonds [Member]
Cost Basis	129,000	130,000
Gross Unrealized Gains
Gross Unrealized Losses	(1,000)	(4,000)
Fair Value	128,000	126,000
REITs [Member]
Cost Basis	42,000	42,000
Gross Unrealized Gains	6,000	4,000
Gross Unrealized Losses	(3,000)	(2,000)
Fair Value	45,000	44,000
Equity Securities [Member]
Cost Basis	15,948,000	14,796,000
Gross Unrealized Gains	1,373,000	1,187,000
Gross Unrealized Losses	(511,000)	(484,000)
Fair Value	16,810,000	15,499,000
Money markets and CDs [Member]
Cost Basis	2,273,000	2,478,000
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value	$ 2,273,000	$ 2,478,000

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Investments - Schedule of Unrealized Loss Breakdown by Investment (Details) - USD ($)	6 Months Ended	12 Months Ended
	Oct. 31, 2016	Apr. 30, 2016
Less than 12 months Fair Value	$ 4,844,000	$ 8,174,000
Less than 12 months Unrealized Loss	(330,000)	(540,000)
12 months or greater Fair Value	3,349,000	1,807,000
12 months or greater Unrealized Loss	(418,000)	(189,000)
Total Fair Value	8,193,000	9,981,000
Total Unrealized Loss	(748,000)	(729,000)
Municipal Bonds [Member]
Less than 12 months Fair Value	737,000	3,129,000
Less than 12 months Unrealized Loss	(11,000)	(215,000)
12 months or greater Fair Value	1,850,000	609,000
12 months or greater Unrealized Loss	(222,000)	(24,000)
Total Fair Value	2,587,000	3,738,000
Total Unrealized Loss	(233,000)	(239,000)
Corporate Bonds [Member]
Less than 12 months Fair Value	99,000
Less than 12 months Unrealized Loss
12 months or greater Fair Value	29,000	27,000
12 months or greater Unrealized Loss	(1,000)	(4,000)
Total Fair Value	128,000	27,000
Total Unrealized Loss	(1,000)	(4,000)
REITs [Member]
Less than 12 months Fair Value		27,000
Less than 12 months Unrealized Loss		(2,000)
12 months or greater Fair Value	25,000
12 months or greater Unrealized Loss	(3,000)
Total Fair Value	25,000	27,000
Total Unrealized Loss	(3,000)	(2,000)
Equity Securities [Member]
Less than 12 months Fair Value	4,008,000	5,018,000
Less than 12 months Unrealized Loss	(319,000)	(323,000)
12 months or greater Fair Value	1,445,000	1,171,000
12 months or greater Unrealized Loss	(192,000)	(161,000)
Total Fair Value	5,453,000	6,189,000
Total Unrealized Loss	$ (511,000)	$ (484,000)

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Inventories - Schedule of Inventories (Details) - USD ($)	Oct. 31, 2016	Apr. 30, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 1,819,000	$ 1,948,000
Work in process	495,000	641,000
Finished goods	437,000	448,000
Inventory gross	2,751,000	3,037,000
Less: allowance for obsolete inventory	(88,000)	(73,000)
Totals	$ 2,663,000	$ 2,964,000

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Business Segments - Schedule of Financial Information Relating to Industry Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015	Apr. 30, 2016
Total net revenue	$ 2,883,000	$ 2,775,000	$ 5,549,000	$ 5,630,000
Total income from operations	854,000	861,000	1,416,000	1,639,000
Total depreciation and amortization	47,000	40,000	91,000	79,000
Total capital expenditures	61,000	24,000	120,000	27,000
Total assets	36,541,000		36,541,000		$ 36,668,000
Security Alarm Products [Member]
Total net revenue	2,473,000	2,351,000	4,746,000	4,768,000
Total income from operations	732,000	729,000	1,211,000	1,389,000
Total depreciation and amortization	7,000	4,000	21,000	8,000
Total capital expenditures		24,000		24,000
Total assets	3,672,000		3,672,000		4,203,000
Other Products [Member]
Total net revenue	410,000	424,000	803,000	862,000
Total income from operations	122,000	132,000	205,000	250,000
Total depreciation and amortization	28,000	30,000	53,000	60,000
Total capital expenditures	59,000		114,000
Total assets	1,427,000		1,427,000		1,142,000
Corporate General [Member]
Total depreciation and amortization	12,000	6,000	17,000	11,000
Total capital expenditures	2,000		6,000	$ 3,000
Total assets	$ 31,442,000		$ 31,442,000		$ 31,323,000

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Earnings Per Share - Schedule of Basic and Diluted Earnings per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Net income	$ 692,000	$ 573,000	$ 1,259,000	$ 1,295,000
Basic EPS, shares	5,021,660	5,025,244	5,021,701	5,025,379
Basic EPS, per share	$ 0.14	$ 0.11	$ 0.25	$ 0.26
Diluted EPS, shares	5,042,160	5,045,744	5,042,201	5,045,879
Diluted EPS, per share	$ 0.14	$ 0.11	$ 0.25	$ 0.26
Convertible Preferred Stock [Member]
Net income	$ 692,000	$ 573,000	$ 1,259,000	$ 1,295,000
Basic EPS	$ 692,000	$ 573,000	$ 1,259,000	$ 1,295,000
Basic EPS, shares	5,021,660	5,025,244	5,021,701	5,025,379
Basic EPS, per share	$ .1378	$ .1140	$ .2507	$ 0.2577
Effect of dilutive convertible preferred Stock	$ 0	$ 0	$ 0	$ 0
Effect of dilutive convertible preferred Stock, shares	20,500	20,500	20,500	20,500
Effect of dilutive convertible preferred Stock, per share	$ (.0006)	$ (.0004)	$ (.0010)	$ (.0011)
Diluted EPS	$ 692,000	$ 573,000	$ 1,259,000	$ 1,295,000
Diluted EPS, shares	5,042,160	5,045,744	5,042,201	5,045,879
Diluted EPS, per share	$ .1372	$ .1136	$ .2497	$ .2566

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Retirement Benefit Plan (Details Narrative) - USD ($)	6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015
Employees matching contributions	$ 3,000	$ 3,000
George Risk Industries [Member]
Employees matching contributions	$ 5,000	$ 5,000

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Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Oct. 31, 2016	Apr. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	$ 25,094,000	$ 24,530,000
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	5,838,000	6,383,000
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	128,000	126,000
REITs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	45,000	44,000
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	16,810,000	15,499,000
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	2,273,000	2,478,000
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	19,211,000	18,103,000
Level 1 [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Level 1 [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	128,000	126,000
Level 1 [Member] | REITs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Level 1 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	16,810,000	15,499,000
Level 1 [Member] | Money markets and CDs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	2,273,000	2,478,000
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	5,883,000	6,427,000
Level 2 [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	5,838,000	6,383,000
Level 2 [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Level 2 [Member] | REITs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	45,000	44,000
Level 2 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Level 2 [Member] | Money markets and CDs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Level 3 [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Level 3 [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Level 3 [Member] | REITs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Level 3 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis
Level 3 [Member] | Money markets and CDs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis