10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended October 31, 2021

☐ TRANSITION REPORT PURSUANT TO 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 or other jurisdiction of incorporation or organization)	(I.R.S. 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)

Securities registered pursuant to Section 12(b) 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 whether the registrant (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 ☒ 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 (&232.405 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, a non-accelerated filer, a small 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS

The number of shares of the Registrant’s Common Stock outstanding, as of December 15, 2021 was 4,943,856.

GEORGE RISK INDUSTRIES, INC.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

The unaudited financial statements for the three-and six-month periods ended October 31, 2021, are attached hereto.

2

GEORGE RISK INDUSTRIES, INC.

CONDENSED BALANCE SHEETS

	October 31, 2021		April 30, 2021
	(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	6,107,000	$	7,326,000
Investments and securities		34,409,000		33,337,000
Accounts receivable:
Trade, net of $20,343 and $9,947 doubtful account allowance		3,617,000		3,812,000
Other		18,000		16,000
Inventories, net		7,077,000		5,622,000
Prepaid expenses		561,000		405,000
Total Current Assets		51,789,000		50,518,000
Property and Equipment, net, at cost		1,593,000		1,704,000
Other Assets
Investment in Limited Land Partnership, at cost		344,000		320,000
Projects in process		341,000		200,000
Other		40,000		—
Total Other Assets		725,000		520,000
Intangible Assets, net		1,332,000		1,394,000
TOTAL ASSETS	$	55,439,000	$	54,136,000

See accompanying notes to the unaudited condensed financial statements.

3

GEORGE RISK INDUSTRIES, INC.

CONDENSED BALANCE SHEETS

(continued)

	October 31, 2021			April 30, 2021
	(unaudited)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable, trade	$	294,000		$	477,000
Dividends payable		2,297,000			2,080,000
Accrued expenses:
Payroll and other expense		355,000			359,000
Income tax payable		220,000			81,000
Total Current Liabilities		3,166,000			2,997,000
Long-Term Liabilities
Deferred income taxes		2,969,000			2,735,000
Total Long-Term Liabilities		2,969,000			2,735,000
Total Liabilities		6,135,000			5,732,000
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		72,000			108,000
Retained earnings		50,711,000			49,749,000
Less: treasury stock, 3,558,425 and 3,556,412 shares, at cost		(4,362,000	)		(4,336,000	)
Total Stockholders’ Equity		49,304,000			48,404,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	55,439,000		$	54,136,000

See accompanying notes to the unaudited condensed financial statements

4

GEORGE RISK INDUSTRIES, INC.

CONDENSED INCOME STATEMENTS

FOR THE THREE AND SIX MONTHS ENDED OCTOBER 31, 2021 AND 2020

(Unaudited)

	Three months			Three months			Six months			Six months
	ended			ended			ended			ended
	Oct 31, 2021			Oct 31, 2020			Oct 31, 2021			Oct 31, 2020
Net Sales	$	5,244,000		$	4,647,000		$	10,199,000		$	8,694,000
Less: Cost of Goods Sold		(2,729,000	)		(2,294,000	)		(5,047,000	)		(4,245,000	)
Gross Profit		2,515,000			2,353,000			5,152,000			4,449,000
Operating Expenses
General and Administrative		350,000			364,000			699,000			678,000
Sales		720,000			604,000			1,460,000			1,171,000
Engineering		21,000			21,000			39,000			50,000
Total Operating Expenses		1,091,000			989,000			2,198,000			1,899,000
Income From Operations		1,424,000			1,364,000			2,954,000			2,550,000
Other Income (Expense)
Other		13,000			44,000			13,000			56,000
Dividend and Interest Income		148,000			134,000			324,000			290,000
Unrealized Gain (Loss) on Equity Securities		623,000			(115,000	)		1,043,000			1,999,000
Gain on Investments		79,000			72,000			300,000			44,000
Gain on Sale of Assets		—			4,000			—			4,000
Total Other Income		863,000			139,000			1,680,000			2,393,000
Income Before Provisions for Income Taxes		2,287,000			1,503,000			4,634,000			4,943,000
Provisions for Income Taxes:
Current Expense		454,000			682,000			952,000			1,032,000
Deferred Tax (Benefit) Expense		145,000			(39,000	)		248,000			559,000
Total Income Tax Expense		599,000			643,000			1,200,000			1,591,000
Net Income	$	1,688,000		$	860,000		$	3,434,000		$	3,352,000
Income Per Share of Common Stock
Basic	$	0.34		$	0.17		$	0.69		$	0.68
Diluted	$	0.34		$	0.17		$	0.69		$	0.67
Weighted Average Number of Common Shares Outstanding
Basic		4,945,130			4,949,902			4,945,795			4,949,914
Diluted		4,965,630			4,970,402			4,966,295			4,970,414

See accompanying notes to the unaudited condensed financial statements

5

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTHS ENDED OCTOBER 31, 2021 AND 2020

(Unaudited)

	Three months			Three months			Six months			Six months
	ended			ended			ended			ended
	Oct 31, 2021			Oct 31, 2020			Oct 31, 2021			Oct 31, 2020
Net Income	$	1,688,000		$	860,000		$	3,434,000		$	3,352,000
Other Comprehensive Income, Net of Tax
Unrealized gain (loss) on debt securities:
Unrealized holding gains (losses) arising during period		(61,000	)		(20,000	)		(50,000	)		130,000
Income tax benefit (expense) related to other comprehensive income		18,000			6,000			14,000			(39,000	)
Other Comprehensive Income (Loss)		(43,000	)		(14,000	)		(36,000	)		91,000
Comprehensive Income	$	1,645,000		$	846,000		$	3,398,000		$	3,443,000

See accompanying notes to the unaudited condensed financial statements

6

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED OCTOBER 31, 2021 AND 2020

(Unaudited)

	Preferred Stock				Common Stock Class A
	Shares		Amount		Shares		Amount
Balances, July 31, 2020		4,100	$	99,000		8,502,881	$	850,000
Purchases of common stock		—		—		—		—
Dividend declared at $0.42 per common share outstanding		—		—		—		—
Unrealized gain (loss), net of tax effect		—		—		—		—
Net Income		—		—		—		—
Balances, October 31, 2020		4,100	$	99,000		8,502,881	$	850,000

	Preferred Stock				Common Stock Class A
	Shares		Amount		Shares		Amount
Balances, July 31, 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, October 31, 2021		4,100	$	99,000		8,502,881	$	850,000

See accompanying notes to the unaudited condensed financial statements

7

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED OCTOBER 31, 2021 AND 2020

(Unaudited)

Paid-In		Treasury Stock (Common Class A)					Accumulated Other Comprehensive			Retained
Capital		Shares		Amount			Income			Earnings			Total
$	1,934,000		3,552,954	$	(4,301,000	)	$	101,000		$	43,498,000		$	42,181,000
	—		75		(1,000	)		—			—			(1,000	)
	—		—		—			—			(2,079,000	)		(2,079,000	)
	—		—		—			(14,000	)		—			(14,000	)
	—		—		—			—			860,000			860,000
$	1,934,000		3,553,029	$	(4,302,000	)	$	87,000		$	42,279,000		$	40,947,000

Paid-In		Treasury Stock (Common Class A)					Accumulated Other Comprehensive			Retained
Capital		Shares		Amount			Income			Earnings			Total
$	1,934,000		3,556,425	$	(4,336,000	)	$	115,000		$	51,495,000		$	50,157,000
	—		2,000		(26,000	)		—			—			(26,000	)
	—		—		—			—			(2,472,000	)		(2,472,000	)
	—		—		—			(43,000	)		—			(43,000	)
	—		—		—			—			1,688,000			1,688,000
$	1,934,000		3,558,425	$	(4,362,000	)	$	72,000		$	50,711,000		$	49,304,000

See accompanying notes to the unaudited condensed financial statements

8

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED OCTOBER 31, 2021 AND 2020

(Unaudited)

	Preferred Stock				Common Stock Class A
	Shares		Amount		Shares		Amount
Balances, April 30, 2020		4,100	$	99,000		8,502,881	$	850,000
Purchases of common stock		—		—		—		—
Dividend declared at $0.42 per common share outstanding		—		—		—		—
Unrealized gain (loss), net of tax effect		—		—		—		—
Net Income		—		—		—		—
Balances, October 31, 2020		4,100	$	99,000		8,502,881	$	850,000

	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, October 31, 2021		4,100	$	99,000		8,502,881	$	850,000

See accompanying notes to the unaudited condensed financial statements

9

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED OCTOBER 31, 2021 AND 2020

(Unaudited)

Paid-In		Treasury Stock (Common Class A)					Accumulated Other Comprehensive			Retained
Capital		Shares		Amount			Income			Earnings			Total
$	1,934,000		3,552,954	$	(4,301,000	)	$	(4,000	)	$	41,006,000		$	39,584,000
	—		75		(1,000	)		—			—			(1,000	)
	—		—		—			—			(2,079,000	)		(2,079,000	)
	—		—		—			91,000			—			91,000
	—		—		—			—			3,352,000			3,352,000
$	1,934,000		3,553,029	$	(4,302,000	)	$	87,000		$	42,279,000		$	40,947,000

Paid-In		Treasury Stock (Common Class A)					Accumulated Other Comprehensive			Retained
Capital		Shares		Amount			Income			Earnings			Total
$	1,934,000		3,556,412	$	(4,336,000	)	$	108,000		$	49,749,000		$	48,404,000
	—		2,013		(26,000	)		—			—			(26,000	)
	—		—		—			—			(2,472,000	)		(2,472,000	)
	—		—		—			(36,000	)		—			(36,000	)
	—		—		—			—			3,434,000			3,434,000
$	1,934,000		3,558,425	$	(4,362,000	)	$	72,000		$	50,711,000		$	49,304,000

See accompanying notes to the unaudited condensed financial statements

10

GEORGE RISK INDUSTRIES, INC.

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED OCTOBER 31, 2021 AND 2020

(Unaudited)

	Oct 31, 2021			Oct 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	3,434,000		$	3,352,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		213,000			189,000
(Gain) on sale of investments		(300,000	)		(123,000	)
Impairments on investments		—			79,000
Unrealized (gain) on equity securities		(1,043,000	)		(1,999,000	)
Reserve for bad debts		10,000			(6,000	)
Reserve for obsolete inventory		73,000			10,000
Deferred income taxes		248,000			559,000
(Gain) loss on sale of assets		—			(4,000	)
Changes in assets and liabilities:
(Increase) decrease in:
Accounts receivable		185,000			32,000
Inventories		(1,528,000	)		(637,000	)
Prepaid expenses and projects in process		(337,000	)		73,000
Other receivables		(2,000	)		(10,000	)
Increase (decrease) in:
Accounts payable		(183,000	)		28,000
Accrued expenses		(4,000	)		(104,000	)
Income tax payable		140,000			376,000
Net cash from operating activities		906,000			1,815,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of assets		—			4,000
(Purchase) of property and equipment		(40,000	)		(361,000	)
Proceeds from sale of marketable securities		428,000			16,000
(Purchase) of marketable securities		(208,000	)		(186,000	)
(Purchase) of long-term investment		(24,000	)		—
Net cash from investing activities		156,000			(527,000	)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Purchase) of treasury stock		(26,000	)		(1,000	)
Dividends paid		(2,255,000	)		(1,890,000	)
Net cash from financing activities		(2,281,000	)		(1,891,000	)
NET CHANGE IN CASH AND CASH EQUIVALENTS		(1,219,000	)		(603,000	)
Cash and Cash Equivalents, beginning of period		7,326,000			6,458,000
Cash and Cash Equivalents, end of period	$	6,107,000		$	5,855,000
Supplemental Disclosure for Cash Flow Information:
Cash payments for:
Income taxes	$	860,000		$	650,000
Interest paid	$	—		$	—
Cash receipts for:
Income taxes	$	43,000		$	—

See accompanying notes to the unaudited condensed financial statements

11

GEORGE RISK INDUSTRIES, INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

OCTOBER 31, 2021

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, 2021 annual report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for any quarter are not necessarily indicative of the results for any other quarter or for the full year.

Accounting Estimates—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.

Recently Issued Accounting Pronouncements — In June 2016 the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” which was subsequently amended in February 2020 by ASU 2020-02, “Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842).” The amendments introduce an impairment model that is based on expected credit losses, rather than incurred losses, to estimate credit losses on certain types of financial instruments (e.g., loans and held-to-maturity securities), including certain off-balance sheet financial instruments (e.g., loan commitments). The expected credit losses should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics may be grouped together when estimating expected credit losses. The update with amendment is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not believe this new guidance will have a material impact on its financial statements and will implement the disclosures related to this update beginning in 2023.

In January 2020, the FASB issued ASU 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” The ASU is based on a consensus of the Emerging Issues Task Force and is expected to increase comparability in accounting for these transactions. ASU 2016-01 made targeted improvements to accounting for financial instruments, including providing an entity the ability to measure certain equity securities without a readily determinable fair value at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Among other topics, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting. ASU 2020-01 deals with changes in the significant influence of derivative and investments, of which the Company has none and became effective for the Company in the first quarter of 2021. The adoption of this standard did not have any impact on the Company’s condensed financial statements.

There are no other new accounting pronouncements that are expected to have a significant impact on our financial statements.

12

Note 2 Investments

The Company has investments in publicly traded equity securities, state and municipal debt securities, real estate investment trusts, and money markets. The investments in debt securities, which include municipal bonds and bond funds, mature between June 2022 and January 2044. The Company uses the average cost method to determine the cost of equity securities sold with any unrealized gains or losses reported in the respective period’s earnings. Unrealized gains and losses on debt securities are excluded from earnings and reported separately as a component of stockholder’s equity. Dividend and interest income are reported as earned.

As of October 31, 2021 and April 30, 2021, investments consisted of the following:

Investments at			Gross		Gross
October 31, 2021	Cost		Unrealized		Unrealized			Fair
	Basis		Gains		Losses			Value
Municipal bonds	$	5,790,000	$	155,000	$	(51,000	)	$	5,894,000
REITs		131,000		15,000		(6,000	)		140,000
Equity securities		17,835,000		10,373,000		(114,000	)		28,094,000
Money markets and CDs		281,000		—		—			281,000
Total	$	24,037,000	$	10,543,000	$	(171,000	)	$	34,409,000

Investments at			Gross		Gross
April 30, 2021	Cost		Unrealized		Unrealized			Fair
	Basis		Gains		Losses			Value
Municipal bonds	$	5,854,000	$	198,000	$	(43,000	)	$	6,009,000
REITs		131,000		11,000		(5,000	)		137,000
Equity securities		17,199,000		9,294,000		(74,000	)		26,419,000
Money markets and CDs		772,000		—		—			772,000
Total	$	23,956,000	$	9,503,000	$	(122,000	)	$	33,337,000

Marketable securities that are classified as equity securities are carried at fair value on the balance sheets with changes in fair value recorded as an unrealized gain or (loss) in the statements of income in the period of the change. Upon the disposition of a marketable security, the Company records a realized gain or (loss) on the Company’s statements of income.

The Company evaluates all marketable securities for other-than-temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. As a result of this standard, there were no impairment losses recorded for the quarter and the six months ended October 31, 2021. As for the corresponding periods last year, management recorded an impairment loss of $52,000 for the quarter ended October 31, 2020 and an impairment loss of $79,000 was recorded for the six-months ended October 31, 2020.

13

The Company’s investments are actively traded in the stock and bond markets. Therefore, either a realized gain or loss is recorded when a sale happens. For the quarter ended October 31, 2021 the Company had sales of equity securities which yielded gross realized gains of $106,000 and gross realized losses of $26,000. For the same period, sales of debt securities did not yield any gross realized gains or losses. As for the six-months ended October 31, 2021 the Company had sales of equity securities which yielded gross realized gains of $343,000 and gross realized losses of $33,000. For the same six-month period, sales of debt securities did not yield any gross realized gains, but gross realized losses of $10,000 were recorded. During the quarter ending October 31, 2020, the Company recorded gross realized gains and losses on equity securities of $184,000 and $110,000, respectively, while sales of debt securities did not yield any gross realized gains, but gross realized losses of $2,000 were recorded. During the six-months ending October 31, 2020, the Company recorded gross realized gains and losses on equity securities of $286,000 and $236,000, respectively, while sales of debt securities did not yield any gross realized gains, but gross realized losses of $6,000 were recorded. The gross realized loss numbers include the impaired figures listed in the previous paragraph.

The following table shows the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at October 31, 2021 and April 30, 2021, respectively.

Unrealized Loss Breakdown by Investment Type at October 31, 2021

	Less than 12 months					12 months or greater					Total
Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	699,000	$	(17,000	)	$	305,000	$	(34,000	)	$	1,004,000	$	(51,000	)
REITs		—		—			23,000		(6,000	)		23,000		(6,000	)
Equity securities		739,000		(61,000	)		316,000		(53,000	)		1,055,000		(114,000	)
Total	$	1,438,000	$	(78,000	)	$	644,000	$	(93,000	)	$	2,082,000	$	(171,000	)

Unrealized Loss Breakdown by Investment Type at April 30, 2021

	Less than 12 months					12 months or greater					Total
Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	390,000	$	(6,000	)	$	365,000	$	(37,000	)	$	755,000	$	(43,000	)
REITs		—		—			23,000		(5,000	)		23,000		(5,000	)
Equity securities		340,000		(35,000	)		377,000		(39,000	)		717,000		(74,000	)
Total	$	730,000	$	(41,000	)	$	765,000	$	(81,000	)	$	1,495,000	$	(122,000	)

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, 2021.

Marketable Equity Securities and REITs

The Company’s investments in marketable equity securities and REITs consist of a wide variety of companies. Investments in these companies include growth, growth income, and foreign investment objectives. 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, 2021.

14

Note 3 Inventories

Inventories at October 31, 2021 and April 30, 2021 consisted of the following:

	October 31,			April 30,
	2021			2021
Raw materials	$	5,703,000		$	4,399,000
Work in process		657,000			457,000
Finished goods		965,000			768,000
Inventory in transit		—			173,000
		7,325,000			5,797,000
Less: allowance for obsolete inventory		(248,000	)		(175,000	)
Inventories, net	$	7,077,000		$	5,622,000

Note 4 Business Segments

The following is financial information relating to industry segments:

	Three months		Three months		Six months		Six months
	ended		ended		ended		ended
	Oct 31, 2021		Oct 31, 2020		Oct 31, 2021		Oct 31, 2020
Net revenue:
Security alarm products	$	4,546,000	$	3,632,000	$	8,803,000	$	6,962,000
Cable & wiring tools		518,000		620,000		1,056,000		1,019,000
Other products		180,000		395,000		340,000		713,000
Total net revenue	$	5,244,000	$	4,647,000	$	10,199,000	$	8,694,000
Income from operations:
Security alarm products	$	1,229,000	$	1,092,000	$	2,550,000	$	2,042,000
Cable & wiring tools		147,000		160,000		306,000		299,000
Other products		48,000		112,000		98,000		209,000
Total income from operations	$	1,424,000	$	1,364,000	$	2,954,000	$	2,550,000
Depreciation and amortization:
Security alarm products	$	39,000	$	39,000	$	74,000	$	61,000
Cable & wiring tools		31,000		31,000		62,000		61,000
Other products		19,000		14,000		42,000		27,000
Corporate general		16,000		19,000		35,000		40,000
Total depreciation and amortization	$	105,000	$	103,000	$	213,000	$	189,000
Capital expenditures:
Security alarm products	$	—	$	149,000	$	40,000	$	242,000
Cable & wiring tools		—		—		—		—
Other products		—		111,000		—		113,000
Corporate general		—		6,000		—		6,000
Total capital expenditures	$	—	$	266,000	$	40,000	$	361,000

	October 31, 2021		April 30, 2021
Identifiable assets:
Security alarm products	$	10,169,000	$	8,955,000
Cable & wiring tools		2,439,000		2,534,000
Other products		666,000		667,000
Corporate general		42,165,000		41,980,000
Total assets	$	55,439,000	$	54,136,000

15

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, 2021
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	1,688,000
Basic EPS	$	1,688,000		4,945,130	$	.34
Effect of dilutive Convertible Preferred Stock		–		20,500		—
Diluted EPS	$	1,688,000		4,965,630	$	.34

	For the three months ended October 31, 2020
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	860,000
Basic EPS	$	860,000		4,949,902	$	.17
Effect of dilutive Convertible Preferred Stock		–		20,500		—
Diluted EPS	$	860,000		4,970,402	$	.17

	For the six months ended October 31, 2021
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	3,434,000
Basic EPS	$	3,434,000		4,945,795	$	.69
Effect of dilutive Convertible Preferred Stock		–		20,500		—
Diluted EPS	$	3,434,000		4,966,295	$	.69

	For the six months ended October 31, 2020
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	3,352,000
Basic EPS	$	3,352,000		4,949,914	$	.68
Effect of dilutive Convertible Preferred Stock		–		20,500		—
Diluted EPS	$	3,352,000		4,970,414	$	.67

16

Note 6 Retirement Benefit Plan

On January 1, 1998, the Company adopted the George Risk Industries, Inc. Retirement Savings Plan (the “Plan”). The Plan is a defined contribution savings plan designed to provide retirement income to eligible employees of the Company. The Plan is intended to be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. It is funded by voluntary pre-tax and Roth (taxable) contributions from eligible employees who may contribute a percentage of their eligible compensation, limited and subject to statutory limits. Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company. Upon leaving the Company, each participant is 100% vested with respect to the participants’ contributions while the Company’s matching contributions are vested over a six-year period in accordance with the Plan document. Contributions are invested, as directed by the participant, in investment funds available under the Plan. Matching contributions by the Company of approximately $15,000 and $16,000 were paid during each quarter ending October 31, 2021 and 2020, respectively. Likewise, the Company paid matching contributions of approximately $33,000 and $29,000 during each six-month period ending October 31, 2021 and 2020, respectively.

Note 7 Fair Value Measurements

The carrying value of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short-term nature. The fair value of our investments is determined utilizing market-based information. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.

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

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

Investments and Marketable Securities

As of October 31, 2021, our investments consisted of money markets, publicly traded equity securities, real estate investment trusts (REITs) as well as certain state and municipal debt securities. The marketable securities are valued using third-party broker statements. The value of the majority of securities is derived from quoted market information. The inputs to the valuation are generally classified as Level 1 given the active market for these securities, however, if an active market does not exist, which is the case for municipal bonds and REITs, the inputs are recorded as Level 2.

17

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, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	—	$	5,894,000	$	—	$	5,894,000
REITs		—		140,000		—		140,000
Equity Securities		28,094,000		—		—		28,094,000
Money Markets and CDs		281,000		—		—		281,000
Total fair value of assets measured on a recurring basis	$	28,375,000	$	6,034,000	$	—	$	34,409,000

	Assets Measured at Fair Value on a Recurring Basis as of April 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	—	$	6,009,000	$	—	$	6,009,000
REITs		—		137,000		—		137,000
Equity Securities		26,419,000		—		—		26,419,000
Money Markets and CDs		772,000		—		—		772,000
Total fair value of assets measured on a recurring basis	$	27,191,000	$	6,146,000	$	—	$	33,337,000

Note 8 Subsequent Events

None

18

GEORGE RISK INDUSTRIES, INC.

PART I. FINANCIAL INFORMATION

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

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, 2021.

Executive Summary

The Company’s performance continues to grow through the first half of the current fiscal year with the second quarter showing a slight decline over the first quarter of the current fiscal year. This is mainly due the inability to obtain all the raw materials that are needed to complete the manufacture of our products and keeping employees staffed at our locations. The state of Nebraska, where we are located, has recently issued news that it has one of the lowest unemployment rates in the country. Additionally, the Company’s products are traditionally tied to the housing market and with that market remaining strong, it in turn helps the Company’s sales grow. Opportunities include keeping up with the business growth, finding ways to get our products out to our customers in a timelier manner, and to continue looking at businesses that might be a good fit to purchase. We also have new products that are expected to hit the marketplace by the end of the fiscal year. Challenges in the coming months include continuing to get product out to customers in a timely manner and dealing with the COVID-19 pandemic restrictions. Possible COVID-19 challenges include, but are not limited to, price increases and/or delays in the supply chain, reduced sales, workforce interruptions, and economic conditions impacting the stock market. Management continues to work at keeping operations flowing as efficient as possible with the hopes of getting the facilities running leaner and more profitable than ever before.

Results of Operations

● Net sales were $5,244,000 for the quarter ended October 31, 2021, which is a 12.85% increase from the corresponding quarter last year. Year-to-date net sales were $10,199,000 at October 31, 2021, which is a 17.31% increase from the same period last year. The increases in sales are primarily a result of a competitor no longer selling competing products and having the ability to continue to work through the COVID-19 pandemic. Also, the ongoing commitment towards outstanding customer service and customization of products are a few of the many reasons sales continue to grow.

19

● Cost of goods sold was 52.04% of net sales for the quarter ended October 31, 2021 and was 49.37% for the same quarter last year. Year-to-date cost of goods sold percentages were 49.49% for the current six months and 48.83% for the corresponding six months last year. The current cost of goods sold percentages are right outside of Management’s goal of keeping labor and other manufacturing expenses at less than 50% for both the quarter but reached that goal for year-to-date results. Management continues to work with and train employees to work more efficiently and they also work at getting the best price for raw materials. Also, a significant wage increase went into effect for the company at the beginning of the second quarter of the current fiscal year.

● Operating expenses were up $102,000 for the quarter and were up $299,000 for the six-months ended October 31, 2021 as compared to the corresponding periods last year. But when comparing percentages in relation to net sales, the operating expenses for the quarter ended October 31, 2021 was 20.80% of net sales while it was 21.28% of net sales for the same quarter the prior year. For year-to-date numbers, operating expense were 21.55% and 21.84% of net sales for the six months ended October 31, 2021 and 2020, respectively. The Company has been able to keep the operating expenses at less than 30% of net sales for many years now; however, the actual dollar amount increase is because of increased commission amounts (since sales have increased) and additional labor costs for wage increases.

● Income from operations for the quarter ended October 31, 2021 was at $1,424,000, which is a 4.40% increase from the corresponding quarter last year, which had income from operations of $1,364,000. Income from operations for the six months ended October 31, 2021 was at $2,954,000, which is a 15.84% increase from the corresponding six months last year, which had income from operations of $2,550,000.

● Other income and expenses are up when comparing the current quarter to the same quarter the prior year, with an increase of $724,000 in the current quarter. Conversely, other income and expenses are down by $713,000 when comparing the current six-month period to the prior six-month period. Most of the activity in these accounts consists of investment interest, dividends, real gains or losses on sale of investments, and unrealized gains or losses on equity securities. The main reason for the increase in the current quarter as opposed to the decrease for the year-to-date numbers is the unrealized gain and loss on equity securities. The Company is at the mercy of the stock market when it comes to these figures and the COVID-19 pandemic influenced these numbers.

● Overall, net income for the quarter ended October 31, 2021 was up $828,000, or 96.28%, from the same quarter last year. Similarly, net income for the six-month period ended October 31, 2021 was up $82,000, or 2.45%, from the same period in the prior year.

● Earnings per common share for quarter ended October 31, 2021 were $0.34 per share and $0.69 per share for the year-to-date numbers. EPS for the quarter and six months ended October 31, 2020 were $0.17 per share and $0.68 per share, respectively.

Liquidity and capital resources

Operating

● Net cash decreased $1,219,000 during the six months ended October 31, 2021 as compared to a decrease of $603,000 during the corresponding period last year.

20

● Accounts receivable decreased $185,000 for the six months ended October 31, 2021 compared with a $32,000 decrease for the same period last year. The bigger current year decrease is a result of improved sales while collections on accounts receivable have declined over the last year. An analysis of accounts receivable shows that 4.84% of the receivables were over 90 days at October 31, 2021, while only 0.27% were over 90 days for the same period last year.

● Inventories increased $1,528,000 during the current six-month period as compared to a $637,000 increase last year. The bigger increase in the current year is primarily due to being prepared for the increase we have seen in sales. In addition, the Company is keeping more inventory on hand to reduce the likelihood of running into a shortage on some major raw materials, as we have experienced in the past.

● Prepaid expenses saw a $337,000 increase for the current six months, primarily due to having more prepayments of raw materials. Lead times and costs have risen on raw materials, making it a challenge to obtain. The prior year six months showed a $73,000 decrease in prepaid expenses.

● Accounts payable shows a decrease for the current six-month period of $183,000 while it shows an increase for the prior six-month periods of $28,000. The company strives to pay all invoices within terms, and the variance is primarily due to the timing of receipt of products and payment of invoices.

● Accrued expenses decreased $4,000 for the current six-month period as compared to a $104,000 decrease for the six-month period ended October 31, 2020. The difference in the amounts is primarily due to timing issues.

● Income tax payable increased $140,000 for the current six-month period, compared to having an increase of $376,000 in income tax overpayment for the six-months ended October 31, 2020. The current increase is largely due to having increased sales and income and not having income tax estimates large enough.

Investing

● As for our investment activities, the Company purchased $40,000 of property and equipment during the current six-month period. In comparison, $361,000 was spent on purchases of property and equipment during the corresponding six months last year.

● The Company continues to purchase marketable securities, which include municipal bonds and quality stocks. During the six-month period ended October 31, 2021 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, 2021 was $208,000 compared to $186,000 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 its common stock when the opportunity arises. For the six-month period ended October 31, 2021, the Company purchased $26,000 worth of treasury stock, in comparison to $1,000 repurchased in the corresponding six-month period last year.

21

● The company declared a dividend of $0.50 per share of common stock on September 30, 2021, which was paid out during the second quarter. This is an increase to the dividend of $0.42, which 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:

	As of
	October 31, 2021		October 31, 2020
Working capital (current assets – current liabilities)	$	48,623,000	$	38,744,000
Current ratio (current assets / current liabilities)		16.358		10.901
Quick ratio ((cash + investments + AR) / current liabilities)		13.940		9.317

New Product Development

The Company and its engineering department continue to develop enhancements to product lines, develop new products that 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:

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

● An updated version of the pool access alarm (PAA) has met electrical listing testing (ETL) approval and production has started. This next-generation model combines our battery operated DPA series with our hard wired 289 series. A variety of installation options will be available through jumper pin settings such as instant alarm and seven second delay.

● 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 our pool access alarm and environmental sensors that will be easy to install in current construction. A redesign of our brass water valve shut-off system is near completion.

● 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.

Other Information

In addition to researching and 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.

22

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.

Recently Issued Accounting Pronouncements

In June 2016 the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” which was subsequently amended in February 2020 by ASU 2020-02, “Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842).” The amendments introduce an impairment model that is based on expected credit losses, rather than incurred losses, to estimate credit losses on certain types of financial instruments (e.g., loans and held-to-maturity securities), including certain off-balance sheet financial instruments (e.g., loan commitments). The expected credit losses should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics may be grouped together when estimating expected credit losses. The update with amendment is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not believe this new guidance will have a material impact on its financial statements and will implement the disclosures related to this update beginning in 2023.

In January 2020, the FASB issued ASU 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” The ASU is based on a consensus of the Emerging Issues Task Force and is expected to increase comparability in accounting for these transactions. ASU 2016-01 made targeted improvements to accounting for financial instruments, including providing an entity the ability to measure certain equity securities without a readily determinable fair value at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Among other topics, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting. ASU 2020-01 deals with changes in the significant influence of derivative and investments, of which the Company has none and became effective for the Company in the first quarter of 2021. The adoption of this standard did not have any impact on the Company’s condensed financial statements.

There are no other new accounting pronouncements that are expected to have a significant impact on our financial statements.

23

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, 2021. Based on that evaluation, management 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.

In our annual report filed on Report 10-K for the year ended April 30 ,2021, management identified the following material weakness in our 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. Due to the departure of the Controller, 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.

We continue to operate with a limited number of accounting and financial personnel. For the quarter ending October 31, 2021 the Company did not have a Controller, but management is looking to fill this position as soon as possible. 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. Until sufficient training has taken place for this new Controller, we believe this control deficiency represents material weaknesses in internal control over financial reporting. To mitigate the effects of the material weakness identified in our annual report, the Company contracted with an outside CPA to perform a secondary review of our quarterly report filed on Form 10-Q.

Despite the material weaknesses in financial reporting noted above, we believe that our 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

Other than those mentioned above, there were no changes in our internal control over financial reporting during the fiscal quarter ended October 31, 2021 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

24

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 and issuance of common stock for the second quarter of fiscal year 2022.

Period	Number of shares repurchased/(issued)
August 1, 2021 – August 31, 2021	-0-
September 1, 2021 – September 30, 2021	2,000
October 1, 2021 – October 31, 2021	-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.

25

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, 2021	By:	/s/ Stephanie M. Risk-McElroy
			Stephanie M. Risk-McElroy
			President, Chief Executive Officer, Chief Financial Officer and Chairman of the Board

26

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 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, 2021

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, 2021 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, 2021	By:	/s/ Stephanie M. Risk-McElroy
		Stephanie M. Risk-McElroy
		President and Chief Executive and Financial Officer

XML

Cover - shares	6 Months Ended
	Oct. 31, 2021	Dec. 15, 2021
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Oct. 31, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
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 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 Common Stock, Shares Outstanding		4,943,856
Class A Common Stock, $0.10 par Value [Member]
Title of 12(b) Security	Class A Common Stock, $0.10 par value
Trading Symbol	RSKIA
Convertible Preferred Stock, $20 stated Value [Member]
Title of 12(b) Security	Convertible Preferred Stock, $20 stated value
Trading Symbol	RSKIA

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Condensed Balance Sheets - USD ($)	Oct. 31, 2021	Apr. 30, 2021
Current Assets:
Cash and cash equivalents	$ 6,107,000	$ 7,326,000
Investments and securities	34,409,000	33,337,000
Accounts receivable:
Trade, net of $20,343 and $9,947 doubtful account allowance	3,617,000	3,812,000
Other	18,000	16,000
Inventories, net	7,077,000	5,622,000
Prepaid expenses	561,000	405,000
Total Current Assets	51,789,000	50,518,000
Property and Equipment, net, at cost	1,593,000	1,704,000
Other Assets
Investment in Limited Land Partnership, at cost	344,000	320,000
Projects in process	341,000	200,000
Other	40,000
Total Other Assets	725,000	520,000
Intangible Assets, net	1,332,000	1,394,000
TOTAL ASSETS	55,439,000	54,136,000
Current Liabilities
Accounts payable, trade	294,000	477,000
Dividends payable	2,297,000	2,080,000
Accrued expenses:
Payroll and other expense	355,000	359,000
Income tax payable	220,000	81,000
Total Current Liabilities	3,166,000	2,997,000
Long-Term Liabilities
Deferred income taxes	2,969,000	2,735,000
Total Long-Term Liabilities	2,969,000	2,735,000
Total Liabilities	6,135,000	5,732,000
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	72,000	108,000
Retained earnings	50,711,000	49,749,000
Less: treasury stock, 3,558,425 and 3,556,412 shares, at cost	(4,362,000)	(4,336,000)
Total Stockholders’ Equity	49,304,000	48,404,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 55,439,000	$ 54,136,000

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Condensed Balance Sheets (Parenthetical) - USD ($)	Oct. 31, 2021	Apr. 30, 2021
Accounts Receivable, Allowance for Credit Loss, Current	$ 20,343	$ 9,947
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	3,558,425	3,556,412
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

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Condensed Income Statements (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Income Statement [Abstract]
Net Sales	$ 5,244,000	$ 4,647,000	$ 10,199,000	$ 8,694,000
Less: Cost of Goods Sold	(2,729,000)	(2,294,000)	(5,047,000)	(4,245,000)
Gross Profit	2,515,000	2,353,000	5,152,000	4,449,000
Operating Expenses
General and Administrative	350,000	364,000	699,000	678,000
Sales	720,000	604,000	1,460,000	1,171,000
Engineering	21,000	21,000	39,000	50,000
Total Operating Expenses	1,091,000	989,000	2,198,000	1,899,000
Income From Operations	1,424,000	1,364,000	2,954,000	2,550,000
Other Income (Expense)
Other	13,000	44,000	13,000	56,000
Dividend and Interest Income	148,000	134,000	324,000	290,000
Unrealized Gain (Loss) on Equity Securities	623,000	(115,000)	1,043,000	1,999,000
Gain on Investments	79,000	72,000	300,000	44,000
Gain on Sale of Assets		4,000		4,000
Total Other Income	863,000	139,000	1,680,000	2,393,000
Income Before Provisions for Income Taxes	2,287,000	1,503,000	4,634,000	4,943,000
Provisions for Income Taxes:
Current Expense	454,000	682,000	952,000	1,032,000
Deferred Tax (Benefit) Expense	145,000	(39,000)	248,000	559,000
Total Income Tax Expense	599,000	643,000	1,200,000	1,591,000
Net Income	$ 1,688,000	$ 860,000	$ 3,434,000	$ 3,352,000
Income Per Share of Common Stock
Basic	$ 0.34	$ 0.17	$ 0.69	$ 0.68
Diluted	$ 0.34	$ 0.17	$ 0.69	$ 0.67
Weighted Average Number of Common Shares Outstanding
Basic	4,945,130	4,949,902	4,945,795	4,949,914
Diluted	4,965,630	4,970,402	4,966,295	4,970,414

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Condensed Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Income Statement [Abstract]
Net Income	$ 1,688,000	$ 860,000	$ 3,434,000	$ 3,352,000
Unrealized gain (loss) on debt securities:
Unrealized holding gains (losses) arising during period	(61,000)	(20,000)	(50,000)	130,000
Income tax benefit (expense) related to other comprehensive income	18,000	6,000	14,000	(39,000)
Other Comprehensive Income (Loss)	(43,000)	(14,000)	(36,000)	91,000
Comprehensive Income	$ 1,645,000	$ 846,000	$ 3,398,000	$ 3,443,000

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Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock Class A [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance at Apr. 30, 2020	$ 99,000	$ 850,000	$ 1,934,000	$ (4,301,000)	$ (4,000)	$ 41,006,000	$ 39,584,000
Beginning balance, shares at Apr. 30, 2020	4,100	8,502,881		3,552,954
Purchases of common stock				$ (1,000)			(1,000)
Purchases of common stock, shares				75
Dividend declared						(2,079,000)	(2,079,000)
Unrealized gain (loss), net of tax effect					91,000		91,000
Net Income						3,352,000	3,352,000
Ending balance at Oct. 31, 2020	$ 99,000	$ 850,000	1,934,000	$ (4,302,000)	87,000	42,279,000	40,947,000
Ending balance, shares at Oct. 31, 2020	4,100	8,502,881		3,553,029
Beginning balance at Jul. 31, 2020	$ 99,000	$ 850,000	1,934,000	$ (4,301,000)	101,000	43,498,000	42,181,000
Beginning balance, shares at Jul. 31, 2020	4,100	8,502,881		3,552,954
Purchases of common stock				$ (1,000)			(1,000)
Purchases of common stock, shares				75
Dividend declared						(2,079,000)	(2,079,000)
Unrealized gain (loss), net of tax effect					(14,000)		(14,000)
Net Income						860,000	860,000
Ending balance at Oct. 31, 2020	$ 99,000	$ 850,000	1,934,000	$ (4,302,000)	87,000	42,279,000	40,947,000
Ending balance, shares at Oct. 31, 2020	4,100	8,502,881		3,553,029
Beginning balance at Apr. 30, 2021	$ 99,000	$ 850,000	1,934,000	$ (4,336,000)	108,000	49,749,000	48,404,000
Beginning balance, shares at Apr. 30, 2021	4,100	8,502,881		3,556,412
Purchases of common stock				$ (26,000)			(26,000)
Purchases of common stock, shares				2,013
Dividend declared						(2,472,000)	(2,472,000)
Unrealized gain (loss), net of tax effect					(36,000)		(36,000)
Net Income						3,434,000	3,434,000
Ending balance at Oct. 31, 2021	$ 99,000	$ 850,000	1,934,000	$ (4,362,000)	72,000	50,711,000	49,304,000
Ending balance, shares at Oct. 31, 2021	4,100	8,502,881		3,558,425
Beginning balance at Jul. 31, 2021	$ 99,000	$ 850,000	1,934,000	$ (4,336,000)	115,000	51,495,000	50,157,000
Beginning balance, shares at Jul. 31, 2021	4,100	8,502,881		3,556,425
Purchases of common stock				$ (26,000)			(26,000)
Purchases of common stock, shares				2,000
Dividend declared						(2,472,000)	(2,472,000)
Unrealized gain (loss), net of tax effect					(43,000)		(43,000)
Net Income						1,688,000	1,688,000
Ending balance at Oct. 31, 2021	$ 99,000	$ 850,000	$ 1,934,000	$ (4,362,000)	$ 72,000	$ 50,711,000	$ 49,304,000
Ending balance, shares at Oct. 31, 2021	4,100	8,502,881		3,558,425

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Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 3,434,000	$ 3,352,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	213,000	189,000
(Gain) on sale of investments	(300,000)	(123,000)
Impairments on investments		79,000
Unrealized (gain) on equity securities	(1,043,000)	(1,999,000)
Reserve for bad debts	10,000	(6,000)
Reserve for obsolete inventory	73,000	10,000
Deferred income taxes	248,000	559,000
(Gain) loss on sale of assets		(4,000)
(Increase) decrease in:
Accounts receivable	185,000	32,000
Inventories	(1,528,000)	(637,000)
Prepaid expenses and projects in process	(337,000)	73,000
Other receivables	(2,000)	(10,000)
Increase (decrease) in:
Accounts payable	(183,000)	28,000
Accrued expenses	(4,000)	(104,000)
Income tax payable	140,000	376,000
Net cash from operating activities	906,000	1,815,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of assets		4,000
(Purchase) of property and equipment	(40,000)	(361,000)
Proceeds from sale of marketable securities	428,000	16,000
(Purchase) of marketable securities	(208,000)	(186,000)
(Purchase) of long-term investment	(24,000)
Net cash from investing activities	156,000	(527,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Purchase) of treasury stock	(26,000)	(1,000)
Dividends paid	(2,255,000)	(1,890,000)
Net cash from financing activities	(2,281,000)	(1,891,000)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(1,219,000)	(603,000)
Cash and Cash Equivalents, beginning of period	7,326,000	6,458,000
Cash and Cash Equivalents, end of period	6,107,000	5,855,000
Supplemental Disclosure for Cash Flow Information:
Income taxes	860,000	650,000
Interest paid
Cash receipts for:
Income taxes	$ 43,000

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Unaudited Interim Financial Statements

6 Months Ended

Oct. 31, 2021

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, 2021 annual report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for any quarter are not necessarily indicative of the results for any other quarter or for the full year.

Accounting Estimates—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.

Recently Issued Accounting Pronouncements — In June 2016 the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” which was subsequently amended in February 2020 by ASU 2020-02, “Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842).” The amendments introduce an impairment model that is based on expected credit losses, rather than incurred losses, to estimate credit losses on certain types of financial instruments (e.g., loans and held-to-maturity securities), including certain off-balance sheet financial instruments (e.g., loan commitments). The expected credit losses should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics may be grouped together when estimating expected credit losses. The update with amendment is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not believe this new guidance will have a material impact on its financial statements and will implement the disclosures related to this update beginning in 2023.

In January 2020, the FASB issued ASU 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” The ASU is based on a consensus of the Emerging Issues Task Force and is expected to increase comparability in accounting for these transactions. ASU 2016-01 made targeted improvements to accounting for financial instruments, including providing an entity the ability to measure certain equity securities without a readily determinable fair value at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Among other topics, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting. ASU 2020-01 deals with changes in the significant influence of derivative and investments, of which the Company has none and became effective for the Company in the first quarter of 2021. The adoption of this standard did not have any impact on the Company’s condensed financial statements.

There are no other new accounting pronouncements that are expected to have a significant impact on our financial statements.

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Investments

6 Months Ended

Oct. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

Note 2 Investments

The Company has investments in publicly traded equity securities, state and municipal debt securities, real estate investment trusts, and money markets. The investments in debt securities, which include municipal bonds and bond funds, mature between June 2022 and January 2044. The Company uses the average cost method to determine the cost of equity securities sold with any unrealized gains or losses reported in the respective period’s earnings. Unrealized gains and losses on debt securities are excluded from earnings and reported separately as a component of stockholder’s equity. Dividend and interest income are reported as earned.

As of October 31, 2021 and April 30, 2021, investments consisted of the following:

Investments at			Gross		Gross
October 31, 2021	Cost		Unrealized		Unrealized			Fair
	Basis		Gains		Losses			Value
Municipal bonds	$	5,790,000	$	155,000	$	(51,000	)	$	5,894,000
REITs		131,000		15,000		(6,000	)		140,000
Equity securities		17,835,000		10,373,000		(114,000	)		28,094,000
Money markets and CDs		281,000		—		—			281,000
Total	$	24,037,000	$	10,543,000	$	(171,000	)	$	34,409,000

Investments at			Gross		Gross
April 30, 2021	Cost		Unrealized		Unrealized			Fair
	Basis		Gains		Losses			Value
Municipal bonds	$	5,854,000	$	198,000	$	(43,000	)	$	6,009,000
REITs		131,000		11,000		(5,000	)		137,000
Equity securities		17,199,000		9,294,000		(74,000	)		26,419,000
Money markets and CDs		772,000		—		—			772,000
Total	$	23,956,000	$	9,503,000	$	(122,000	)	$	33,337,000

Marketable securities that are classified as equity securities are carried at fair value on the balance sheets with changes in fair value recorded as an unrealized gain or (loss) in the statements of income in the period of the change. Upon the disposition of a marketable security, the Company records a realized gain or (loss) on the Company’s statements of income.

The Company evaluates all marketable securities for other-than-temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, cause of impairment and number of investments that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. As a result of this standard, there were no impairment losses recorded for the quarter and the six months ended October 31, 2021. As for the corresponding periods last year, management recorded an impairment loss of $52,000 for the quarter ended October 31, 2020 and an impairment loss of $79,000 was recorded for the six-months ended October 31, 2020.

The Company’s investments are actively traded in the stock and bond markets. Therefore, either a realized gain or loss is recorded when a sale happens. For the quarter ended October 31, 2021 the Company had sales of equity securities which yielded gross realized gains of $106,000 and gross realized losses of $26,000. For the same period, sales of debt securities did not yield any gross realized gains or losses. As for the six-months ended October 31, 2021 the Company had sales of equity securities which yielded gross realized gains of $343,000 and gross realized losses of $33,000. For the same six-month period, sales of debt securities did not yield any gross realized gains, but gross realized losses of $10,000 were recorded. During the quarter ending October 31, 2020, the Company recorded gross realized gains and losses on equity securities of $184,000 and $110,000, respectively, while sales of debt securities did not yield any gross realized gains, but gross realized losses of $2,000 were recorded. During the six-months ending October 31, 2020, the Company recorded gross realized gains and losses on equity securities of $286,000 and $236,000, respectively, while sales of debt securities did not yield any gross realized gains, but gross realized losses of $6,000 were recorded. The gross realized loss numbers include the impaired figures listed in the previous paragraph.

The following table shows the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at October 31, 2021 and April 30, 2021, respectively.

Unrealized Loss Breakdown by Investment Type at October 31, 2021

	Less than 12 months					12 months or greater					Total
Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	699,000	$	(17,000	)	$	305,000	$	(34,000	)	$	1,004,000	$	(51,000	)
REITs		—		—			23,000		(6,000	)		23,000		(6,000	)
Equity securities		739,000		(61,000	)		316,000		(53,000	)		1,055,000		(114,000	)
Total	$	1,438,000	$	(78,000	)	$	644,000	$	(93,000	)	$	2,082,000	$	(171,000	)

Unrealized Loss Breakdown by Investment Type at April 30, 2021

	Less than 12 months					12 months or greater					Total
Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	390,000	$	(6,000	)	$	365,000	$	(37,000	)	$	755,000	$	(43,000	)
REITs		—		—			23,000		(5,000	)		23,000		(5,000	)
Equity securities		340,000		(35,000	)		377,000		(39,000	)		717,000		(74,000	)
Total	$	730,000	$	(41,000	)	$	765,000	$	(81,000	)	$	1,495,000	$	(122,000	)

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, 2021.

Marketable Equity Securities and REITs

The Company’s investments in marketable equity securities and REITs consist of a wide variety of companies. Investments in these companies include growth, growth income, and foreign investment objectives. 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, 2021.

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Inventories

6 Months Ended

Oct. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Note 3 Inventories

Inventories at October 31, 2021 and April 30, 2021 consisted of the following:

	October 31,			April 30,
	2021			2021
Raw materials	$	5,703,000		$	4,399,000
Work in process		657,000			457,000
Finished goods		965,000			768,000
Inventory in transit		—			173,000
		7,325,000			5,797,000
Less: allowance for obsolete inventory		(248,000	)		(175,000	)
Inventories, net	$	7,077,000		$	5,622,000

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Business Segments

6 Months Ended

Oct. 31, 2021

Segment Reporting [Abstract]

Business Segments

Note 4 Business Segments

The following is financial information relating to industry segments:

	Three months		Three months		Six months		Six months
	ended		ended		ended		ended
	Oct 31, 2021		Oct 31, 2020		Oct 31, 2021		Oct 31, 2020
Net revenue:
Security alarm products	$	4,546,000	$	3,632,000	$	8,803,000	$	6,962,000
Cable & wiring tools		518,000		620,000		1,056,000		1,019,000
Other products		180,000		395,000		340,000		713,000
Total net revenue	$	5,244,000	$	4,647,000	$	10,199,000	$	8,694,000
Income from operations:
Security alarm products	$	1,229,000	$	1,092,000	$	2,550,000	$	2,042,000
Cable & wiring tools		147,000		160,000		306,000		299,000
Other products		48,000		112,000		98,000		209,000
Total income from operations	$	1,424,000	$	1,364,000	$	2,954,000	$	2,550,000
Depreciation and amortization:
Security alarm products	$	39,000	$	39,000	$	74,000	$	61,000
Cable & wiring tools		31,000		31,000		62,000		61,000
Other products		19,000		14,000		42,000		27,000
Corporate general		16,000		19,000		35,000		40,000
Total depreciation and amortization	$	105,000	$	103,000	$	213,000	$	189,000
Capital expenditures:
Security alarm products	$	—	$	149,000	$	40,000	$	242,000
Cable & wiring tools		—		—		—		—
Other products		—		111,000		—		113,000
Corporate general		—		6,000		—		6,000
Total capital expenditures	$	—	$	266,000	$	40,000	$	361,000

	October 31, 2021		April 30, 2021
Identifiable assets:
Security alarm products	$	10,169,000	$	8,955,000
Cable & wiring tools		2,439,000		2,534,000
Other products		666,000		667,000
Corporate general		42,165,000		41,980,000
Total assets	$	55,439,000	$	54,136,000

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Earnings per Share

6 Months Ended

Oct. 31, 2021

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, 2021
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	1,688,000
Basic EPS	$	1,688,000		4,945,130	$	.34
Effect of dilutive Convertible Preferred Stock		–		20,500		—
Diluted EPS	$	1,688,000		4,965,630	$	.34

	For the three months ended October 31, 2020
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	860,000
Basic EPS	$	860,000		4,949,902	$	.17
Effect of dilutive Convertible Preferred Stock		–		20,500		—
Diluted EPS	$	860,000		4,970,402	$	.17

	For the six months ended October 31, 2021
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	3,434,000
Basic EPS	$	3,434,000		4,945,795	$	.69
Effect of dilutive Convertible Preferred Stock		–		20,500		—
Diluted EPS	$	3,434,000		4,966,295	$	.69

	For the six months ended October 31, 2020
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	3,352,000
Basic EPS	$	3,352,000		4,949,914	$	.68
Effect of dilutive Convertible Preferred Stock		–		20,500		—
Diluted EPS	$	3,352,000		4,970,414	$	.67

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Retirement Benefit Plan

6 Months Ended

Oct. 31, 2021

Retirement Benefits [Abstract]

Retirement Benefit Plan

Note 6 Retirement Benefit Plan

On January 1, 1998, the Company adopted the George Risk Industries, Inc. Retirement Savings Plan (the “Plan”). The Plan is a defined contribution savings plan designed to provide retirement income to eligible employees of the Company. The Plan is intended to be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. It is funded by voluntary pre-tax and Roth (taxable) contributions from eligible employees who may contribute a percentage of their eligible compensation, limited and subject to statutory limits. Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company. Upon leaving the Company, each participant is 100% vested with respect to the participants’ contributions while the Company’s matching contributions are vested over a six-year period in accordance with the Plan document. Contributions are invested, as directed by the participant, in investment funds available under the Plan. Matching contributions by the Company of approximately $15,000 and $16,000 were paid during each quarter ending October 31, 2021 and 2020, respectively. Likewise, the Company paid matching contributions of approximately $33,000 and $29,000 during each six-month period ending October 31, 2021 and 2020, respectively.

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Fair Value Measurements

6 Months Ended

Oct. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 7 Fair Value Measurements

The carrying value of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short-term nature. The fair value of our investments is determined utilizing market-based information. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.

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

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

Investments and Marketable Securities

As of October 31, 2021, our investments consisted of money markets, publicly traded equity securities, real estate investment trusts (REITs) as well as certain state and municipal debt securities. The marketable securities are valued using third-party broker statements. The value of the majority of securities is derived from quoted market information. The inputs to the valuation are generally classified as Level 1 given the active market for these securities, however, if an active market does not exist, which is the case for municipal bonds and REITs, the inputs are recorded as Level 2.

Fair Value Hierarchy

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

	Assets Measured at Fair Value on a Recurring Basis as of October 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	—	$	5,894,000	$	—	$	5,894,000
REITs		—		140,000		—		140,000
Equity Securities		28,094,000		—		—		28,094,000
Money Markets and CDs		281,000		—		—		281,000
Total fair value of assets measured on a recurring basis	$	28,375,000	$	6,034,000	$	—	$	34,409,000

	Assets Measured at Fair Value on a Recurring Basis as of April 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	—	$	6,009,000	$	—	$	6,009,000
REITs		—		137,000		—		137,000
Equity Securities		26,419,000		—		—		26,419,000
Money Markets and CDs		772,000		—		—		772,000
Total fair value of assets measured on a recurring basis	$	27,191,000	$	6,146,000	$	—	$	33,337,000

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Subsequent Events

6 Months Ended

Oct. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 8 Subsequent Events

None

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Investments (Tables)

6 Months Ended

Oct. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

As of October 31, 2021 and April 30, 2021, investments consisted of the following:

Investments at			Gross		Gross
October 31, 2021	Cost		Unrealized		Unrealized			Fair
	Basis		Gains		Losses			Value
Municipal bonds	$	5,790,000	$	155,000	$	(51,000	)	$	5,894,000
REITs		131,000		15,000		(6,000	)		140,000
Equity securities		17,835,000		10,373,000		(114,000	)		28,094,000
Money markets and CDs		281,000		—		—			281,000
Total	$	24,037,000	$	10,543,000	$	(171,000	)	$	34,409,000

Investments at			Gross		Gross
April 30, 2021	Cost		Unrealized		Unrealized			Fair
	Basis		Gains		Losses			Value
Municipal bonds	$	5,854,000	$	198,000	$	(43,000	)	$	6,009,000
REITs		131,000		11,000		(5,000	)		137,000
Equity securities		17,199,000		9,294,000		(74,000	)		26,419,000
Money markets and CDs		772,000		—		—			772,000
Total	$	23,956,000	$	9,503,000	$	(122,000	)	$	33,337,000

Schedule of Unrealized Loss Breakdown by Investment

The following table shows the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at October 31, 2021 and April 30, 2021, respectively.

Unrealized Loss Breakdown by Investment Type at October 31, 2021

	Less than 12 months					12 months or greater					Total
Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	699,000	$	(17,000	)	$	305,000	$	(34,000	)	$	1,004,000	$	(51,000	)
REITs		—		—			23,000		(6,000	)		23,000		(6,000	)
Equity securities		739,000		(61,000	)		316,000		(53,000	)		1,055,000		(114,000	)
Total	$	1,438,000	$	(78,000	)	$	644,000	$	(93,000	)	$	2,082,000	$	(171,000	)

Unrealized Loss Breakdown by Investment Type at April 30, 2021

	Less than 12 months					12 months or greater					Total
Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	390,000	$	(6,000	)	$	365,000	$	(37,000	)	$	755,000	$	(43,000	)
REITs		—		—			23,000		(5,000	)		23,000		(5,000	)
Equity securities		340,000		(35,000	)		377,000		(39,000	)		717,000		(74,000	)
Total	$	730,000	$	(41,000	)	$	765,000	$	(81,000	)	$	1,495,000	$	(122,000	)

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Inventories (Tables)

6 Months Ended

Oct. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories at October 31, 2021 and April 30, 2021 consisted of the following:

	October 31,			April 30,
	2021			2021
Raw materials	$	5,703,000		$	4,399,000
Work in process		657,000			457,000
Finished goods		965,000			768,000
Inventory in transit		—			173,000
		7,325,000			5,797,000
Less: allowance for obsolete inventory		(248,000	)		(175,000	)
Inventories, net	$	7,077,000		$	5,622,000

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Business Segments (Tables)

6 Months Ended

Oct. 31, 2021

Segment Reporting [Abstract]

Schedule of Financial Information Relating to Industry Segments

The following is financial information relating to industry segments:

	Three months		Three months		Six months		Six months
	ended		ended		ended		ended
	Oct 31, 2021		Oct 31, 2020		Oct 31, 2021		Oct 31, 2020
Net revenue:
Security alarm products	$	4,546,000	$	3,632,000	$	8,803,000	$	6,962,000
Cable & wiring tools		518,000		620,000		1,056,000		1,019,000
Other products		180,000		395,000		340,000		713,000
Total net revenue	$	5,244,000	$	4,647,000	$	10,199,000	$	8,694,000
Income from operations:
Security alarm products	$	1,229,000	$	1,092,000	$	2,550,000	$	2,042,000
Cable & wiring tools		147,000		160,000		306,000		299,000
Other products		48,000		112,000		98,000		209,000
Total income from operations	$	1,424,000	$	1,364,000	$	2,954,000	$	2,550,000
Depreciation and amortization:
Security alarm products	$	39,000	$	39,000	$	74,000	$	61,000
Cable & wiring tools		31,000		31,000		62,000		61,000
Other products		19,000		14,000		42,000		27,000
Corporate general		16,000		19,000		35,000		40,000
Total depreciation and amortization	$	105,000	$	103,000	$	213,000	$	189,000
Capital expenditures:
Security alarm products	$	—	$	149,000	$	40,000	$	242,000
Cable & wiring tools		—		—		—		—
Other products		—		111,000		—		113,000
Corporate general		—		6,000		—		6,000
Total capital expenditures	$	—	$	266,000	$	40,000	$	361,000

	October 31, 2021		April 30, 2021
Identifiable assets:
Security alarm products	$	10,169,000	$	8,955,000
Cable & wiring tools		2,439,000		2,534,000
Other products		666,000		667,000
Corporate general		42,165,000		41,980,000
Total assets	$	55,439,000	$	54,136,000

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Earnings per Share (Tables)

6 Months Ended

Oct. 31, 2021

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, 2021
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	1,688,000
Basic EPS	$	1,688,000		4,945,130	$	.34
Effect of dilutive Convertible Preferred Stock		–		20,500		—
Diluted EPS	$	1,688,000		4,965,630	$	.34

	For the three months ended October 31, 2020
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	860,000
Basic EPS	$	860,000		4,949,902	$	.17
Effect of dilutive Convertible Preferred Stock		–		20,500		—
Diluted EPS	$	860,000		4,970,402	$	.17

	For the six months ended October 31, 2021
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	3,434,000
Basic EPS	$	3,434,000		4,945,795	$	.69
Effect of dilutive Convertible Preferred Stock		–		20,500		—
Diluted EPS	$	3,434,000		4,966,295	$	.69

	For the six months ended October 31, 2020
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	3,352,000
Basic EPS	$	3,352,000		4,949,914	$	.68
Effect of dilutive Convertible Preferred Stock		–		20,500		—
Diluted EPS	$	3,352,000		4,970,414	$	.67

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Fair Value Measurements (Tables)

6 Months Ended

Oct. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

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

	Assets Measured at Fair Value on a Recurring Basis as of October 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	—	$	5,894,000	$	—	$	5,894,000
REITs		—		140,000		—		140,000
Equity Securities		28,094,000		—		—		28,094,000
Money Markets and CDs		281,000		—		—		281,000
Total fair value of assets measured on a recurring basis	$	28,375,000	$	6,034,000	$	—	$	34,409,000

	Assets Measured at Fair Value on a Recurring Basis as of April 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	—	$	6,009,000	$	—	$	6,009,000
REITs		—		137,000		—		137,000
Equity Securities		26,419,000		—		—		26,419,000
Money Markets and CDs		772,000		—		—		772,000
Total fair value of assets measured on a recurring basis	$	27,191,000	$	6,146,000	$	—	$	33,337,000

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Schedule of Investments (Details) - USD ($)	6 Months Ended	12 Months Ended
	Oct. 31, 2021	Apr. 30, 2021
Net Investment Income [Line Items]
Cost Basis	$ 24,037,000	$ 23,956,000
Gross Unrealized Gains	10,543,000	9,503,000
Gross Unrealized Losses	(171,000)	(122,000)
Fair Value	34,409,000	33,337,000
Municipal Bonds [Member]
Net Investment Income [Line Items]
Cost Basis	5,790,000	5,854,000
Gross Unrealized Gains	155,000	198,000
Gross Unrealized Losses	(51,000)	(43,000)
Fair Value	5,894,000	6,009,000
Real Estate Investment [Member]
Net Investment Income [Line Items]
Cost Basis	131,000	131,000
Gross Unrealized Gains	15,000	11,000
Gross Unrealized Losses	(6,000)	(5,000)
Fair Value	140,000	137,000
Equity Securities [Member]
Net Investment Income [Line Items]
Cost Basis	17,835,000	17,199,000
Gross Unrealized Gains	10,373,000	9,294,000
Gross Unrealized Losses	(114,000)	(74,000)
Fair Value	28,094,000	26,419,000
Money Markets and CDs [Member]
Net Investment Income [Line Items]
Cost Basis	281,000	772,000
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value	$ 281,000	$ 772,000

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Schedule of Unrealized Loss Breakdown by Investment (Details) - USD ($)	Oct. 31, 2021	Apr. 30, 2021
Net Investment Income [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 1,438,000	$ 730,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(78,000)	(41,000)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	644,000	765,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(93,000)	(81,000)
Debt Securities, Available-for-sale, Unrealized Loss Position	2,082,000	1,495,000
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(171,000)	(122,000)
Municipal Bonds [Member]
Net Investment Income [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	699,000	390,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(17,000)	(6,000)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	305,000	365,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(34,000)	(37,000)
Debt Securities, Available-for-sale, Unrealized Loss Position	1,004,000	755,000
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(51,000)	(43,000)
Real Estate Investment [Member]
Net Investment Income [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	23,000	23,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(6,000)	(5,000)
Debt Securities, Available-for-sale, Unrealized Loss Position	23,000	23,000
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(6,000)	(5,000)
Equity Securities [Member]
Net Investment Income [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	739,000	340,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(61,000)	(35,000)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	316,000	377,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(53,000)	(39,000)
Debt Securities, Available-for-sale, Unrealized Loss Position	1,055,000	717,000
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (114,000)	$ (74,000)

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Investments (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Available-for-sale debt securities maturity year description			The investments in debt securities, which include municipal bonds and bond funds, mature between June 2022 and January 2044.
Impairment loss		$ 52,000		$ 79,000
Equity securities of gross realized gain	106,000	184,000	343,000	286,000
Equity securities of gross realized losses	26,000	110,000	33,000	236,000
Debt securities of gross realized gains	0	0	0	0
Debt securities of gross realized losses	$ 0	$ 2,000	$ 10,000	$ 6,000

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Schedule of Inventories (Details) - USD ($)	Oct. 31, 2021	Apr. 30, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 5,703,000	$ 4,399,000
Work in process	657,000	457,000
Finished goods	965,000	768,000
Inventory in transit		173,000
Inventory gross	7,325,000	5,797,000
Less: allowance for obsolete inventory	(248,000)	(175,000)
Inventories, net	$ 7,077,000	$ 5,622,000

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Schedule of Financial Information Relating to Industry Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020	Apr. 30, 2021
Segment Reporting Information [Line Items]
Total net revenue	$ 5,244,000	$ 4,647,000	$ 10,199,000	$ 8,694,000
Total income from operations	1,424,000	1,364,000	2,954,000	2,550,000
Total depreciation and amortization	105,000	103,000	213,000	189,000
Total capital expenditures		266,000	40,000	361,000
Total assets	55,439,000		55,439,000		$ 54,136,000
Security Alarm Products [Member]
Segment Reporting Information [Line Items]
Total net revenue	4,546,000	3,632,000	8,803,000	6,962,000
Total income from operations	1,229,000	1,092,000	2,550,000	2,042,000
Total depreciation and amortization	39,000	39,000	74,000	61,000
Total capital expenditures		149,000	40,000	242,000
Total assets	10,169,000		10,169,000		8,955,000
Cable & Wiring Tools [Member]
Segment Reporting Information [Line Items]
Total net revenue	518,000	620,000	1,056,000	1,019,000
Total income from operations	147,000	160,000	306,000	299,000
Total depreciation and amortization	31,000	31,000	62,000	61,000
Total capital expenditures
Total assets	2,439,000		2,439,000		2,534,000
Other Products [Member]
Segment Reporting Information [Line Items]
Total net revenue	180,000	395,000	340,000	713,000
Total income from operations	48,000	112,000	98,000	209,000
Total depreciation and amortization	19,000	14,000	42,000	27,000
Total capital expenditures		111,000		113,000
Total assets	666,000		666,000		667,000
Corporate General [Member]
Segment Reporting Information [Line Items]
Total depreciation and amortization	16,000	19,000	35,000	40,000
Total capital expenditures		$ 6,000		$ 6,000
Total assets	$ 42,165,000		$ 42,165,000		$ 41,980,000

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Schedule of Basic and Diluted Earnings per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Income Per Share of Common Stock
Net income	$ 1,688,000	$ 860,000	$ 3,434,000	$ 3,352,000
Basic EPS, Income	$ 1,688,000	$ 860,000	$ 3,434,000	$ 3,352,000
Basic EPS, Shares	4,945,130	4,949,902	4,945,795	4,949,914
Basic EPS, Per-share	$ 0.34	$ 0.17	$ 0.69	$ 0.68
Effect of dilutive Convertible Preferred Stock, Income
Effect of dilutive Convertible Preferred Stock, Shares	20,500	20,500	20,500	20,500
Effect of dilutive Convertible Preferred Stock, Per-share
Diluted EPS, Income	$ 1,688,000	$ 860,000	$ 3,434,000	$ 3,352,000
Diluted EPS, Shares	4,965,630	4,970,402	4,966,295	4,970,414
Diluted EPS, Per-share	$ 0.34	$ 0.17	$ 0.69	$ 0.67

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Retirement Benefit Plan (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 01, 1998	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Retirement Benefits [Abstract]
Description of employees eligibility				Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company.
Employees vesting percentage	100.00%
Employer matching contribution vesting period	6 years
Employees matching contributions		$ 15,000	$ 16,000	$ 33,000	$ 29,000

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Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Oct. 31, 2021	Apr. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets measured on a recurring basis	$ 34,409,000	$ 33,337,000
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	5,894,000	6,009,000
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	140,000	137,000
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	28,094,000	26,419,000
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	281,000	772,000
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	28,375,000	27,191,000
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	28,094,000	26,419,000
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	281,000	772,000
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	6,034,000	6,146,000
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	5,894,000	6,009,000
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	140,000	137,000
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