What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-07-31 compared with 2022-08-15 · 43 added, 46 removed, 3 unchanged (97% of the section changed)

Item 1 Business

(a) Business Development

George Risk Industries, Inc.

(GRI or the Company)

was incorporated in 1967 in Colorado.

The Company is presently engaged in the design, manufacture, and sale of custom computer keyboards,

proximity switches, security alarm components and systems, pool access alarms, EZ Duct wire covers, water sensors, electronic switching

devices, high security switches and wire and cable installation tools.

Products, Market, and Distribution

The Company designs, manufactures, and sells

computer keyboards, proximity switches, security alarm components and systems, pool access alarms, water sensors, electronic switching

devices, high security switches, and wire and cable installation tools.

The Security sales division, which concentrates on selling products

for security purposes, comprises of approximately 96 percent of net revenues and are sold through distributors and alarm dealers/installers.

The security segment has approximately 1,000

current customers.

Business Development

Risk Industries, Inc.

(GRI or the Company) was incorporated in 1967 in Colorado.

The Company is presently engaged in the design, manufacture,

and sale of custom computer keyboards, proximity switches, security alarm components and systems, pool access alarms, EZ Duct wire covers,

water sensors, electronic switching devices, high security switches and wire and cable installation tools.

Market, and Distribution

Company designs, manufactures, and sells computer keyboards, proximity switches, security alarm components and systems, pool access alarms,

water sensors, electronic switching devices, high security switches, and wire and cable installation tools.

The Security sales division,

which concentrates on selling products for security purposes, comprises approximately 96.6% of net revenues and these goods are sold

to distributors and alarm dealers/installers.

security segment has approximately 1,000 current customers.

One of the distributors, Ademco, Inc.

(previously known as ADI), accounts for approximately 36.6 percent of the Company’s

sales of these products.

(previously known as ADI), accounts

for approximately 35.8% of the Company’s sales of these products.

Anixter, Inc.

accounts for another 23.7 percent of the security segment of the Company sales.

Loss of these

distributors would be significant to the Company.

However, both companies have purchased from the Company for many years and are expected

accounts for another 24.2% of the security segment

of the Company sales.

The loss of these distributors would be significant to the Company.

However, both companies have purchased from

the Company for many years and are expected to continue.

Also, the Company has a written agreement with Ademco.

This agreement was signed in February 2011 and was initiated by the

The contents of the agreement include product terms, purchasing, payment terms, term and termination, product marketing, representations

and warranties, product support, mutual confidentiality, indemnification and insurance, and general provisions.

The keyboard and proximity switch segment has

approximately 300 customers.

These products are primarily sold to original equipment manufacturers to their specifications and to distributors

of off-the-shelf keyboards of proprietary design.

The Company has intense competition in the keyboard/proximity

and security/burglar alarm lines.

The security/burglar alarm segment has approximately

six major competitors.

The Company competes well based on price, product design, quality, customization and having products made in the

The competitors in the keyboard/proximity segment

are larger companies with automated production facilities.

GRI has emphasized small custom order sales that many of its competitors decline

or discourage.

Research and Development

The Company performs research and development

for its customers when needed and requested.

Costs in connection with such product development have been borne by the customers.

associated with the development of new products are expensed as incurred.

The Company also does R&D for itself to help in the development

of new products.

GRI has approximately 200 employees.

This agreement was signed

in February 2011 and was initiated by the customer.

The contents of the agreement include product terms, purchasing, payment terms, term

and termination, product marketing, representations and warranties, product support, mutual confidentiality, indemnification and insurance,

and general provisions.

keyboard and proximity switch segment has approximately 300 customers.

These products are primarily sold to original equipment manufacturers

to their specifications and to distributors of off-the-shelf keyboards of proprietary design.

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

security/burglar alarm segment has approximately six major competitors.

The Company competes well based on price, product design, quality,

customization and having products made in the USA.

competitors in the keyboard/proximity segment are larger companies with automated production facilities.

GRI has emphasized small custom

order sales that many of its competitors decline or discourage.

and Development

Company performs research and development for its customers when needed and as requested.

Costs in connection with such product development

have been borne by the customers.

Costs associated with the development of new products are expensed as incurred.

The Company also does

R&D for itself to help in the development of new products.

has approximately 175 employees.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business