U.S. SECURITIES AND EXCHANGE COMMISSION
                          Washington, DC 20549
                             Form 10-KSB

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
     SECURITIES EXCHANGE ACT OF 1934
           For the fiscal year ended April 30, 2007
[  ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934
For the transition period from  __________  to _________

                Commission File Number: 000-05378

                  George Risk Industries, Inc.
                  ____________________________

        (Name of small business issuer in its charter)
            Colorado                        84-0524756
            ________                        __________
 (State or other jurisdiction of    (I.R.S. Employer Identification
   incorporation or organization)               No.)

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

Issuer's telephone number (308) 235-4645
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class       Name of Exchange on Which Registered
          None                      None
Securities registered under Section 12(g) of the Act:
Class A Common Stock, $.10 par value
(Title of class)
     Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act during the preceding 12
months (or for such shorter period that the registrant was required to file
such reports) and (2) has been subject to such filing requirements for the
past 90 days.
  Yes     X         No

Check if disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of the Registrant's knowledge, in definitive proxy
or information statements incorporated by reference in Part III of this Form
10-KSB or any amendment to this Form 10-KSB.  [X]

 State issuer's revenues for the most recent fiscal year.  $ 13,419,000.

The aggregate market value of the voting stock held by non-affiliates of
the Registrant as of August 10, 2007 was approximately $17,270,000 based upon
the last reported sale, which occurred on July 30, 2007.  For purposes of
this disclosure, Common Stock held by officers and directors of the Registrant
have been excluded in that such persons may be deemed to be "affiliates" as that
term is defined under the rules and regulations promulgated under the Securities
Act of 1933.  This determination is not necessarily conclusive.

The number of shares of the Registrant's Common Stock outstanding as of
August 10, 2007 was 5,335,228.

DOCUMENTS INCORPORATED BY REFERENCE
   None.
Transitional Small Business Disclosure Format (check one):
   Yes   X   ; No____

Part I

Preliminary Note Regarding Forward-Looking Statements and Currency Disclosure

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

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

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



Item 1  Business
(a)  Business Development

George Risk Industries, Inc. (GRI or the company) was incorporated in 1967
in Colorado.  The company is presently engaged in the design, manufacture,
and sale of computer keyboards, push button switches, burglar alarm
components and systems, pool alarms, thermostats, EZ Duct wire covers and
water sensors.

GRI Telemark Corporation (Telemark), a majority owned subsidiary, was
incorporated in October 1983 for the purpose of marketing security alarm
products. As of April 13, 1993, Telemark was merged into GRI and presently
operates as a marketing division of GRI.

Products, Market, and Distribution

The company designs, manufactures, and sells computer keyboards, push-button
switches, burglar alarm components and systems, pool alarms, and water sensors.
The security burglar alarm products comprise approximately 84 percent and pool
alarms comprise 8 percent of net revenues and are sold through distributors and
private board customers.

The security segment has approximately 4,000 customers. One of the distributors
accounts for approximately 39 percent of the company's sales of these products.
Loss of this distributor would be significant to the company. However, this
customer has purchased from the company for many years and is expected to
continue.

The keyboard segment has approximately 850 customers. Keyboard products are sold
to original equipment manufacturers to their specifications and to distributors
of off-the-shelf keyboards of proprietary design.

Competition

The company has intense competition in the keyboard and burglar alarm lines.

The burglar alarm segment has five or six major competitors.  The company
competes well based on price, product design, quality, and prompt delivery.

The competitors in the keyboard 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.  Costs associated with the development
of new products are expensed as incurred.

Employees

GRI has approximately 225 employees.


Item 2  Properties
The company owns the manufacturing and office facilities.  The manufacturing
facilities were expanded by 7,200 square feet eight years ago.  Total square
footage of the plant in Kimball, Nebraska is approximately 42,500 sq. ft.
Additionally, the company leases 15,000 square feet for $1,535 per month with
Eileen Risk, mother of Ken R. Risk and a former officer and director of the
company.

As of October 1, 1996, the company also began operating a satellite plant in
Gering, NE. This expansion was done in coordination with Twin Cities
Development. The company leased manufacturing facilities until July 2005.
During the first quarter of fiscal year end 2006, the company purchased a
building that is 7,200-sq. ft. in size. Currently, there are 48 employees
at the Gering site.


Item 3  Legal Proceedings
None.


Item 4	Submission of Matters to a Vote of Security Holders
Not applicable.

Part II


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

Principal Market

The company's Class A Common Stock is currently quoted on the OTC
Bulletin Board by fifteen market makers.

Stock Prices and Dividends Information
<TABLE>

<CAPTION>


2007 Fiscal Year
                           High                  Low

<S>                        <C>                   <C>
May 1-July 31              8.05                  7.00
August 1-October 31        7.50                  6.50
November 1-January 31      9.00                  7.20
February 1-April 30        8.75                  6.85


</TABLE>


<TABLE>

<CAPTION>

2006 Fiscal Year
                           High                  Low

<S>                        <C>                   <C>
May 1-July 31              5.60                  5.00
August 1-October 31        7.00                  5.35
November 1-January 31      7.74                  7.00
February 1-April 30        8.50                  7.40



</TABLE>

<page>


A dividend of $0.15 per common share was declared on September 30, 2006.
This was the only dividend declared and paid during the 2007 fiscal year.
As for fiscal year 2006, a dividend of $0.10 per common share was declared
on September 30, 2005.

The number of holders of record of the company's Class A Common Stock
as of April 30, 2007, was approximately 1,356.


Item 6  Management's Discussion and Analysis of Financial Condition and
Results of Operations

GRI completed the fiscal year ending April 30, 2007, with a net profit
of 22.2% net of sales.  Net sales were at $13,419,000, down 5.86% over
the previous year.  Additionally, net income for the year ended April
30, 2007 was $2,981,000, up 9.1% from the prior year.

Although sales were down for the fiscal year ending April 30, 2007,
we expect sales to stay steady and hopefully increase for the fiscal
year ending April 30, 2008.  We are always researching and developing
new products that will help our sales increase.  Also, we are hopeful
that extra growth can be achieved by volume increases with our present
customers and with the addition of new customers. We have an excellent
marketing department that is always on the lookout for new clients.
We have had some problems with the ability to get product out our doors
on a timely basis, but we have taken steps to remedy this problem.
One example of how this problem is being addressed is that we have
recently purchased a new pick and place machine so we are able to
produce our new and improved pool alarms. The new design is less labor
intense. Almost all of the assembly is done via the pick and place
machine. This speeds up the manufacturing time and decreases the cost
of the product.

The material and labor costs stayed very consistent between this year
and last year.  At the fiscal years ended 2007 and 2006 the material and
labor percentage was at 36.6% of gross sales. We continue to buy smart and
we are always looking for quality material at the best possible price.  As
far as labor goes, we only hire the number of production workers that is
needed to finish products in a timely manner and we work very hard at keeping
overtime expense down. We did notice that there was a slow down in sales
during the 4th quarter and management was forced to implement a temporary
period of voluntary days off and a very brief period of mandatory days off.
With these good practices embedded throughout, we expect to continue to
achieve a gross profit margin of about 50 percent for the coming year.

At April 30, 2007, working capital increased by 9.5% in comparison to the
previous fiscal year.  The company's liquidity has also increased this year
as the ratio of cash, securities and accounts receivables to current
obligations was 37.238 and 36.594 for the fiscal years ending April 30, 2007
and April 30, 2006, respectively.  Current assets have increased as current
liabilities have also increased, but the assets have grown at a faster pace
than the liabilities have.  At April 30, 2007, there are a couple of long-
term liabilities on the books.  One is deferred income tax of $74,000 and
the other is a note payable for the economic development agreement that was
made with the City of Gering, NE when we purchased our production building
in 2005.

The ETL listed pool alarm is now in production with stock available to ship
right away. We are currently working with UL to make more options available
to the end user with our DPA pool alarms. This line will soon be able to meet
customer demand on many of our specialty items.

The wireless pool alarm and wireless contact switch have a target date of
August 2007 to be finished by our engineering department. This will enable
us to move into a whole new market, which is the wireless market. This is
especially timely since the price of wire has skyrocketed. Also, a 12-key
keypad is also being developed for commercial access control.

A new version of our Glass Guard window sensor is in its final stages of
development. We are creating this sensor in direct response to customer
feedback about how our offshore competitors have had long delays in
delivering this type of product.

Research and development continues on the Pump Guard, water value controller
and other water sensors. We are also upgrading our CC-01 current controller.
The CC-01 is used to automatically turn on closet and/or cabinet lights when
the switch is activated. This is usually done by simply opening the door to
the closet or cabinet. This new version will be able to handle more current
and inductive load and is currently at UL for quotes.

We are continuing to use more and more RoHS standard materials in our products.
RoHS, the Restriction of Hazardous Substances directive, was adopted in
February 2003 by the European Union. It took effect on July 1, 2006. The
directive restricts the use of six hazardous materials in the manufacture of
various types of electronic and electrical equipment. The six restricted
materials include: lead, mercury, cadmium, hexavalent chromium, polybrominated
biphenyl, and polybrominated Biphenyl ether. Even though we are required to
meet the RoHS standards to sell in the over-seas market, we foresee the
possibility of manufacturing all our products to meet the above referenced
standards.

Furthermore, we have begun working directly with some of our larger overseas
customers. Ordering, invoicing, and shipping is all done through the facility
here in the U.S. Our vision of the overseas warehouse is not meeting our
expectations and therefore, we are in the process of closing it down. We will
still have a representative out of England that will be working to promote our
products in Europe and beyond, but all stock will now be shipped directly from
here.


Management is always open to the possibility of acquiring a business
that would complement our existing operations.  This would probably
not require any outside financing.  The intent would be to utilize the
equipment, marketing techniques and established customers to increase
sales and profits.

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


Item 7  Financial Statements


Index to Financial Statements
George Risk Industries, Inc.



Page

Independent Auditor's Report                       8

Balance Sheets April 30, 2007 and 2006             9

Statements of Income
   For the Years Ended April 30, 2007 and 2006    10

Statements of Comprehensive Income
  For the Years Ended April 30, 2007 and 2006     11

Statement of Changes in Stockholders' Equity
   For the Years Ended April 30, 2007 and 2006    12

Statements of Cash Flows
   For the Years Ended April 30, 2007 and 2006    13

Notes to Financial Statements                     14





Report of Independent Registered Public Accounting Firm



Board of Directors
George Risk Industries, Inc.
Kimball, Nebraska


We have audited the accompanying balance sheet of George Risk Industries,
Inc. as of April 30, 2007 and 2006, and the related statements of income,
comprehensive income, stockholders' equity, and cash flows for the two
years then ended.  These financial statements are the responsibility of
the company's management.  Our responsibility is to express an opinion
on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements.  An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation.  We believe that our audit provides a reasonable
basis for our opinion.

In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of George Risk
Industries, Inc. as of April 30, 2007 and 2006, and the results of their
operations and their cash flows for the two years then ended, in conformity
with accounting principles generally accepted in the United States of America.


/s/ Mason Russell West, LLC


Littleton, Colorado
July 21, 2007













<TABLE>

<CAPTION>


                George Risk Industries, Inc.
                    Balance Sheets
                 April 30, 2007 and 2006

<S>                                             <C>             <c>

ASSETS
Current Assets:
Cash and cash equivalents                       $  4,611,000    $   5,495,000
Investments and securities                        16,738,000       13,811,000
Accounts receivable:
Trade, net of $50,000 doubtful
                account allowance                  1,925,000        2,138,000
Other                                                  3,000                0
Income tax overpayment                               137,000          270,000
Inventories                                        3,060,000        2,270,000
Prepaid expenses                                     125,000          117,000
Deferred current income taxes                        115,000          312,000
                                                ____________      ___________
Total Current Assets                            $ 26,714,000    $  24,413,000

Property and Equipment, net, at cost                 828,000          926,000

Other Assets
 Investment in Limited Land
   Partnership, at cost                              200,000          200,000
 Projects in process                                  75,000           30,000
 Long-term receivable                                 60,000                0
 Other                                                18,000            1,000
                                                  ___________     ___________

Total Other Assets                              $     353,000    $    231,000
TOTAL ASSETS                                    $  27,895,000    $ 25,570,000
                                                _____________     ___________
                                                _____________     ___________


<FN>
See accompanying notes to financial statements.
</TABLE>

<page>



<TABLE>
<CAPTION>



                George Risk Industries, Inc.
                    Balance Sheets
                 April 30, 2007 and 2006



             Liabilities and Stockholders' Equity

<S>                                                   <C>            <C>
Current Liabilities:
 Accounts payable, trade                              $  127,000    $   141,000
 Dividends payable                                       161,000         46,000
 Accrued expenses:
  Payroll and related expenses                           337,000        366,000
 Notes payable, current                                        _         33,000
                                                      __________    ___________
   Total Current Liabilities                             625,000        586,000

Long-Term Liabilities:
Notes payable                                             25,000         45,000
Deferred income taxes                                     74,000         73,000
                                                      ___________   ___________
   Total Long-Term Liabilities                        $   99,000    $   118,000


Stockholders' Equity
 Convertible preferred stock, 1,000,000 shares
  authorized, Series 1--noncumulative, $20
  stated value, 25,000 shares authorized, 4,100
  issued and outstanding                                   99,000        99,000
 Common stock, Class A, $.10 par value, 10,000,000
  shares authorized, 8,502,832 shares issued              850,000       850,000
 Additional paid-in capital                             1,736,000     1,736,000
 Accumulated other comprehensive income                   165,000       (39,000)
 Retained earnings                                     26,430,000    24,250,000
 Less: cost of treasury stock,
    3,166,104 shares, at cost                          (2,109,000)   (2,030,000)
                                                      ___________   ___________
   Total Stockholders' Equity                         $27,171,000   $24,866,000
                                                      ___________   ___________

Total Liabilities and Stockholders' Equity            $27,895,000   $25,570,000
                                                      ___________   ___________
                                                      ___________   ___________
</TABLE>

Page 9
<page>




<TABLE>

<CAPTION>


                 George Risk Industries, Inc.
                    Statements of Income

                                           Year           Year
                                          Ended           Ended
                                       Apr 30,2007    Apr 30, 2006
                                       ___________    ____________

<S>                                    <C>             <C>
Net Sales                              $13,419,000     $14,254,000
 Less: Cost of Goods Sold               (6,506,000)     (6,788,000)
                                       ___________     ___________
Gross Profit                           $ 6,913,000     $ 7,466,000

Operating Expenses:
General and Administrative                 689,000         724,000
Sales                                    2,443,000       2,512,000
Engineering                                 69,000          79,000
Rent Paid to Related Parties                53,000          52,000
                                       ___________     ___________
       Total Operating Expenses        $ 3,254,000     $ 3,367,000
                                       ___________     ___________
Income From Operations                   3,659,000       4,099,000

Other Income (Expense)
 Other                                       7,000          30,000
 Dividend and Interest Income              689,000         440,000
 Gain (Loss) on Investments                188,000        (353,000)
                                       ___________     ___________
                                       $   884,000     $   117,000

Income  Before  Provision  for
 Income Taxes                            4,543,000       4,216,000

Provision for Income Taxes
 Current Expense                         1,483,000       1,620,000
 Deferred tax (benefit) expense             79,000        (136,000)
                                       ___________     ___________
 Total Income Tax Expense                1,562,000       1,484,000

Net Income                             $ 2,981,000     $ 2,732,000


Income Per Share of Common Stock
 Basic                                 $      0.56     $      0.51
 Diluted                               $      0.56     $      0.51
Weighted Average Number of
 Common Shares Outstanding               5,340,769       5,360,740


</TABLE>

<FN>
See accompanying notes to financial statements

Page 10
<page>


<TABLE>

<CAPTION>


                         George Risk Industries, Inc.
                      Statements of Comprehensive Income

                                           Year           Year
                                          Ended           Ended
                                       Apr 30,2007    Apr 30, 2006
                                       ___________    ____________

<S>                                      <C>             <C>
Net Income                               $2,981,000     $ 2,732,000
                                         __________      __________

Other Comprehensive Income, Net of Tax
 Unrealized gain (loss) on securities:
  Unrealized holding gains (losses)
   arising during period                    204,000         842,000
 Less: reclassification adjustment for
   (gains) losses included in net income   (188,000)        353,000
   Income tax expense related to other
    comprehensive income                     (7,000)       (500,000)
                                         __________      __________

Other Comprehensive Income                    9,000         695,000

Comprehensive Income                     $2,990,000      $3,427,000
                                         __________      __________
                                         __________      __________

</TABLE>

<FN>
See accompanying notes to financial statements



Page 11
<page>



<TABLE>

<CAPTION>

                  George Risk Industries, Inc.
          Statement of Changes in Stockholders' Equity
           For the Years Ended April 30, 2007 and 2006


                                                  Common Stock
                         Preferred Stock            Class A
                        ________________          ____________
                         Shares     Amount      Shares      Amount
<S>                    <C>          <C>         <C>          <C>



Balances, April 30,
 2005                     4,100     $ 99,000    8,502,832   $ 850,000

Purchases of common
 stock                        -            -            -           -

Dividend declared at
 $0.10 per common
   share outstanding          -            -            -           -

Unrealized gain (loss)        -            -            -           -

Net Income                    -            -            -           -
                       ________     ________    _________    ________
Balances, April 30,
 2006                     4,100       99,000    8,502,832     850,000



Purchases of common
 stock                        -            -            -           -

Dividend declared at
 $0.15 per common
   share outstanding          -            -            -           -

Unrealized gain (loss)        -            -            -           -

Net Income                    -            -            -           -
                       ________     ________    _________    ________
Balances, April 30,
 2007                     4,100     $ 99,000    8,502,832    $850,000
                       ________     ________    _________    ________
                       ________     ________    _________    ________




</TABLE>

<FN>
See accompanying notes to financial statements



<page>



<TABLE>

<CAPTION>

                  George Risk Industries, Inc.
          Statement of Changes in Stockholders' Equity
           For the Years Ended April 30, 2007 and 2006

                                  Accumulated
          Treasury Stock            Other
Paid-In  (Common Class A)        Comprehensive  Retained
          ______________
Capital     Shares      Amount      Income       Earnings      Total
<C>         <C>         <C>          <C>         <C>           <C>




$1,736,000  3,109,379  $(1,804,000)   $(881,000)  $22,054,000  $22,054,000


         -     46,440     (226,000)           -             -     (226,000)



         -          -            -            -      (536,000)    (536,000)

         -          -            -      842,000             -      842,000

         -          -            -            -     2,732,000    2,732,000
__________  _________  ___________  ___________   ___________  ___________

 1,736,000  3,155,819   (2,030,000)     (39,000)   24,250,000   24,866,000
__________  _________  ___________  ___________   ___________  ___________

         -     10,285      (79,000)           -             -      (79,000)



         -          -            -            -      (801,000)    (801,000)

         -          -            -      204,000             -      204,000

         -          -            -            -     2,981,000    2,980,000
__________  _________  ___________  ___________   ___________  ___________

$1,736,000  3,166,104  $(2,109,000) $   165,000   $24,430,000  $27,171,000
__________  _________  ___________  ___________   ___________  ___________
__________  _________  ___________  ___________   ___________  ___________


</TABLE>


See accompanying notes to financial statements.

Page 12
<page>



<TABLE>

<CAPTION>
                   George Risk Industries, Inc.
                     Statements of Cash Flows

                                           Year           Year
                                          Ended           Ended
                                       Apr 30,2007    Apr 30, 2006
                                       ___________    ____________
<S>                                     <C>           <C>
Cash Flows from Operating Activities:
Net income                              $2,981,000    $2,732,000
Adjustments to reconcile net income
 to net cash provided by
    operating activities:
   Depreciation                            180,000       184,000
   (Gain) loss on sale of investments     (188,000)      253,000
   (Gain) loss on sale of property and
     equipment                                   0             0
   Reserve for obsolete inventory           35,000             0
   Deferred income taxes                   198,000      (136,000)
   Changes in assets and liabilities:
    (Increase) decrease in:
     Accounts receivable                   213,000       102,000
     Inventories                          (825,000)     (215,000)
     Prepaid expenses                       (8,000)      (52,000)
     Other receivables                      (3,000)        9,000
     Income tax overpayment                133,000      (371,000)
     Long-term receivable                  (60,000)            0
    Increase (decrease) in:
     Accounts payable                      (13,000)        2,000
     Accrued expenses                      (29,000)       15,000
                                        __________    __________
    Net cash provided by (used in)
     operating activities               $2,614,000   $ 2,623,000
                                        __________    __________

Cash Flows From Investing Activities:
 Other assets manufactured and purchased   (62,000)        4,000
 Proceeds from sale of assets                    0        12,000
 (Purchase) of property and equipment      (82,000)     (335,000)
 Proceeds from sale of marketable
  securities                             8,387,000     2,751,000
 (Purchase) of marketable securities   (10,922,000)   (4,323,000)
 (Purchase) of preferred stock                   0             0
 (Purchase) of treasury stock              (79,000)     (226,000)
                                        __________    __________
    Net cash provided by (used in)
     investing activities              ($2,758,000)  ($2,117,000)

Cash Flows From Financing Activities:
 Increase in long-term debt                      0       125,000
 Principal payments on long-term debt       (8,000)      (92,000)
 Dividends paid                           (732,000)     (495,000)
                                        __________    __________
   Net cash provided by (used in)
    financing activities                 ($740,000)    ($462,000)
                                        __________    __________
Net Increase (Decrease) in Cash and
  Cash Equivalents                     ($  884,000)   $   44,000
                                        __________    __________
                                        __________    __________
Cash and Cash Equivalents, beginning
 of period                             $ 5,495,000    $5,451,000

Cash and Cash Equivalents,
 end of period                         $ 4,611,000    $5,495,000
                                        __________    __________
                                        __________    __________
Supplemental Disclosure for Cash
 Flow Information:
  Cash Payments for:
   Income taxes                        $ 1,350,000    $1,991,000
                                        __________    __________
                                        __________    __________
Page 13

</TABLE>

<FN>
See accompanying notes to financial statements

<page>











                     George Risk Industries, Inc.
                    Notes to Financial Statements
                          April 30, 2007

1.  Nature of Business and Summary of Significant Accounting Policies
Nature of Business-The company is engaged in the design, manufacture, and
marketing of computer keyboards, push-button switches, security alarm
components, pool alarms and hydro sensors.

Cash and Cash Equivalents-The company considers all investments purchased
with a maturity of three months or less to be cash equivalents.

Allowance for Doubtful Accounts-Accounts receivable are customer
obligations due under normal trade terms.  The company sells its products
to security alarm distributors, alarm installers, and original equipment
manufacturers.  The company performs continuing credit evaluations of its
customers' financial condition and the company generally does not require
collateral.

The company records an allowance for doubtful accounts based on an analysis
of specifically identified customer balances.  The company has a limited
number of customers with individually large amounts due at any given date.
Any unanticipated change in any one of these customers' credit worthiness
or other matters affecting the collectibility of amounts due from such
customers could have a material effect on the results of operations in the
period in which such changes or events occur. After all attempts to collect
a receivable have failed, the receivable is written off.  As of April 30,
2007, the company has recorded an allowance for doubtful accounts of
$50,000 for the years ended 2007 and 2006, respectively.  Bad debt expense
was $2,000 and $7,000 for April 30, 2007 and 2006, respectively.

Inventories-Inventories are stated at the lower of cost or market.
Cost is determined using the average cost-pricing method.  The company
uses standard costs to price its manufactured inventories approximating
average costs.

Property and Equipment-Property and equipment are recorded at cost.
Depreciation is calculated based on the following estimated useful lives
using the straight-line method:

<TABLE>
<CAPTION>

                                      Useful
        Classification                 Life         Cost
                                     in Years

        <S>                            <C>        <C>
        Dies, jigs, and molds          3-7        $  921,000
        Machinery and equipment        5-10        1,059,000
        Furniture and fixtures         5-10          130,000
        Leasehold improvements         5-32          174,000
        Buildings                       20           644,000
        Automotive and aircraft        3-5           380,000
        Software                       2-5           129,000
        Land                           N/A            13,000
                                                  __________
        Total                                      3,450,000
        Accumulated depreciation                  (2,622,000)
                                                  __________
        Net                                       $  828,000
                                                  __________
                                                  __________

</TABLE>

Depreciation expense of $180,000 and $184,000 were charged to operations
for the years ended April 30 2007 and 2006, respectively.

Maintenance and repairs are charged to expense as incurred, and
expenditures for major improvements are capitalized.  When assets are
retired or otherwise disposed of, the property accounts are relieved of
costs and accumulated depreciation and any resulting gain or loss is
credited or charged to operations.

Advertising-Advertising costs are expensed as incurred and included in
selling expenses.  Advertising expense amounted to $339,000 and $284,000
for the years ended April 30 2007 and 2006, respectively.

Income Taxes-The company has adopted the provisions of the SFAS No. 109,
"Accounting for Income Taxes."  SFAS No. 109 requires use of the liability
method, whereby current and deferred tax assets and liabilities are
determined based on tax rates and laws enacted as of the balance sheet date.
Deferred tax expense represents the change in the deferred tax asset/
liability balances.

The flow-through method of accounting for tax credits has been adopted by
the company.  Such credits are reflected as a reduction of the provision
for income taxes in the year in which they become available.

Net Income Per Common Share-Net income per common share is based on the
weighted average number of common shares outstanding during each fiscal year.
The dilutive effect of convertible preferred stock is reflected in diluted
earnings per share by application of the if-converted method.  Under this
method, preferred dividends applicable to convertible preferred stock are
added to the numerator and convertible preferred stock is assumed to have
been converted at the beginning of the period.

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.

Financial Instruments-Financial instruments consist of cash and cash
equivalents, marketable securities, accounts receivable and accounts payable.
The carrying values of these financial instruments approximate fair value due
to their short-term nature.

Revenue Recognition-Revenue is recognized when risks and benefits in ownership
are transferred, which normally occurs at the time of shipment of products.

Benefit Plan Disclosures-SFAS No. 132, Employer's Disclosures about Pension
and other Post Retirement Benefits ("SFAS No. 132"), requires certain
disclosures about employers' pension and other post retirement benefit plans
and specifies the accounting and measurement or recognition of those plans.
SFAS No. 132 requires disclosure of information on changes in the benefit
obligations and fair values of the plan assets that facilitates financial
analysis.  Please see Note 4 for further disclosure in accordance with SFAS
No. 132.

Comprehensive Income-In the first quarter of fiscal 1999, the Company adopted
Statement of Financial Accounting Standards (SFAS) No. 130, "Reporting
Comprehensive Income".  SFAS 130 requires disclosure of total non-stockholder
changes in equity in interim periods and additional disclosures of the
components of non-stockholder changes in equity on an annual basis.
Total non-stockholder changes in equity include all changes in equity during
a period except those resulting from fiscal investments by and distributions
to stockholders.

Segment Reporting and Related Information-The Company discloses the results
of its segments in accordance with SFAS No. 131, Disclosures About Segments
of an Enterprise and Related Information ("SFAS No. 131").  The Company
designated the internal organization that is used by management for allocating
resources and assessing performance as the source of the Company's reportable
segments. SFAS No. 131 also requires disclosures about products and services,
geographic area and major customers.  At April 30, 2007, the Company operated
in three segments organized by service line:  pool alarm products, keyboard
products, and security alarm and other products.  See Note 9 for further
segment information disclosures in accordance with SFAS No. 131.

Recently Issued Accounting Pronouncements-In March 2006, FASB issued SFAS No.
156, "Accounting for Servicing of Financial Assets - an amendment of FASB
Statement No. 140". This Statement amends SFAS No. 140 with respect to
accounting for separately recognized servicing assets and servicing liabilities.
This Statement, among other provisions, requires that servicing assets and
liabilities be initially measured at fair value, permits alternate measurement
methods for servicing assets and liabilities subsequent to initial measurement,
and contains additional disclosure requirements. SFAS No. 156 is effective for
fiscal years beginning after September 15, 2006. The Company does not have
servicing assets and servicing liabilities, so the adoption of this Statement
will not have a material effect on the financial statements.

In July 2006, the FASB issued Interpretation No. 48, "Accounting for
Uncertainty in Income Taxes" - an interpretation of FASB Statement No. 109"
("FIN 48") which prescribes a recognition threshold and measurement attribute,
as well as criteria for subsequently recognizing, unrecognizing and measuring
uncertain tax positions for financial statement purposes. FIN 48 also requires
expanded disclosure with respect to the uncertainty in income taxes assets and
liabilities. FIN 48 is effective for fiscal years beginning after December 15,
2006 and is required to be recognized as a change in accounting principle
through a cumulative-effect adjustment to retained earnings as of the
beginning of the year of adoption. We are currently evaluating the impact of
adopting the provisions of FIN 48 in fiscal 2008.

In September 2006, FASB issued SFAS No. 157, "Fair Value Measurements", which
defines fair value, establishes a framework for measuring fair value, and
expands disclosures about fair value measurements. The provisions of SFAS No.
157 are effective for financial statements issued for fiscal years beginning
after November 15, 2007, and interim periods within those fiscal years. The
Company has not yet evaluated the impact, if any, that SFAS No. 157 will have
on the Company's financial position and results of operations.

In September 2006, FASB issued SFAS No. 158, "Employers' Accounting for Defined
Benefit Pension, and other Postretirement Plans", which requires employers to
recognize the under-funded or over-funded status of a defined benefit plan as
an asset or liability in its statement of financial position. The new reporting
requirements and related new footnote disclosure rules of SFAS No. 158 are
effective for the years ending after December 15, 2006, with changes in the
funded status recognized through comprehensive income in the year in which they
occur. SFAS No. 158 did not change the amount of net periodic benefit expense
recognized in an entity's results of operations. As such, the adoption did not
have an impact to the Company's results of operations in fiscal 2007. Adoption
of SFAS No. 158 is not expected to have a material impact on the Company's
financial position. SFAS No. 158 also requires employers to measure the funded
status of a plan as of the date of its year-end statement of financial position.
The new measurement date requirement applies for fiscal years ending after
December 15, 2008.

In February 2007, the FASB issued SFAS No. 159, "The Fair Value Option for
Financial Assets and Financial Liabilities-Including an amendment of FASB
Statement No. 115" ("SFAS 159"). SFAS 159 expands the use of fair value
accounting but does not affect existing standards which require assets
or liabilities to be carried at fair value. Under SFAS 159, a company may
elect to use fair value to measure accounts and loans receivable, available-
for-sale and held-to-maturity securities, equity method investments, accounts
payable, guarantees and issued debt. Other eligible items include firm
commitments for financial instruments that otherwise would not be recognized
at inception and non-cash warranty obligations where a warrantor is permitted
to pay a third party to provide the warranty goods or services. If the use of
fair value is elected, any upfront costs and fees related to the item must be
recognized in earnings and cannot be deferred, e.g. debt issue costs. The fair
value election is irrevocable and generally made on an instrument-by-instrument
basis, even if a company has similar instruments that it elects not to measure
based on fair value. At the adoption date, unrealized gains and losses on
existing items for which fair value has been elected are reported as a
cumulative adjustment to beginning retained earnings. Subsequent to the
adoption of SFAS 159, changes in fair value are recognized in earnings.
SFAS 159 is effective for fiscal years beginning after November 15, 2007 and
the Company will be required to adopt this statement in the first quarter of
fiscal 2009. The Company is currently determining whether fair value
accounting is appropriate for any of its eligible items and connot estimate
the impact, if any, which SFAS 159 will have on its consolidated results of
operations and financial condition.



2.    INVENTORIES
Inventories at April 30, 2007 consisted of the following:

<TABLE>
<CAPTION>


    <S>                                         <C>

    Raw materials                               $1,903,000
    Work in process                                850,000
    Finished goods                                 412,000
                                                __________
                                                 3,165,000
                                                __________

    Less allowance for obsolete inventory         (105,000)
                                                __________
    Totals                                      $3,060,000
                                                __________
                                                __________
</TABLE>


3.      MARKETABLE SECURITIES
The Company has investments in publicly traded equity securities as well as
certain state and municipal debt securities.  These securities are classified
as available-for-sale securities, and are reported at fair value.  Realized
gains and losses are determined on the average cost basis, and included in
the Company's statement of income.  Unrealized gains and losses are excluded
from earnings and reported separately as a component of stockholders' equity.
Dividend and interest income are accrued as earned.

Marketable equity securities and related unrealized gains and losses consist
of the following as of April 30, 2007:

<TABLE>
<caption>

    <S>                                         <C>
    Cost basis                                  $16,454,000
    Market value                                 16,738,000
                                                ___________
    Net unrealized gains (losses)               $   284,000
                                                ___________
                                                ___________

    Gross unrealized gain                       $   741,000
                                                ___________
                                                ___________

    Gross unrealized loss                       $  (457,000)
                                                ___________
                                                ___________
</TABLE>

In accordance with SFAS 115, if the Company determines that a marketable
security has an other-than temporary decline in fair value, generally
defined as when the cost basis exceeds the fair value for approximately
one year.  When this happens the Company will decrease the cost of the
marketable security to the new fair value and recognize a realized loss.
The investments are periodically evaluated to determine if impairment
changes are required.  As a result of this standard, management recorded
impairment losses of $57,000 for the fiscal year ended April 30, 2007 and
the impairment loss recorded for the fiscal year 2006 was $443,000.


4.    RETIREMENT BENEFIT PLAN

On January 1, 1998, the company adopted the George Risk Industries, Inc.
Retirement Savings Plan (the "Plan").  The Plan is a defined contribution
savings plan designed to provide retirement income to eligible employees
of the company and its subsidiaries.  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 contributions from eligible employees who
may contribute a percentage of their eligible compensation, limited and
subject to statutory limits.  The Plan is also funded by discretionary
matching employer contributions from the company.  Eligible employees cannot
participate in the Plan until they have attained the age of 21 and completed
one thousand hours of service in any plan year with the company.  Upon leaving
the company, each participant is 100% vested with respect to the participants'
contributions while the company's matching contributions are vested over a
six-year period in accordance with the Plan document.  Contributions are
invested, as directed by the participant, in investment funds available under
the Plan.  Matching contributions of approximately $16,000 were paid during
the fiscal year ending April 30, 2007 and approximately $17,000 of matching
contributions we paid during the fiscal year April 30, 2006.  Discretionary
contributions of approximately $4,600 and $3,400 were paid during 2007 and
2006, respectively.

5.    STOCKHOLDERS' EQUITY

Preferred Stock-Each share of the Series #1 preferred stock is convertible at
the option of the holder into five shares of Class A common stock and is also
redeemable at the option of the board of directors at $20 per share.  The
holders of the convertible preferred stock shall be entitled to a dividend at
a rate up to $1 per share annually, payable quarterly as declared by the board
of directors.  No dividends were declared or paid during the two years ended
April 30, 2007.

During the year ended April 30, 2000, the Company purchased and retired 7,500
preferred shares for $167,000.

Convertible preferred stock without par value may be issued from time to time
as determined by the board of directors.  Shares of different series shall be
of equal rank but may vary as to terms and conditions.

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

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

6.    EARNINGS PER SHARE

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

<TABLE>

<CAPTION>


                                      April 30, 2007
                           ___________________________________
                             Income       Shares     Per-Share
                           (Numerator) (Denominator)   Amount
 
                      <c>          <C>           <c>


   Net Income              $2,981,000
                           __________
                           __________

   Basic EPS               $2,981,000    5,340,769     $.558
   Effect of dilutive
    Convertible Preferred
     Stock                          -       20,500     (.002)
                           __________    _________     _____
     Diluted EPS           $2,981,000    5,361,269     $.556
                           __________    _________     _____
                           __________    _________     _____


</TABLE>

<TABLE>

<CAPTION>


                                      April 30, 2006
                           ___________________________________
                             Income       Shares     Per-Share
                           (Numerator) (Denominator)   Amount
 
                      <c>          <C>           <c>


   Net Income              $2,732,000
                           __________
                           __________

   Basic EPS               $2,732,000    5,360,740     $.510
   Effect of dilutive
    Convertible Preferred
     Stock                          -       20,500     (.002)
                           __________    _________     _____
     Diluted EPS           $2,732,000    5,381,240     $.508
                           __________    _________     _____
                           __________    _________     _____


</TABLE>


7.      COMMITMENTS, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS
Leases-The Company leases a duplex from Eileen Risk, mother of the President/CEO
of the company.  One half of the duplex is used for storage of materials and
accounting records.  This lease requires an annual payment of $3,400 due each
July 1 and payments of $300 on a month-to-month basis to the related party.

The Company also leases another building from Eileen Risk. This building
contains the Company's sales and accounting departments, maintenance department,
engineering department and some production facilities.  This lease requires a
minimum payment of $1,535 on a month-to-month basis.

Total lease expense under the above two arrangements was $25,000 for the fiscal
years ended April 30, 2007 and 2006, respectively.

The company leases an airplane from the President/CEO, who is also a majority
stockholder, on a month-to-month basis requiring payments of $2,250.  Airplane
lease expenses charged to operations for the fiscal years ended April 30, 2007
and 2006, were $27,000 for each year.  During the year ended April 30, 2000,
the Company paid $210,000 and the President/CEO contributed the airplane in
trade for another airplane.  The Company and this officer jointly own the newly
purchased airplane and will continue the lease on the officer's ownership of the
plane.


8.      INCOME TAXES

<TABLE>
<CAPTION>
Reconciliation of income taxes with Federal and State taxable income:

                                     2007              2006
                                 ____________      ____________
<S>                               <c>               <c>

 Income before taxes               $4,544,000        $4,216,000
 State income tax deduction          (282,000)         (309,000)
 Capital loss carryforwards
  (utilized) accumulated             (188,000)          353,000
 Nontaxable interest and
  dividend  income                   (432,000)         (206,000)
 Domestic production activities
  deduction                          (109,000)         (119,000)
Nondeductible expenses
  and timing differences               (1,000)          (81,000)
                                   __________        __________

    Taxable income                 $3,532,000        $3,854,000
                                   __________        __________
                                   __________        __________

</TABLE>

<TABLE>
<CAPTION>
The following schedule reconciles the provision for income taxes
to the amount computed by applying the statutory rate to income
before income taxes:

<S>                                 <c>               <c>
Income tax expense at statutory
 rate                               $1,899,000        $1,762,000

Increase (decrease)income
 taxes resulting from:
  State income taxes                  (118,000)         (129,000)
  Other temporary and
   permanent differences              (219,000)         (149,000)
                                    __________        __________

  Income tax expense                $1,562,000        $1,484,000
                                    __________        __________
                                    __________        __________


  Federal Tax Rate                        34.0%           34.0%
  State Tax Rate                           7.8%            7.8%
                                          ____            ____

  Blended statutory rate                  41.8%           41.8%
                                          ____            ____
                                          ____            ____
</TABLE>


<TABLE>
<CAPTION>

Deferred tax asset (liability) consist of the following
components at April 30, 2007 and 2006:
 <S>                                 <c>               <c>

  Deferred tax current assets:
   Capital loss carry forward         $202,000         $280,000
   Accrued vacation                     32,000           32,000
   Unrealized portion                 (119,000)               0
                                      ________         ________

  Net deferred tax assets             $115,000         $312,000
                                      ________         ________
                                      ________         ________
  Deferred tax liabilities:
   Depreciation                        (74,000)         (73,000)
                                      ________         ________

   Net deferred tax liability         $(74,000)        $(73,000)
                                      ________         ________
                                      ________         ________

</TABLE>


9.    BUSINESS SEGMENTS

The following is financial information relating to industry segments:

<TABLE>
<CAPTION>


                                                 April 30,
                                            2007            2006

    <S>                                 <C>              <C>
    Net revenue:
     Pool alarm products                 $1,068,000      $ 1,158,000
     Keyboard products                    1,210,000          803,000
     Security alarm and other products   11,141,000       12,293,000
                                        ___________      ___________

    Total net revenue                   $13,419,000      $14,254,000
                                        ___________      ___________
                                        ___________      ___________

    Income from operations:
     Pool alarm products                $   291,000      $   344,000
     Keyboard products                      330,000          215,000
     Security alarm and other products    3,038,000        3,540,000
                                        ___________       __________
    Total income from operations        $ 3,659,000      $ 4,099,000
                                        ___________      ___________
                                        ___________      ___________

    Identifiable assets:
     Pool alarm products                $   259,000      $   257,000
     Keyboard products                      555,000          234,000
     Security alarm and other products    4,773,000        4,582,000
     Corporate general                   22,308,000       20,497,000
                                        ___________      ___________

    Total assets                        $27,895,000      $25,570,000
                                        ___________      ___________
                                        ___________      ___________
    Depreciation and amortization:
     Pool alarm products                $    14,000      $    13,000
     Keyboard products                            0                0
     Security alarm and other products      128,000          121,000
     Corporate general                       38,000           50,000
                                        ___________      ___________

    Total depreciation and
      amortization                      $   180,000      $   184,000
                                        ___________      ___________
                                        ___________      ___________


    Capital expenditures:
     Pool alarm products                $         0      $         0
     Keyboard products                            0                0
     Security alarm and other products       82,000          273,000
     Corporate general                            0           62,000
                                        ____________     ___________
      Total capital expenditures        $    82,000      $   335,000
                                        ____________     ___________
                                        ____________     ___________


</TABLE>



10.    CONCENTRATIONS

The company maintains its cash balance in a financial institution in Kimball,
Nebraska.  Accounts at this institution are insured by the Federal Deposit
Insurance Corporation for up to $100,000.  For the years ended April 30, 2007
and 2006, the Company's had uninsured balances of $613,000 and $4,985,000,
respectively.  Management believes that this financial institution is
financially sound and the risk of loss is minimal. The Company also maintains
cash balances in money market funds at the above-mentioned financial
institution. Such balances are not insured.

The company has sales to a security alarm distributor representing 39%
of total sales for the year ended April 30, 2007 and 36% for the year ended
April 30, 2006. This distributor accounted for 37% and 35% of accounts
receivable at April 30, 2007 and 2006, respectively.

The company has a concentration in regards to its sales. Its "Security Switch"
sales division made up 80.2% of the total sales for the fiscal year ended April
30, 2007 and it made up 84% of the total sales for fiscal year 2006.


Item 8  Disagreements on Accounting and Financial Disclosures
There were no disagreements with accountants on accounting and financial
disclosure.


Item 8A    Controls and Procedures

When evaluating the effectiveness of the Company's "disclosure controls and
procedures" (as defined in the Securities Exchange Act of 1934 (Exchange Act)
Rules 13a-15(e) or 15d-15(e)), our Chief Executive Officer and our Chief
Financial Officer, as of the end of the period covered by this annual report,
have concluded that the disclosure controls and procedures are effective.
This is based on the evaluation of these controls and procedures as required
by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15.

Furthermore, there were no changes in the Company's internal control over
financial reporting that occurred during the most recent fiscal quarter
(the fourth fiscal quarter in the case of this annual report) that has
materially affected, or is reasonably likely to materially affect, internal
control over financial reporting.



Part III


Item 9  Directors and Executive Officers of the Registrant
(a)  Identification of Directors and Executive Officers

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

The following information as of April 30, 2007, is furnished with respect to
each director and executive officer:

<TABLE>
<CAPTION>


                                                               Director or
Name           Principal Occupation or Employment          Age  Officer Since

<S>                <C>                                       <C>    <C>
Ken R. Risk        Chairman of the Board and President        59    1976

Stephanie Risk     Chief Financial Officer/Controller         35    1999

Sharon Westby      Secretary/Treasurer                        55    2005

Jerry Andersen     Director, retired                          76    1978

Donna Debowey      Director, retired GRI plant manager        69    2005

Michael J. Nelson  Chairman, Nebraska Region, FirsTier Banks  66    1992

</TABLE>


(b)  Business Experience of Directors and Executive Officers

Ken R. Risk, chairman of the board, president and director, worked with the
company after he returned from naval service for several years.  He left GRI
in 1977 to start his own company, Platte Valley Sales, in Hastings, Nebraska.
He returned to the company to assume the position of president and CEO in late
1989 after the death of his father, George Risk. He moved to Kimball, Nebraska
in 1997.

Stephanie Risk, chief financial officer and controller, has over ten years'
experience in the accounting field.  Stephanie also worked for the family
business (Platte Valley Sales) during and after college as a staff accountant.
In 1997, she pursued her career with an accounting manager position at
Kershner's Auto Korner. She joined the accounting staff at GRI in 1999 and
then was promoted to CFO upon retirement of the prior CFO.

Sharon Westby, the corporate secretary, worked at GRI right after high school
for a couple of years as the personal secretary to the then president and CEO.
Before she returned to the company in 1982, Sharon was a Clerk Steno 1 at
Jackson County Welfare in Kansas City, MO, entered medical records transcripts
at the Kimball County Hospital in Kimball, NE, and was the manager of Motel
Kimball in Kimball, NE.  Her current duties at GRI include being the executive
assistant to the President and CEO and sales administrator of the keyboard and
switch division.

Jerry Andersen, director, worked in the banking industry from 1967 until his
retirement in August 2000.

Donna Debowey, director, worked in various retail stores and restaurants until
she started at GRI in 1968.  She started on the production line, but quickly
worked her way up the ranks.  She has been a production line supervisor, head
of quality control and she was named the plant manager and senior vice president
in 1998 and held that position until her retirement in 2003.

Michael J. Nelson, director, has worked in the banking business since 1963 and
was the president of the First State Bank in Kimball, Nebraska until 2001.
He is currently chairman of FirsTier Banks in Kimball, Nebraska.


(c)Identification of Certain Significant Employees

Ken R. Risk, Sharon Westby and Stephanie Risk are also employees of the company.
 (See Item 9 [b].)

(d)  Involvement in Certain Legal Proceedings

None.

(e)  Audit Committee Financial Expert

The Company has no standing audit, nominating, or compensation committee, or
any committee performing similar functions.

Item 10  Executive Compensation
The following table sets forth certain information regarding the compensation
paid or accrued by the company to or for the account of the chief executive
officer, chief financial officer and the two other most highly compensated
executive officers of the company for services rendered in all capacities
during each of the company's fiscal years ended April 30, 2006 and 2007:

<TABLE>
<CAPTION>

                                Annual Compensation


    (a)                       (b)        (c)       (d)          (e)
                                                            Other Annual
Position                     Year      Salary    Bonuses    Compensation

<S>                          <C>       <C>          <C>        <C>
Ken R. Risk                  2007      193,000      -          -
Chief Executive Officer      2006      202,000      -          -

Stephanie Risk               2007       43,000      -          -
Chief Financial Officer      2006       40,000      -          -

Bruce E. Smith               2007      115,000      -          -
Director of Sales            2006       97,000      -          -

David Luppen                 2007       54,000      -          -
Director of Engineering      2006       53,000      -          -


</TABLE>


<TABLE>
<CAPTION>

                             Long-Term Compensation

    (a)       (b)        (f)         (g)          (h)          (i)
                      Restricted   Options       LTIP        Total of
Position     Year       Stock       /SARS       Payouts       items
                        Awards

<S>          <C>         <C>         <C>          <C>        <C>
Ken R. Risk  2007         -           -            -         193,000
             2006         -           -            -         202,000

Stephanie    2007         -           -            -          43,000
Risk         2006         -           -            -          40,000


Bruce E.     2007         -           -            -         115,000
Smith        2006         -           -            -          97,000


David Luppen 2007         -           -            -          54,000
             2006         -           -            -          53,000



</TABLE>



Ken R. Risk and Bruce E. Smith do not have employment contracts with the
company. Both have a base salary and also receive compensation based on
a percentage of sales for the year.

Members of the board of directors were each compensated $150 for their services
during the fiscal year.

Item 11  Security Ownership of Certain Beneficial Owners and Management
Below is certain information concerning persons who are known by the company to
own beneficially more than 5 percent of any class of the company's voting shares
on April 30, 2007.

<TABLE>
<CAPTION>
Title     Name and Address        Amount of        Percent
  of        of Beneficial        Beneficial          of
Class         Ownership           Ownership         Class

<S>       <C>                      <C>             <C>
Class     Ken R. Risk              2,950,395       55.28%
A         Kimball, NE
          69145

</TABLE>

None of the directors or officers has the right to acquire any additional
shares either directly or indirectly through any contracts or arrangements
with other shareholders.


Item 12  Certain Relationships and Related Party Transactions
During each of three years ended April 30, 2007, 2006, and 2005, the company
executed transactions with related entities and individuals.  Each of the
transactions was in terms at least as favorable as could be obtained from
unrelated third parties.

<TABLE>
<CAPTION>
                                 <c>                  <c>            <c>
Related Party                    2007                 2006           2005

Airplane Lease
  Ken R. Risk, President         $27,000              $27,000        $27,000


Building and Warehouse
 Leases/Rentals

 Eileen M. Risk,
  Mother of CEO                 $ 3,400              $ 3,400        $ 3,400
 Eileen M. Risk,
  Mother of CEO                 $ 3,600              $ 3,600        $ 3,600

 Eileen M. Risk,
  Mother of CEO                 $18,420              $18,420        $18,420


Stock Transfer Agent
 Bonnie P. Risk,
  Wife of CEO                   $21,000              $21,000        $     0

 Eileen M. Risk,
  Mother of CEO                 $     0              $     0        $20,000


</TABLE>


Item 13  Exhibits and Reports on Form 8-K

Item 13	Exhibits and Reports on Form 8-K
3.(1).a     Articles of Incorporation - Filed as Exhibit 5 to the
            Registrant's Form 10-K for the fiscal year ended
            April 10, 1970, and incorporated by reference herein

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

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

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

31.2  Certification pursuant to Rule 13a-14(a) of the Chief Financial Officer

32.1  Certification pursuant to 18 U.S.C. 1350 of the Chief Executive Officer

32.2  Certification pursuant to 18 U.S.C. 1350 of the Chief Financial Officer



Item 14  Principal Accountant Fees and Services
1)Audit Fees

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

       FYE 2007  $29,250     Mason Russell West, LLC
       FYE 2006  $29,150     Mason Russell West, LLC

2) Audit-Related Fees

The company did incur aggregate tax fees and expenses for professional services
rendered by our principal accountants for the audit of the company's employee
benefit plan.  The amounts are listed below:

       FYE 2007   $ 4,485    Mason Russell West, LLC
       FYE 2006   $ 8,900    Mason Russell West, LLC

3)Tax Fees

The company did not incur aggregate fees or expenses for professional services
rendered by the principal accountants for tax compliance, tax advice, and tax
planning.  These services are included in our audit fees and are not billed
separately.

4)All Other Fees

There were no other fees incurred during each of the last two fiscal years.

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

SIGNATURES


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

/s/  Ken R. Risk                                    Date
 Ken R. Risk, President and Chairman of the Board   August 10, 2007




Pursuant  to  the  requirements  of  the Securities  Exchange Act
of 1934, this  Report  has been  signed  below  by the  following
persons on   behalf  of  the Registrant and in the capacities and
on the  dates  indicated.



/s/ Ken R. Risk          President and              Date
Ken R. Risk              Chairman of the Board      August 10, 2007


/s/ Stephanie M. Risk    Chief Financial Officer    Date
Stephanie M. Risk        and Controller             August 10, 2007


/s/ Jerry Andersen       Director                   Date
Jerry Andersen                                      August 10, 2007


/s/ Michael J. Nelson    Director                   Date
Michael J. Nelson                                   August 10, 2007

/s/ Donna Debowey    Director                       Date
Donna Debowey                                       August 10, 2007