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Financing Agreements (Tables) | 3 Months Ended
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Jul. 29, 2023
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | Long-term debt consists of the following:
| July 29, 2023 |  | April 29, 2023
ABL credit facility | $ | — |  |  | $ | — |
Prior line of credit | — |  |  | 17,750 |
Mortgage | 15,000 |  |  | — |
Convertible note | 25,000 |  |  | — |
Long-term debt, gross | 40,000 |  |  | 17,750 |
Debt issuance costs | (4,338) |  |  | — |
Change in fair value of convertible note | 7,260 |  |  | — |
Current portion | (1,500) |  |  | — |
Long-term debt, net | $ | 41,422 |  |  | $ | 17,750 |
The changes in fair value of the Convertible Note during the quarter ended July 29, 2023 is as follows:
| Liability Component
| (in thousands)
As of May 11, 2023 | $ | 25,000 |
Redemption of convertible promissory note | — |
Fair Value Change Recognized | 7,260 |
As of July 29, 2023 | $ | 32,260 |
Schedule of Maturities of Long-Term Debt | Aggregate contractual maturities of debt in future fiscal years are as follows:
Fiscal years ending | Amount
Remainder of 2024 | $ | 1,125 |
2025 | 1,500 |
2026 | 1,500 |
2027 | 10,875 |
2028 | 25,000 |
2029 and beyond | — |
Total senior secured notes and convertible notes | $ | 40,000 |
Fair Value Measurement Inputs and Valuation Techniques | We determined the fair value by using the following key assumptions in the Binomial Lattice Model:
Risk-Free Rate (Annual) | 4.34 | %
Implied Yield | 18.54 | %
Volatility (Annual) | 55.00 | %
Dividend Yield (Annual) | — | %

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