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NOTES PAYABLE | 9 Months Ended
--- | ---
Jan. 31, 2022
NOTES PAYABLE |
NOTES PAYABLE | (6) NOTES PAYABLE Notes payable, net consist of (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | January 31, |  | April 30,
​ | ​ | 2022 | ​ | 2021
Real estate notes payable | ​ | $ | 5,739 | ​ | $ | 3,482
Unamortized debt issuance costs | ​ |  | (13) | ​ |  | (34)
​ | ​ | $ | 5,726 | ​ | $ | 3,448
​ The following tables present information on the Company’s notes payable in effect during the nine months ended January 31, 2022 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Principal Amount |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | Available for | ​ | Outstanding | ​ | ​ | ​ | ​
​ | ​ | Borrowing | ​ | Principal Amount | ​ | Principal Repayments
​ | ​ | January 31, | ​ | January 31, | ​ | April 30, | ​ | Three Months ended | ​ | Nine Months ended
Loan Identifier | ​ | 2022 | ​ | 2022 | ​ | 2021 | ​ | January 31, 2022 | ​ | January 31, 2022
Revolving Line of Credit |  | $ | 2,427 |  | $ | — |  | $ | — | ​ | $ | — | ​ | $ | —
Lomas Encantadas U2B P3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 410 | ​ | ​ | — | ​ | ​ | 1,770
Hawk Site U37 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Hawk Site U23 U40 | ​ |  | 1,678 | ​ |  | — | ​ |  | 30 | ​ |  | — | ​ |  | 30
Lavender Fields – acquisition | ​ |  | — | ​ |  | — | ​ |  | 1,749 | ​ |  | — | ​ |  | 1,704
Lavender Fields – development | ​ |  | 2,194 | ​ |  | 241 | ​ |  | 1,293 | ​ |  | 263 | ​ |  | 1,052
La Mirada | ​ |  | 1,877 | ​ |  | 5,498 | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ |  | ​ | ​ | $ | 5,739 | ​ | $ | 3,482 | ​ |  | ​ | ​ |  | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Mortgaged Property |  | ​ |  | ​
​ | ​ | Interest Rate | ​ | Book Value | ​ | Capitalized Interest and Fees
​ | ​ | January 31, | ​ | January 31, | ​ | Three Months ended | ​ | Nine Months ended
Loan Identifier | ​ | 2022 | ​ | 2022 | ​ | January 31, 2022 | ​ | January 31, 2022
Revolving Line of Credit |  | 3.75 | % | $ | 1,693 | ​ | $ | — | ​ | $ | —
Hawk Site U23 U40 |  | 3.75 | % |  | 4,709 | ​ |  | — | ​ |  | —
Lavender Fields – development |  | 3.75 | % |  | 6,560 | ​ |  | 6 | ​ |  | 23
La Mirada |  | 3.75 | % |  | 8,851 | ​ |  | 90 | ​ |  | 151
​ As of January 31, 2022, the Company and each of its subsidiaries were in compliance with the financial covenants contained in the loan documentation for the then outstanding notes payable. Refer to Notes 6 and 19 to the consolidated financial statements contained in the 2021 Form 10-K for additional detail about each of the above notes payable. As of January 31, 2022, the Company had a letter of credit outstanding under its Revolving Line of Credit in the principal amount of $1,323,000 in favor of a municipality guarantying the completion of improvements in a subdivision being constructed by the Company. As of January 31, 2022, the Company had loan reserves outstanding under its note payable for La Mirada in the aggregate principal amount of $2,364,000 in favor of a municipality guarantying the completion of improvements in a subdivision being constructed by the Company. The amounts under the letter of credit and loan reserves are not reflected as outstanding principal in notes payable. The note payable identified as “Hawk Site U37” was terminated in October 2021. The note payable identified as “Lomas Encantadas U2B P3” was terminated in January 2022. The outstanding principal amount of the note payable identified as “Lavender Fields – acquisition” was prepaid in full without penalty in June 2021 following the parties agreeing to reduce the outstanding principal amount by $45,000, which was recognized as Other income during the nine months ended January 31, 2022. In April 2020, BOKF, NA dba Bank of Albuquerque provided a loan to the Company pursuant to the Paycheck Protection Program administered by the U.S. Small Business Administration. The amount of the loan was $298,000. The Company made no principal repayments and accrued interest in the amount of $2,000 related to this loan during the nine months ended January 31, 2021. During the three months ended January 31, 2021, the Company received notice of forgiveness pursuant to the terms of the program of the entire principal amount of the loan and all accrued interest. The Company recognized this gain on debt forgiveness in Other income during the three and nine months ending January 31, 2021. The following table summarizes the notes payable scheduled principal repayments subsequent to January 31, 2022 (in thousands): ​
​ | ​ | ​ | ​
Fiscal Year |  | Scheduled Payments
2022 | ​ | $ | —
2023 | ​ |  | 241
2024 | ​ |  | 5,498
Total | ​ | $ | 5,739
​

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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