XML 22 R13.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTES PAYABLE
 3 Months Ended
Jul. 31, 2022
NOTES PAYABLE  
NOTES PAYABLE

(6)          NOTES PAYABLE

The following tables present information on the Company’s notes payable during the three months ended July 31, 2022 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Principal Amount

    

​

​

    

​

​

    

​

​

​

​

​

​

Available for

​

Outstanding

​

Principal

​

​

​

​

New Borrowings

​

Principal Amount

​

Repayments

​

​

​

​

July 31,

​

July 31,

​

April 30,

​

Three Months ended

Loan Identifier

​

Lender

​

2022

​

2022

​

2022

​

July 31, 2022

Revolving Line of Credit

​

BOKF

 

$

2,427

 

$

—

 

$

—

​

$

—

La Mirada

​

BOKF

​

 

1,877

​

 

2,030

​

 

2,030

​

 

—

Equipment Financing

​

DC

​

​

—

​

​

50

​

​

—

​

​

—

​

​

​

​

 

​

​

$

2,080

​

$

2,030

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Mortgaged Property

    

Capitalized Interest

​

​

​

​

Interest Rate

​

Book Value

​

and Fees

​

​

​

​

​

​

​

​

Three Months ended

​

Scheduled Maturity

Loan Identifier

​

July 31, 2022

​

July 31, 2022

​

July 31, 2022

​

as of July 31, 2022

Revolving Line of Credit

 

5.36

%  

$

1,693

​

$

—

​

February 2024

La Mirada

 

5.36

%  

 

9,076

​

 

16

​

June 2024

Equipment Financing

 

2.35

%  

 

50

​

 

—

​

June 2028

​

As of July 31, 2022, the Company was in compliance with the financial covenants contained in the loan documentation for the then outstanding notes payable. Except as described below, refer to Note 6 to the consolidated financial statements contained in the 2022 Form 10-K for additional detail about each of the above notes payable.

Equipment Financing. In June 2022, Rioscapes LLC (“Rioscapes”), a subsidiary of the Company, entered into a Loan Contract-Security Agreement with Deere & Company (“DC”). The loan is secured by a security interest in certain construction equipment. DC lent $50,000 to Rioscapes on a non-revolving line of credit basis to fund the acquisition of the construction equipment. AMREP Southwest Inc. (“ASW”), a subsidiary of AMREP Corporation, guaranteed Rioscapes’s obligations under the loan. The outstanding principal amount of the loan may be prepaid at any time without penalty. Interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to 2.35%. Rioscapes made certain representations and warranties in connection with this loan and is required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including: Rioscapes’s failure to make principal, interest or other payments when due; the failure of Rioscapes to observe or perform its covenants under the loan documentation; the representations and warranties of Rioscapes being false; the insolvency or bankruptcy of Rioscapes or ASW; the merger by Rioscapes or ASW into another entity; and the sale by Rioscapes or ASW of substantially all of their assets. Upon the occurrence and during the continuance of an event of default, DC may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. Rioscapes incurred customary costs and expenses and paid certain fees to DC in connection with the loan.

As of July 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 July 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 following table summarizes the notes payable scheduled principal repayments subsequent to July 31, 2022 (in thousands):

​

​

​

​

​

Fiscal Year

    

Scheduled Payments

2023

​

$

6

2024

​

 

8

2025

​

 

2,038

Thereafter

​

 

28

Total

​

$

2,080

​