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NOTES PAYABLE

3 Months Ended

Jul. 31, 2023

NOTES PAYABLE

NOTES PAYABLE

(6)          NOTES PAYABLE

The following tables present information on the Company’s notes payable as of July 31, 2023 (dollars in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​		Principal Amount			​	​	​	​	​
​	​	​	​	Available for		​	Outstanding
​	​	​	​	New Borrowings		​	Principal Amount
​	​	​	​	July 31,		​	July 31,		​	April 30,
Loan Identifier	​	Lender	​	2023		​	2023			2023
Revolving Line of Credit	​	BOKF		$	4,177		$	—		$	—
La Mirada	​	BOKF	​		—	​		—	​		—
Equipment Financing	​	DC	​	​	—	​	​	41	​	​	44
Total	​	​	​	$	4,177	​	$	41	​	$	44

​

​	​	​	​	​	​	​	​
(data as of July 31, 2023)		​		Mortgaged Property			​
Loan Identifier	​	Interest Rate	​	Book Value		​	Scheduled Maturity
Revolving Line of Credit		8.37	%	$	1,721	​	August 2025
La Mirada		8.37	%		8,868	​	June 2024
Equipment Financing		2.35	%		41	​	June 2028

​

​	​	​	​	​	​	​	​	​	​	​	​	​
(data for three months ended July 31)	​	Principal Repayments					​	Capitalized Interest and Fees
Loan Identifier		2023			2022			2023			2022
Revolving Line of Credit		$	—		$	—		$	—		$	—
La Mirada	​		—	​		—	​		—	​		16
Equipment Financing	​		3	​		—	​		—	​		—
Total	​	$	3	​	$	—	​	$	—	​	$	16

​

As of July 31, 2023, the Company was in compliance with the financial covenants contained in the loan documentation for the then outstanding notes payable. Refer to Note 6 to the consolidated financial statements contained in the 2023 Form 10-K for additional detail about each of the above notes payable.

As of July 31, 2023, the Company had (a) 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 and (b) $250,000 reserved under its Revolving Line of Credit for credit card usage. As of July 31, 2023, 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, 2023 (in thousands):

​

​	​	​	​
Fiscal Year		Scheduled Payments
2024	​	$	6
2025	​		8
2026	​		8
Thereafter	​		19
Total	​	$	41

​

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