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NOTES PAYABLE

9 Months Ended

Jan. 31, 2024

NOTES PAYABLE

NOTES PAYABLE

(7)          NOTES PAYABLE

The following tables present information on the Company’s notes payable as of January 31, 2024 (in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​		Principal Amount			​	​	​	​	​
​	​	​	​	Available for		​	Outstanding
​	​	​	​	New Borrowings		​	Principal Amount
​	​	​	​	January 31,		​	January 31,		​	April 30,
Loan Identifier	​	Lender	​	2024		​	2024			2023
Revolving Line of Credit	​	BOKF		$	4,177		$	—		$	—
Equipment Financing	​	DC	​	​	—	​	​	37	​	​	44
Total	​	​	​	$	4,177	​	$	37	​	$	44

​

​	​	​	​	​	​	​	​
​	​	January 31, 2024
​	​	​	​	Mortgaged Property		​	​
Loan Identifier		Interest Rate		Book Value			Scheduled Maturity
Revolving Line of Credit		8.51	%	$	1,721	​	August 2025
Equipment Financing		2.35	%		37	​	June 2028

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal Repayments

​

​

Three Months Ended

​

Nine Months Ended

​

​

January 31,

​

January 31,

Loan Identifier

2024

2023

2024

2023

Revolving Line of Credit

$

—

$

—

$

—

$

—

Equipment Financing

​

2

​

2

​

7

​

5

Total

​

$

2

​

$

2

​

$

7

​

$

5

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capitalized Interest and Fees

​

​

Three Months Ended

​

Nine Months Ended

​

​

January 31,

​

January 31,

Loan Identifier

2024

2023

2024

2023

Revolving Line of Credit

​

$

—

​

$

—

​

$

—

​

$

—

Equipment Financing

​

—

​

—

​

—

​

—

Total

​

$

—

​

$

—

​

$

—

​

$

—

​

As of January 31, 2024, 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 the above notes payable.

As of January 31, 2024, the Company had (a) a letter of credit outstanding under its Revolving Line of Credit in the principal amount of $172,000 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. The amounts under the letter of credit and loan reserve are not reflected as outstanding principal in notes payable.

In June 2021, Wymont LLC (“Wymont”), a subsidiary of the Company, entered into a Development Loan Agreement with BOKF, NA dba Bank of Albuquerque (“BOKF”). The Development Loan Agreement was evidenced by a Non-Revolving Line of Credit Promissory Note and was secured by a Mortgage, Security Agreement and Financing Statement, between Wymont and BOKF, with respect to the La Mirada subdivision. The loan was scheduled to mature in June 2024. The Company made principal repayments of $1,826,000 during the nine months ended January 31, 2023 and the loan was terminated in October 2023.

The following table summarizes the notes payable scheduled principal repayments subsequent to January 31, 2024 (in thousands):

​

​	​	​	​
Fiscal Year		Scheduled Payments
2024	​	$	2
2025	​		8
2026	​		8
Thereafter	​		19
Total	​	$	37

​

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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.

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