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NOTES PAYABLE

3 Months Ended

Jul. 31, 2024

NOTES PAYABLE

NOTES PAYABLE

(6)          NOTES PAYABLE

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

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​		Principal Amount			​	​	​	​	​
​	​	​	​	Available for		​	Outstanding
​	​	​	​	New Borrowings		​	Principal Amount
​	​	​	​	July 31,		​	July 31,		​	April 30,
Loan Identifier	​	Lender	​	2024		​	2024			2024
Revolving Line of Credit	​	BOKF		$	5,328		$	—		$	—
Equipment Financing	​	DC	​	​	—	​	​	34	​	​	35
Total	​	​	​	$	5,328	​	$	34	​	$	35

​

​	​	​	​	​	​	​	​
​	​	July 31, 2024
​	​	Interest	​	Mortgaged Property		​	Scheduled
Loan Identifier		Rate		Book Value			Maturity
Revolving Line of Credit		8.48	%	$	1,721	​	August 2025
Equipment Financing		2.35	%		34	​	June 2028

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal Repayments

​

Capitalized Interest and Fees

​

​

Three months Ended

​

Three months Ended

​

​

July 31,

​

July 31,

Loan Identifier

2024

2023

2024

2023

Revolving Line of Credit

$

—

$

—

$

—

$

—

Equipment Financing

​

1

​

3

​

—

​

—

Total

​

$

1

​

$

3

​

$

—

​

$

—

​

As of July 31, 2024, the Company and its subsidiaries were 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 2024 Form 10-K for detail about the above notes payable.

As of July 31, 2024, the Company had (a) one letter of credit outstanding under its Revolving Line of Credit in the aggregate principal amount of $172,000 in favor of municipalities guarantying the completion of improvements in certain subdivisions 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.

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

​

​	​	​	​
Fiscal Year		Scheduled Payments
2025	​	$	6
2026	​		8
2027	​	​	9
2028	​		8
Thereafter	​		3
Total	​	$	34

​

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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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