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NOTES PAYABLE

6 Months Ended

Oct. 31, 2024

NOTES PAYABLE

NOTES PAYABLE

(6)          NOTES PAYABLE

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

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​		Principal Amount			​	​	​	​	​
​	​	​	​	Available for		​	Outstanding
​	​	​	​	New Borrowings		​	Principal Amount
​	​	​	​	October 31,		​	October 31,		​	April 30,
Loan Identifier	​	Lender	​	2024		​	2024			2024
Revolving Line of Credit	​	BOKF		$	5,238		$	—		$	—
Equipment Financing	​	DC	​	​	—	​	​	32	​	​	35
Total	​	​	​	$	5,328	​	$	32	​	$	35

​

​	​	​	​	​	​	​	​
​	​	October 31, 2024
​	​	Interest	​	Mortgaged Property		​	Scheduled
Loan Identifier		Rate		Book Value			Maturity
Revolving Line of Credit		7.95	%	$	1,721	​	August 2025
Equipment Financing		2.35	%		32	​	June 2028

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal Repayments

​

​

Three Months Ended

​

Six Months Ended

​

​

October 31,

​

October 31,

Loan Identifier

2024

2023

2024

2023

Revolving Line of Credit

​

$

—

​

$

—

​

$

—

​

$

—

Equipment Financing

​

2

​

2

​

3

​

5

Total

​

$

2

​

$

2

​

$

3

​

$

5

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capitalized Interest and Fees

​

​

Three Months Ended

​

Six Months Ended

​

​

October 31,

​

October 31,

Loan Identifier

2024

2023

2024

2023

Revolving Line of Credit

​

$

—

​

$

—

​

$

—

​

$

—

Equipment Financing

​

—

​

—

​

—

​

—

Total

​

$

—

​

$

—

​

$

—

​

$

—

​

As of October 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 October 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 a municipality guarantying the completion of improvements in a subdivision being constructed by the Company, (b) loan reserves outstanding under its Revolving Line of Credit in the aggregate principal amount of $1,812,000 in favor of a municipality guarantying the completion of improvements in a subdivision being constructed by the Company and (c) $250,000 reserved under its Revolving Line of Credit for credit card usage. The amounts under the letter of credit, loan reserves and credit card reserve are not reflected as outstanding principal in notes payable.

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

​

​	​	​	​
Fiscal Year		Scheduled Payments
2025	​	$	4
2026	​		8
2027	​	​	9
2028	​		9
Thereafter	​		2
Total	​	$	32

​

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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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