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NOTES PAYABLE | 9 Months Ended
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Jan. 31, 2025
NOTES PAYABLE |
NOTES PAYABLE | (6) NOTES PAYABLE The following tables present information on the Company’s notes payable in effect as of January 31, 2025 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | Principal Amount |  | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Available for | ​ | Outstanding
​ | ​ | ​ | ​ | New Borrowings | ​ | Principal Amount
​ | ​ | ​ | ​ | January 31, | ​ | January 31, | ​ | April 30,
Loan Identifier | ​ | Lender | ​ | 2025 | ​ | 2025 |  | 2024
Revolving Line of Credit | ​ | BOKF |  | $ | 3,516 |  | $ | — |  | $ | —
Equipment Financing | ​ | DC | ​ | ​ | — | ​ | ​ | 29 | ​ | ​ | 35
Total | ​ | ​ | ​ | $ | 3,516 | ​ | $ | 29 | ​ | $ | 35
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | January 31, 2025
​ | ​ | Interest | ​ | Mortgaged Property | ​ | Scheduled
Loan Identifier |  | Rate |  | Book Value |  | Maturity
Revolving Line of Credit |  | 7.46 | % | $ | 1,721 | ​ | August 2025
Equipment Financing |  | 2.35 | % |  | 29 | ​ | June 2028
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal Repayments
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | January 31, | ​ | January 31,
Loan Identifier |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revolving Line of Credit | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Equipment Financing | ​ |  | 2 | ​ |  | 2 | ​ |  | 6 | ​ |  | 7
Total | ​ | $ | 2 | ​ | $ | 2 | ​ | $ | 6 | ​ | $ | 7
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Capitalized Interest and Fees
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | January 31, | ​ | January 31,
Loan Identifier |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revolving Line of Credit | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Equipment Financing | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ As of January 31, 2025, 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 January 31, 2025, 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 January 31, 2025 (in thousands): ​
​ | ​ | ​ | ​
Fiscal Year |  | Scheduled Payments
2025 | ​ | $ | 2
2026 | ​ |  | 8
2027 | ​ | ​ | 9
2028 | ​ |  | 9
2029 | ​ |  | 1
Total | ​ | $ | 29
​

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