Note 9 - Debt

9 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

9. Debt: At January 31, 2022, the Company was utilizing a promissory note in the form of a line of credit totaling $2,000. The unused line at January 31, 2022 was $2,000. The interest rate on this promissory note is 3.65%. The line of credit is due on demand and is collateralized by the first and second positions on all assets of the Company.

At  January 31, 2022, there was one note collateralized by all of BHCMC's assets and compensation due under the State Management contract with a balance of $32,828 (net of unamortized deferred finance costs of $276). The interest rate on this note is 5.32%. This note matures in December 2027, with a balloon payment of $19,250.

At  January 31, 2022, there was one note collateralized by all of BHCMC's assets and compensation due under the State Management contract with a balance of $13,211 (net of unamortized deferred finance costs of $133). The interest rate on this note is 5.83%. This note matures in October 2026.

At January 31, 2022, there was one note with an interest rate of 6.25% collateralized by aircraft security agreements totaling $689. This note was used for the purchase and modifications of collateralized aircraft. This note matures in January 2023.

At January 31, 2022, there is one note totaling $186 collateralized by real estate in Dodge City, Kansas. The interest rate on this note is 6.25%. This note matures in June 2024.

At January 31, 2022, there is one note collateralized by equipment with a balance of $6. The interest rate on this note is 4.5%. This note matures in April 2022.

At January 31, 2022, there is a note payable collateralized by real estate with a balance of $1,147. The interest rate on this note is at LIBOR plus 1.75%. This note matures in March 2029.

At January 31, 2022, there is a note payable collateralized by real estate with a balance of $526. The interest rate on this note is at LIBOR plus 1.75%. This note matures in March 2029.

In May 2020, the Company received a Paycheck Protection Program (PPP) loan for $2,001. In June 2021, the Company received notice of forgiveness from the Small Business Administration.

We are not in default of any of our notes as of January 31, 2022.

We believe that our current banks will provide the necessary capital for our business operations. However, we continue to maintain contact with other banks that have an interest in funding our working capital needs to continue our growth in operations in 2022 and beyond.