Long-Term Debt

9 Months Ended

Jan. 31, 2019

Note 6.

Long-Term Debt

Our long-term financing obligations are as follows:

	January 31,		April 30,
	2019		2018
$23.0 million reducing revolving credit agreement, LIBOR plus an Applicable Margin, $625,000 quarterly reductions beginning January 31, 2016 through November 30, 2020, and the remaining principal due on the maturity date of November 30, 2020, net of accumulated debt issuance costs of $0 and $104,760 at January 31, 2019 and April 30, 2018, respectively.	$	-	$	7,895,240
Total long-term financing obligations	$	-	$	7,895,240

On November 30, 2015, the Company amended its existing credit agreement with Mutual of Omaha Bank to increase the lending commitment to $23 million. The Company used a portion of the proceeds from the sale of Club Fortune to pay off the outstanding principal under the Company’s credit agreement with Mutual of Omaha Bank on December 31, 2018. The remaining loan issuance costs were written off and appear in Interest expense and amortization of loan issue costs in the condensed consolidated statements of operations.