NOTES PAYABLE (Tables)

12 Months Ended

Apr. 30, 2021

NOTES PAYABLE

Schedule of notes payable

Notes payable, net consist of (in thousands):

	April 30,
	2021		2020
Real estate notes payable	$	3,482	$	3,894
Unamortized debt issuance costs		(34)		(4)
	$	3,448	$	3,890

Schedule of financing arrangements

The following presents information on the Company’s notes payable in effect as of April 30, 2021 (dollars in thousands):

		Maximum		Outstanding
		Available		Principal Amount				Interest Rate
		Principal		April 30,				April 30,
Loan Identifier	Lender	Amount		2021		2020		2021
Revolving Line of Credit	BOKF	$	4,000	$	—	$	—	3.75	%
Lomas Encantadas U2B P3	BOKF		2,400		409		NA	3.75	%
Hawk Site U37	SLFCU		3,000		—		41	4.50	%
Hawk Site U23 U40	BOKF		2,700		30		NA	3.75	%
Lavender Fields – acquisition	Seller		1,838		1,748		—	0	%
Lavender Fields – development	BOKF		3,750		1,293		—	3.75	%
				$	3,482	$	41

The following presents information on the Company’s notes payable in effect as of April 30, 2020 and terminated prior to April 30, 2021 (in thousands):

		Maximum
		Available		Outstanding
		Principal		Principal Amount
Loan Identifier	Lender	Amount		April 30, 2020
Lomas Encantadas U2C P3	BOKF	$	2,475	$	1,576
Las Fuentes at Panorama Village	BOKF		2,750		1,979
SBA Paycheck Protection Program	BOKF		298		298
				$	3,853

Schedule of scheduled principal repayments subsequent to reporting date

The following table summarizes the scheduled principal repayments subsequent to April 30, 2021 (in thousands):

Fiscal Year	Scheduled Payments
2022	$	1,225
2023		2,257
Total	$	3,482