NOTES PAYABLE

9 Months Ended

Jan. 31, 2026

NOTES PAYABLE

NOTES PAYABLE

(6)NOTES PAYABLE

The following tables present information on the Company’s notes payable in effect as of January 31, 2026 (dollars in thousands):

		Principal Amount
		Available for		Outstanding Principal
		New Borrowings		Amount
		January 31,		January 31,		April 30,
Loan Identifier	Lender	2026		2026		2025
Revolving Line of Credit	BOKF	$	4,438	$	—	$	—
Equipment Financing	DC		—		21		26
Total		$	4,438	$	21	$	26

	January 31, 2026
	Interest		Mortgaged Property		Scheduled
Loan Identifier	Rate		Book Value		Maturity
Revolving Line of Credit	6.83	%	$	1,721	August 2028
Equipment Financing	2.35	%		21	June 2028

	Principal Repayments
	Three Months Ended				Nine Months Ended
	January 31,				January 31,
Loan Identifier	2026		2025		2026		2025
Revolving Line of Credit	$	—	$	—	$	—	$	—
Equipment Financing		2		2		5		6
Total	$	2	$	2	$	5	$	6

There were no capitalized interest and fees for the three and nine months ended January 31, 2026 and January 31, 2025 for the Company’s notes payable in effect as of January 31, 2026. As of January 31, 2026, the Company was 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 2025 Form 10-K for detail about the above notes payable.

In August 2025, ASW and BOKF entered into the Seventh Modification Agreement to the Loan Agreement and ASW entered into the Second Amended and Restated Revolving Line of Credit Promissory Note in favor of BOKF. These documents resulted in the following changes to the revolving line of credit financing facility: (1) the scheduled maturity date of the loan was changed to August 15, 2028 and (2) the maximum amount available for borrowing increased by $750,000 to a new total maximum amount of $6,500,000. ASW incurred customary costs and expenses and paid certain fees to BOKF in connection with the amendment of the revolving line of credit financing facility.

As of January 31, 2026, the Company had (a) 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 (b) $250,000 reserved under its Revolving Line of Credit for credit card usage. The amounts under the 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, 2026 (in thousands):

Fiscal Year	Scheduled Payments
2026	$	2
2027		9
2028		9
2029		1
Total	$	21