Note 7 - Debt

9 Months Ended

Jan. 31, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

7.

Debt: At

January 31, 2021

, the Company was utilizing a promissory note in the form of a line of credit totaling

$5,000.

The unused line at

January 31, 2021

was

$5,000

. 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, 2021

, there was

one

note collateralized by all of BHCMC's assets and compensation due under the State Management contract with a balance of

$34,531

. 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, 2021

, there was

one

note collateralized by all of BHCMC's assets and compensation due under the State Management contract with a balance of 

$6,819

. The interest rate on this note is

5.83%

. This note matures in

December 2025.

At

January 31, 2021

, there was

one

note with an interest rate of

6.25%

 collateralized by aircraft security agreements totaling

$1,284

. This note was used for the purchase and modifications of collateralized aircraft. This note matures in

January 2023.

At

January 31, 2021

, there is

one

note totaling

$207

 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, 2021

, there is

one

note collateralized by equipment with a balance of

$27

. The interest rate on this note is

4.5%

. This note matures in

April 2022.

At

January 31, 2021

, there is a note payable collateralized by real estate with a balance of 

$1,307

. The interest rate on this note is at LIBOR plus

1.75%

. This note matures in

March 2029.

At

January 31, 2021

, there is a note payable collateralized by real estate with a balance of 

$599

. The interest rate on this note is at LIBOR plus

1.75%

. This note matures in

March 2029.

BHCMC arranged to acquire additional gaming machines for ownership by the Kansas Lottery. The balance of these financed payables is

$96

.

In

May 2020,

the Company received a Paycheck Protection Program (PPP) loan for

$2,001.

 Funds from the loan

may

only be used for payroll costs, costs to continue group health care benefits, rent and utilities. The loan and accrued interest are forgivable as long as the borrower uses the proceeds for eligible purposes. The unforgiven portion of the PPP loan is payable over

two

years at an interest rate of

1%,

with a deferral of payments for the

first

six

months. The Company used the entire loan amount for qualifying expenses.  The Company has applied for forgiveness of this loan and is awaiting determination. While the Company currently believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan, we cannot assure if and when a portion or all of the loan will be forgiven.

We are

not

in default of any of our notes as of

January 31, 2021

.

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 

2021

 and beyond.