(3) RESTRICTED CASH

The Company has entered into two Subdivision Improvement Agreements with the City of Rio Rancho, New Mexico. In connection with these agreements, the Company has signed a promissory note for each subdivision and deposited restricted funds in a reserve bank account for each subdivision. Following successful completion and acceptance of the Company’s performance in a subdivision, the applicable promissory note will be cancelled and the related restricted funds will be returned to the Company’s general cash.

During the three months ended July 31, 2019, $664,000 of cash was released from restrictions under the Subdivision Improvement Agreements. The total amount of restricted funds at July 31, 2019 was $305,000 and at April 30, 2019 was $969,000.

The following provides a reconciliation of the Company’s cash, cash equivalents and restricted cash as reported in the consolidated balance sheets to the amount reported in the statement of cash flows for the three month period ending July 31, 2019:


	July 31,		April 30,
	2019		2019
	(in thousands)
Cash and cash equivalents	$	15,591	$	13,267
Restricted cash		305		969
Total cash, cash equivalents and restricted cash	$	15,896	$	14,236