NOTES PAYABLE

6 Months Ended

Oct. 31, 2021

NOTES PAYABLE

NOTES PAYABLE

(6)          NOTES PAYABLE

Notes payable, net consist of (in thousands):

	October 31,		April 30,
	2021		2021
Real estate notes payable	$	6,002	$	3,482
Unamortized debt issuance costs		(50)		(34)
	$	5,952	$	3,448

The following tables present information on the Company’s notes payable in effect during the six months ended October 31, 2021 (dollars in thousands):

	Principal Amount
	Available for		Outstanding
	Borrowing		Principal Amount				Principal Repayments
	October 31,		October 31,		April 30,		Three Months ended		Six Months ended
Loan Identifier	2021		2021		2021		October 31, 2021		October 31, 2021
Revolving Line of Credit	$	3,750	$	—	$	—	$	—	$	—
Lomas Encantadas U2B P3		632		—		410		—		1,770
Hawk Site U37		—		—		—		—		—
Hawk Site U23 U40		1,678		—		30		30		30
Lavender Fields – acquisition		—		—		1,749		—		1,703
Lavender Fields – development		2,194		504		1,293		395		789
La Mirada		1,877		5,498		—		—		—
			$	6,002	$	3,482

			Mortgaged Property
	Interest Rate		Book Value		Capitalized Interest and Fees
	October 31,		October 31,		Three Months ended		Six Months ended
Loan Identifier	2021		2021		October 31, 2021		October 31, 2021
Revolving Line of Credit	3.75	%	$	1,693	$	—	$	—
Lomas Encantadas U2B P3	3.75	%		877		—		—
Hawk Site U23 U40	3.75	%		1,359		—		—
Lavender Fields – development	3.75	%		5,261		6		17
La Mirada	3.75	%		8,041		40		61

As of October 31, 2021, the Company and each of its subsidiaries were in compliance with the financial covenants contained in the loan documentation for the then outstanding notes payable. Refer to Notes 6 and 19 to the consolidated financial statements contained in the 2021 Form 10-K for additional detail about each of the above notes payable.

The note payable identified as “Hawk Site U37” was terminated in October 2021. The outstanding principal amount of the note payable identified as “Lavender Fields – acquisition” was prepaid in full without penalty in June 2021 following the parties agreeing to reduce the outstanding principal amount by $45,000, which was recognized as Other income during the six months ended October 31, 2021.

The following table summarizes the notes payable scheduled principal repayments subsequent to October 31, 2021 (in thousands):

Fiscal Year	Scheduled Payments
2022	$	—
2023		504
2024		5,498
Total	$	6,002