AMREP (AXR) 10-Q 7 Sep 22 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jul. 31, 2022	Sep. 02, 2022
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	1-4702
Entity Registrant Name	AMREP CORP.
Amendment Flag	false
Document Period End Date	Jul. 31, 2022
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	59-0936128
Entity Central Index Key	0000006207
Entity Address, Address Line One	850 West Chester Pike
Entity Address, Address Line Two	Suite 205
Entity Address, City or Town	Havertown
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19083
City Area Code	610
Local Phone Number	487-0905
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,254,909
Title of 12(b) Security	Common Stock $0.10 par value
Trading Symbol	AXR
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
ASSETS
Cash and cash equivalents	$ 15,915	$ 15,721
Real estate inventory	68,604	67,249
Investment assets	8,961	9,017
Other assets	2,082	1,882
Deferred income taxes, net	928	958
Prepaid pension costs	311	90
TOTAL ASSETS	96,801	94,917
LIABILITIES:
Accounts payable and accrued expenses	4,976	6,077
Notes payable	2,080	2,030
Taxes payable, net	4,428	3,648
TOTAL LIABILITIES	11,484	11,755
SHAREHOLDERS' EQUITY:
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 5,254,909 at July 31, 2022 and 5,240,309 at April 30, 2022	526	524
Capital contributed in excess of par value	32,558	32,383
Retained earnings	56,740	54,828
Accumulated other comprehensive loss, net	(4,507)	(4,573)
TOTAL SHAREHOLDERS' EQUITY	85,317	83,162
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 96,801	$ 94,917

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 31, 2022	Apr. 30, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	5,254,909	5,240,309

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
REVENUES:
Total revenues	$ 11,232,000	$ 10,507,000
COSTS AND EXPENSES:
General and administrative expenses	1,171,000	1,188,000
Total costs and expenses	8,666,000	8,712,000
Operating income	2,566,000	1,795,000
Interest income, net	7,000	1,000
Other income	0	230,000
Income before income taxes	2,573,000	2,026,000
Provision for income taxes	661,000	389,000
Net income	$ 1,912,000	$ 1,637,000
Basic earnings per share	$ 0.36	$ 0.22
Diluted earnings per share	$ 0.36	$ 0.22
Weighted average number of common shares outstanding - basic	5,274	7,346
Weighted average number of common shares outstanding - diluted	5,296	7,373
Land sale revenues
REVENUES:
Total revenues	$ 5,172,000	$ 7,190,000
COSTS AND EXPENSES:
Cost of revenues	3,832,000	5,610,000
Home sale revenues
REVENUES:
Total revenues	5,439,000	2,411,000
COSTS AND EXPENSES:
Cost of revenues	3,663,000	1,914,000
Other revenues
REVENUES:
Total revenues	$ 621,000	$ 906,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 1,912,000	$ 1,637,000
Other comprehensive income, net of tax:
Decrease in pension liability	97,000	97,000
Income tax effect	(31,000)	(31,000)
Decrease in pension liability, net of tax	66,000	66,000
Other comprehensive income	66,000	66,000
Total comprehensive income	$ 1,978,000	$ 1,703,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock	Capital Contributed in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Apr. 30, 2021	$ 730,000	$ 45,072,000	$ 47,710,000	$ (4,623,000)	$ 88,889,000
Balance (in shares) at Apr. 30, 2021	7,323
Issuance of restricted common stock	$ 1,000	149,000	0	0	150,000
Issuance of restricted common stock (in shares)	13
Net income	$ 0	0	1,637,000	0	1,637,000
Other comprehensive income	0	0	0	66,000	66,000
Balance at Jul. 31, 2021	$ 731,000	45,221,000	49,347,000	(4,557,000)	90,742,000
Balance (in shares) at Jul. 31, 2021	7,336
Balance at Apr. 30, 2022	$ 524,000	32,383,000	54,828,000	(4,573,000)	83,162,000
Balance (in shares) at Apr. 30, 2022	5,240
Issuance of restricted common stock	$ 2,000	162,000	0	0	164,000
Issuance of restricted common stock (in shares)	15
Issuance of option to purchase common stock	$ 0	13,000	0	0	13,000
Net income	0	0	1,912,000	0	1,912,000
Other comprehensive income	0	0	0	66,000	66,000
Balance at Jul. 31, 2022	$ 526,000	$ 32,558,000	$ 56,740,000	$ (4,507,000)	$ 85,317,000
Balance (in shares) at Jul. 31, 2022	5,255

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,912	$ 1,637
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	8	104
Amortization of debt issuance costs	0	34
Non-cash credits and charges:
Stock-based compensation	36	16
Deferred income tax provision	0	456
Net periodic pension cost	(124)	(123)
Gain on debt forgiveness	0	(45)
Changes in assets and liabilities:
Real estate inventory and investment assets	(1,299)	(5,709)
Other assets	56	(12)
Accounts payable and accrued expenses	(1,107)	(758)
Taxes payable (receivable), net	780	(66)
Net cash provided by (used in) operating activities	262	(4,466)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(118)	(1)
Net cash used in investing activities	(118)	(1)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing	50	6,857
Principal debt payments	0	(3,867)
Payments for debt issuance costs	0	(50)
Net cash provided by financing activities	50	2,940
Increase (decrease) in cash and cash equivalents	194	(1,527)
Cash and cash equivalents, beginning of period	15,721	24,801
Cash and cash equivalents, end of period	15,915	23,274
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes refunded, net	0	(3)
Interest paid	$ 16	$ 40

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES	3 Months Ended
	Jul. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES	(1) SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES The accompanying unaudited condensed consolidated financial statements have been prepared by AMREP Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company, through its subsidiaries, is primarily engaged in two business segments: land development and homebuilding. The Company has no foreign sales or activities outside the United States. Unless the context otherwise indicates, all references to the Company in this quarterly report on Form 10-Q include the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, considered necessary to reflect a fair presentation of the results for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of what may occur in future periods. Unless the context otherwise indicates, all references to 2023 and 2022 are to the fiscal years ending April 30, 2023 and 2022. The unaudited condensed consolidated financial statements herein should be read in conjunction with the Company’s annual report on Form 10-K for the year ended April 30, 2022, which was filed with the SEC on July 21, 2022 (the “2022 Form 10-K”). Certain 2022 balances in these condensed consolidated financial statements have been reclassified to conform to the current year presentation with no effect on net income or shareholders’ equity. Summary of Significant Accounting Policies The significant accounting policies used in preparing these condensed consolidated financial statements are consistent with the accounting policies described in the 2022 Form 10-K. New Accounting Pronouncements There are no new accounting standards or updates to be adopted that the Company currently believes might have a significant impact on its condensed consolidated financial statements.

REAL ESTATE INVENTORY

REAL ESTATE INVENTORY	3 Months Ended
	Jul. 31, 2022
REAL ESTATE INVENTORY
REAL ESTATE INVENTORY	(2) REAL ESTATE INVENTORY Real estate inventory consists of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, ​ April 30, ​ 2022 2022 Land held for development or sale in New Mexico ​ $ 60,528 ​ $ 59,374 Land held for development or sale in Colorado ​ 3,435 ​ 3,434 Homebuilding finished inventory ​ ​ 1,005 ​ ​ 1,135 Homebuilding construction in process ​ ​ 3,636 ​ ​ 3,306 ​ ​ $ 68,604 ​ $ 67,249 ​

INVESTMENT ASSETS

INVESTMENT ASSETS	3 Months Ended
	Jul. 31, 2022
INVESTMENT ASSETS
INVESTMENT ASSETS	(3) INVESTMENT ASSETS Investment assets consist of land held for long-term investment. ​

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Jul. 31, 2022
OTHER ASSETS
OTHER ASSETS	(4) OTHER ASSETS Other assets consist of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, April 30, ​ ​ 2022 ​ 2022 Prepaid expenses ​ $ 501 ​ $ 366 Miscellaneous assets ​ ​ 204 ​ ​ 249 Property ​ ​ 1,250 ​ ​ 1,247 Equipment ​ ​ 355 ​ ​ 240 Less accumulated depreciation ​ ​ (228) ​ ​ (220) Property and equipment, net ​ ​ 1,377 ​ ​ 1,267 ​ ​ $ 2,082 ​ $ 1,882 ​ Prepaid expenses as of July 31, 2022 primarily consist of stock compensation, insurance and real estate taxes. Prepaid expenses as of April 30, 2022 primarily consist of insurance, stock compensation, real estate taxes and utility deposits. Amortized lease cost for right-of-use assets associated with the leases of office facilities was $6,000 and $24,000 for the three months ended July 31, 2022 and July 31, 2021. Depreciation expense associated with property and equipment was $8,000 and less than $1,000 for the three months ended July 31, 2022 and July 31, 2021.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
	Jul. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	(5) ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, April 30, ​ ​ 2022 ​ 2022 Real estate operations ​ ​ ​ ​ ​ ​ Accrued expenses ​ $ 845 ​ $ 1,238 Trade payables ​ 1,561 ​ 3,026 Customer deposits ​ ​ 2,175 ​ ​ 1,357 ​ ​ ​ 4,581 ​ ​ 5,621 Corporate operations ​ ​ 395 ​ ​ 456 ​ ​ $ 4,976 ​ $ 6,077 ​

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Jul. 31, 2022
NOTES PAYABLE
NOTES PAYABLE	(6) NOTES PAYABLE The following tables present information on the Company’s notes payable during the three months ended July 31, 2022 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available for ​ Outstanding ​ Principal ​ ​ ​ ​ New Borrowings ​ Principal Amount ​ Repayments ​ ​ ​ ​ July 31, ​ July 31, ​ April 30, ​ Three Months ended Loan Identifier ​ Lender ​ 2022 ​ 2022 ​ 2022 ​ July 31, 2022 Revolving Line of Credit ​ BOKF $ 2,427 $ — $ — ​ $ — La Mirada ​ BOKF ​ 1,877 ​ 2,030 ​ 2,030 ​ — Equipment Financing ​ DC ​ ​ — ​ ​ 50 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ $ 2,080 ​ $ 2,030 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgaged Property Capitalized Interest ​ ​ ​ ​ Interest Rate ​ Book Value ​ and Fees ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended ​ Scheduled Maturity Loan Identifier ​ July 31, 2022 ​ July 31, 2022 ​ July 31, 2022 ​ as of July 31, 2022 Revolving Line of Credit 5.36 % $ 1,693 ​ $ — ​ February 2024 La Mirada 5.36 % 9,076 ​ 16 ​ June 2024 Equipment Financing 2.35 % 50 ​ — ​ June 2028 ​ As of July 31, 2022, the Company was in compliance with the financial covenants contained in the loan documentation for the then outstanding notes payable. Except as described below, refer to Note 6 to the consolidated financial statements contained in the 2022 Form 10-K for additional detail about each of the above notes payable. Equipment Financing As of July 31, 2022, the Company had a letter of credit outstanding under its Revolving Line of Credit in the principal amount of $1,323,000 in favor of a municipality guarantying the completion of improvements in a subdivision being constructed by the Company. As of July 31, 2022, the Company had loan reserves outstanding under its note payable for La Mirada in the aggregate principal amount of $2,364,000 in favor of a municipality guarantying the completion of improvements in a subdivision being constructed by the Company. The amounts under the letter of credit and loan reserves are not reflected as outstanding principal in notes payable. The following table summarizes the notes payable scheduled principal repayments subsequent to July 31, 2022 (in thousands): ​ ​ ​ ​ ​ Fiscal Year Scheduled Payments 2023 ​ $ 6 2024 ​ 8 2025 ​ 2,038 Thereafter ​ 28 Total ​ $ 2,080 ​

REVENUES

REVENUES	3 Months Ended
	Jul. 31, 2022
REVENUES
REVENUES	(7) REVENUES Land sale revenues Other revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ ​ ended July 31, ​ 2022 2021 Oil and gas royalties ​ $ 57 ​ $ 135 Infrastructure reimbursements ​ 525 ​ ​ 606 Miscellaneous other revenues ​ 39 ​ 165 ​ ​ $ 621 ​ $ 906 ​ Refer to Note 7 to the consolidated financial statements contained in the 2022 Form 10-K for additional detail about each category of other revenues. Miscellaneous other revenues for the three months ended July 31, 2022 primarily consist of a non-refundable option payment and a forfeited deposit. Miscellaneous other revenues for the three months ended July 31, 2021 primarily consist of rent received from a tenant at a building in Palm Coast, Florida, a non-refundable option payment and proceeds from the sale of equipment. Major customers

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES	3 Months Ended
	Jul. 31, 2022
GENERAL AND ADMINISTRATIVE EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES	(8) GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses consist of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended July 31, ​ 2022 2021 Land development ​ $ 607 ​ $ 584 Homebuilding ​ 257 ​ 187 Corporate ​ 307 ​ 417 ​ ​ $ 1,171 ​ $ 1,188 ​

BENEFIT PLANS

BENEFIT PLANS	3 Months Ended
	Jul. 31, 2022
BENEFIT PLANS
BENEFIT PLANS	(9) BENEFIT PLANS Pension plan Refer to Note 11 to the consolidated financial statements contained in the 2022 Form 10-K for detail regarding the Company’s defined benefit pension plan. The Company recognizes the known changes in the funded status of the pension plan in the period in which the changes occur through other comprehensive income, net of the related income tax effect. The Company recorded, net of tax, other comprehensive income of $66,000 during each of the three months ended July 31, 2022 and July 31, 2021 to account for the net effect of changes to the unfunded portion of pension liability. The Company funds the pension plan in compliance with IRS funding requirements. The Company did not make any contributions to the pension plan during the three months ended July 31, 2022 or July 31, 2021. Equity compensation plan Refer to Note 11 to the consolidated financial statements contained in the 2022 Form 10-K for detail regarding the AMREP Corporation 2016 Equity Compensation Plan (the “Equity Plan”). The summary of the restricted share award activity during the three months ended July 31, 2022 presented below represents the maximum number of shares that could become vested after these dates: ​ ​ ​ ​ ​ ​ ​ ​ Number of Restricted share awards ​ Shares Non-vested as of April 30, 2022 21,500 Granted during the three months ended July 31, 2022 14,600 Vested during the three months ended July 31, 2022 (9,833) Forfeited during the three months ended July 31, 2022 — Non-vested as of July 31, 2022 26,267 ​ The Company recognized non-cash compensation expense related to the vesting of restricted shares of common stock net of forfeitures of $22,000 and $16,000 during the three months ended July 31, 2022 and July 31, 2021. As of July 31, 2022, there was $221,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plan that had not vested as of those dates, which is expected to be recognized over the remaining vesting term not to exceed three years. ​ Director compensation non-cash expense, which is recognized for the expected annual grant of deferred common share units to non-employee members of the Company’s Board of Directors ratably over the director’s service in office during the calendar year, was $23,000 during each of the three months ended July 31, 2022 and July 31, 2021. As of July 31, 2022, there was $53,000 of accrued compensation expense related to the deferred stock units expected to be issued in December 2022. As of July 31, 2021, there was $53,000 of accrued compensation expense related to the deferred stock units issued in December 2021.

OTHER INCOME

OTHER INCOME	3 Months Ended
	Jul. 31, 2022
OTHER INCOME.
OTHER INCOME	(10) OTHER INCOME There was no other income for the three months ended July 31, 2022. Other income for the three months ended July 31, 2021 consists of $185,000 received in connection with a bankruptcy of a warranty provider and $45,000 of debt forgiveness with respect to a note payable. ​

RISKS AND UNCERTAINTIES

RISKS AND UNCERTAINTIES	3 Months Ended
	Jul. 31, 2022
RISKS AND UNCERTAINTIES
RISKS AND UNCERTAINTIES	(11) RISKS AND UNCERTAINTIES During the three months ended July 31, 2022, the Company has experienced supply chain constraints, increases in the prices of building materials, shortages of skilled labor and delays in municipal approvals and inspections in both the land development business segment and homebuilding business segment, which have caused delays in construction and the realization of revenues and increases in cost of revenues. In addition, a significant increase in mortgage interest rates during the first half of 2022 has tempered demand for new homes. The rising cost of housing due to increases in average sales prices in recent years and the recent increases in mortgage interest rates, coupled with general inflation in the U.S. economy, have placed additional pressure on overall housing affordability and have caused many potential home buyers to pause and reconsider their housing choices. Given the affordability challenges described above and the resulting impact on demand, the Company has increased sales incentives on certain homes classified as homebuilding finished inventory or homebuilding construction in process. The Company believes these conditions will continue to impact the land development and homebuilding industries for at least the remainder of 2022.

INFORMATION ABOUT THE COMPANY'S

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS	3 Months Ended
	Jul. 31, 2022
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS	(12) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS The following tables set forth summarized data relative to the industry segments in which the Company operated for the periods indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ ​ ​ ​ ​ ​ ​ ​ Development ​ Homebuilding ​ Corporate ​ Consolidated Three months ended July 31, 2022 (a) ​ ​ ​ ​ Revenues ​ $ 6,691 ​ $ 4,541 ​ $ — ​ $ 11,232 Net income (loss) ​ 1,262 ​ 1,003 ​ (353) ​ 1,912 Capital expenditures ​ ​ 117 ​ ​ — ​ ​ — ​ ​ 117 Total assets as of July 31, 2022 ​ ​ 87,671 ​ ​ 6,068 ​ ​ 3,062 ​ ​ 96,801 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended July 31, 2021 (a) ​ ​ ​ ​ Revenues ​ $ 8,461 ​ $ 1,950 ​ $ 96 ​ $ 10,507 Net income (loss) ​ 1,807 ​ 178 ​ (348) ​ 1,637 Capital expenditures ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets as of April 30, 2022 ​ ​ 86,991 ​ ​ 5,631 ​ ​ 2,295 ​ ​ 94,917 (a) Revenue information provided for each segment may include amounts classified as other revenues in the accompanying condensed consolidated statements of operations. Corporate is net of intercompany eliminations.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jul. 31, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	(13) SUBSEQUENT EVENTS ​ Refer to Note 6 to the consolidated financial statements contained in the 2022 Form 10-K for detail regarding the Loan Agreement (the “Loan Agreement”) entered into between BOKF, NA dba Bank of Albuquerque (“BOKF”) and ASW, in which BOKF agrees to lend up to $4,000,000 to ASW on a revolving line of credit basis for general corporate purposes. In August 2022, ASW and BOKF entered into the Third Modification Agreement to the Loan Agreement and ASW entered into the First 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: (a) the maximum amount available for borrowing increased by $1,750,000 to a new total maximum amount of $5,750,000, (b) the interest rate on borrowed amounts is equal to the one-month secured overnight financing rate as administered by the CME Group Benchmark Administration Limited plus a spread of 3.15%, adjusted monthly, and (c) the scheduled maturity date of the loan is August 15, 2025. ASW incurred customary costs and expenses and paid certain fees to BOKF in connection with this modification.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies)	3 Months Ended
	Jul. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
New Accounting Pronouncements	New Accounting Pronouncements There are no new accounting standards or updates to be adopted that the Company currently believes might have a significant impact on its condensed consolidated financial statements.

REAL ESTATE INVENTORY (Tables)

REAL ESTATE INVENTORY (Tables)	3 Months Ended
	Jul. 31, 2022
REAL ESTATE INVENTORY
Schedule of Inventory Real Estate	Real estate inventory consists of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, ​ April 30, ​ 2022 2022 Land held for development or sale in New Mexico ​ $ 60,528 ​ $ 59,374 Land held for development or sale in Colorado ​ 3,435 ​ 3,434 Homebuilding finished inventory ​ ​ 1,005 ​ ​ 1,135 Homebuilding construction in process ​ ​ 3,636 ​ ​ 3,306 ​ ​ $ 68,604 ​ $ 67,249

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Jul. 31, 2022
OTHER ASSETS
Schedule of other assets	Other assets consist of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, April 30, ​ ​ 2022 ​ 2022 Prepaid expenses ​ $ 501 ​ $ 366 Miscellaneous assets ​ ​ 204 ​ ​ 249 Property ​ ​ 1,250 ​ ​ 1,247 Equipment ​ ​ 355 ​ ​ 240 Less accumulated depreciation ​ ​ (228) ​ ​ (220) Property and equipment, net ​ ​ 1,377 ​ ​ 1,267 ​ ​ $ 2,082 ​ $ 1,882

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Jul. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consist of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, April 30, ​ ​ 2022 ​ 2022 Real estate operations ​ ​ ​ ​ ​ ​ Accrued expenses ​ $ 845 ​ $ 1,238 Trade payables ​ 1,561 ​ 3,026 Customer deposits ​ ​ 2,175 ​ ​ 1,357 ​ ​ ​ 4,581 ​ ​ 5,621 Corporate operations ​ ​ 395 ​ ​ 456 ​ ​ $ 4,976 ​ $ 6,077

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Jul. 31, 2022
NOTES PAYABLE
Summary of present information on the Company's notes payable in effect	The following tables present information on the Company’s notes payable during the three months ended July 31, 2022 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available for ​ Outstanding ​ Principal ​ ​ ​ ​ New Borrowings ​ Principal Amount ​ Repayments ​ ​ ​ ​ July 31, ​ July 31, ​ April 30, ​ Three Months ended Loan Identifier ​ Lender ​ 2022 ​ 2022 ​ 2022 ​ July 31, 2022 Revolving Line of Credit ​ BOKF $ 2,427 $ — $ — ​ $ — La Mirada ​ BOKF ​ 1,877 ​ 2,030 ​ 2,030 ​ — Equipment Financing ​ DC ​ ​ — ​ ​ 50 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ $ 2,080 ​ $ 2,030 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgaged Property Capitalized Interest ​ ​ ​ ​ Interest Rate ​ Book Value ​ and Fees ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended ​ Scheduled Maturity Loan Identifier ​ July 31, 2022 ​ July 31, 2022 ​ July 31, 2022 ​ as of July 31, 2022 Revolving Line of Credit 5.36 % $ 1,693 ​ $ — ​ February 2024 La Mirada 5.36 % 9,076 ​ 16 ​ June 2024 Equipment Financing 2.35 % 50 ​ — ​ June 2028
Schedule of scheduled principal repayments subsequent to reporting date	The following table summarizes the notes payable scheduled principal repayments subsequent to July 31, 2022 (in thousands): ​ ​ ​ ​ ​ Fiscal Year Scheduled Payments 2023 ​ $ 6 2024 ​ 8 2025 ​ 2,038 Thereafter ​ 28 Total ​ $ 2,080

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Jul. 31, 2022
REVENUES
Schedule of other revenues	Other revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ ​ ended July 31, ​ 2022 2021 Oil and gas royalties ​ $ 57 ​ $ 135 Infrastructure reimbursements ​ 525 ​ ​ 606 Miscellaneous other revenues ​ 39 ​ 165 ​ ​ $ 621 ​ $ 906 ​

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	3 Months Ended
	Jul. 31, 2022
GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of components of general and administrative expenses	General and administrative expenses consist of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended July 31, ​ 2022 2021 Land development ​ $ 607 ​ $ 584 Homebuilding ​ 257 ​ 187 Corporate ​ 307 ​ 417 ​ ​ $ 1,171 ​ $ 1,188

BENEFIT PLANS (Tables)

BENEFIT PLANS (Tables)	3 Months Ended
	Jul. 31, 2022
BENEFIT PLANS
Schedule of restricted share award activity	​ ​ ​ ​ ​ ​ ​ ​ Number of Restricted share awards ​ Shares Non-vested as of April 30, 2022 21,500 Granted during the three months ended July 31, 2022 14,600 Vested during the three months ended July 31, 2022 (9,833) Forfeited during the three months ended July 31, 2022 — Non-vested as of July 31, 2022 26,267

INFORMATION ABOUT THE COMPANY_2

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables)	3 Months Ended
	Jul. 31, 2022
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
Schedule of data relative to the industry segments in which the Company operated	The following tables set forth summarized data relative to the industry segments in which the Company operated for the periods indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ ​ ​ ​ ​ ​ ​ ​ Development ​ Homebuilding ​ Corporate ​ Consolidated Three months ended July 31, 2022 (a) ​ ​ ​ ​ Revenues ​ $ 6,691 ​ $ 4,541 ​ $ — ​ $ 11,232 Net income (loss) ​ 1,262 ​ 1,003 ​ (353) ​ 1,912 Capital expenditures ​ ​ 117 ​ ​ — ​ ​ — ​ ​ 117 Total assets as of July 31, 2022 ​ ​ 87,671 ​ ​ 6,068 ​ ​ 3,062 ​ ​ 96,801 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended July 31, 2021 (a) ​ ​ ​ ​ Revenues ​ $ 8,461 ​ $ 1,950 ​ $ 96 ​ $ 10,507 Net income (loss) ​ 1,807 ​ 178 ​ (348) ​ 1,637 Capital expenditures ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets as of April 30, 2022 ​ ​ 86,991 ​ ​ 5,631 ​ ​ 2,295 ​ ​ 94,917 (a) Revenue information provided for each segment may include amounts classified as other revenues in the accompanying condensed consolidated statements of operations. Corporate is net of intercompany eliminations.

REAL ESTATE INVENTORY (Details)

REAL ESTATE INVENTORY (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Homebuilding finished inventory	$ 1,005	$ 1,135
Homebuilding construction in process	3,636	3,306
Real estate inventory	68,604	67,249
New Mexico
Land held for development or sale	60,528	59,374
Colorado
Land held for development or sale	$ 3,435	$ 3,434

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Prepaid expenses	$ 501	$ 366
Miscellaneous assets	204	249
Less accumulated depreciation	(228)	(220)
Property and equipment, net	1,377	1,267
Other Assets	2,082	1,882
Equipment [Member]
Property and equipment	355	240
Property [Member]
Property and equipment	$ 1,250	$ 1,247

OTHER ASSETS - Additional Infor

OTHER ASSETS - Additional Information (Details) - Property and equipment - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Depreciation expense associated with property and equipment	$ 8,000	$ 1,000
Right of use assets
Amortization of leased cost	$ 6,000	$ 24,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Total	$ 4,976	$ 6,077
Real estate operations
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accrued expenses	845	1,238
Trade payables	1,561	3,026
Customer deposits	2,175	1,357
Total	4,581	5,621
Corporate
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Total	$ 395	$ 456

NOTES PAYABLE - Company's Finan

NOTES PAYABLE - Company's Financing Arrangements (Details) - USD ($)	3 Months Ended
	Jul. 31, 2022	Jun. 30, 2022	Apr. 30, 2022
Line of Credit Facility [Line Items]
Outstanding Principal Amount	$ 2,080,000		$ 2,030,000
Revolving Line of Credit
Line of Credit Facility [Line Items]
Principal Amount Available for Borrowing	2,427,000
Outstanding Principal Amount	0		0
Principal Repayments	$ 0
Interest Rate	5.36%
Mortgaged Property Book Value	$ 1,693,000
Capitalized Interest and Fees	0
La Mirada
Line of Credit Facility [Line Items]
Principal Amount Available for Borrowing	1,877,000
Outstanding Principal Amount	2,030,000		2,030,000
Principal Repayments	$ 0
Interest Rate	5.36%
Mortgaged Property Book Value	$ 9,076,000
Capitalized Interest and Fees	16,000
Equipment Financing
Line of Credit Facility [Line Items]
Principal Amount Available for Borrowing	0
Outstanding Principal Amount	50,000	$ 50,000	$ 0
Principal Repayments	$ 0
Interest Rate	2.35%	2.35%
Mortgaged Property Book Value	$ 50,000
Capitalized Interest and Fees	$ 0

NOTES PAYABLE - Principal repay

NOTES PAYABLE - Principal repayments (Details) $ in Thousands	Jul. 31, 2022 USD ($)
NOTES PAYABLE
2023	$ 6
2024	8
2025	2,038
Thereafter	28
Total	$ 2,080

NOTES PAYABLE - Additional info

NOTES PAYABLE - Additional information (Details) - USD ($)	Jul. 31, 2022	Jun. 30, 2022	Apr. 30, 2022
NOTES PAYABLE:
Outstanding Principal Amount	$ 2,080,000		$ 2,030,000
Revolving Line of Credit
NOTES PAYABLE:
Outstanding Principal Amount	$ 0		0
Interest Rate	5.36%
Debt Instrument, Face Amount	$ 1,323,000
La Mirada
NOTES PAYABLE:
Outstanding Principal Amount	$ 2,030,000		2,030,000
Interest Rate	5.36%
Debt Instrument, Face Amount	$ 2,364,000
Equipment Financing
NOTES PAYABLE:
Outstanding Principal Amount	$ 50,000	$ 50,000	$ 0
Interest Rate	2.35%	2.35%

REVENUES - Other revenues (Deta

REVENUES - Other revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Other revenues
Oil and gas royalties	$ 57	$ 135
Infrastructure reimbursements	525	606
Miscellaneous other revenues	39	165
Other Revenue, Net	$ 621	$ 906

REVENUES - Additional Informati

REVENUES - Additional Information (Details)	3 Months Ended
	Jul. 31, 2022 USD ($) customer	Jul. 31, 2021 USD ($) customer
Property, Plant and Equipment [Line Items]
Number of customers | customer	2	2
Customer outstanding receivables	$ 0	$ 0
Revenues	11,232,000	10,507,000
Customer A
Property, Plant and Equipment [Line Items]
Revenues	2,360,000	4,200,000
Customer B
Property, Plant and Equipment [Line Items]
Revenues	$ 2,341,000	$ 1,700,000
Land sale revenue
Property, Plant and Equipment [Line Items]
Number of customers | customer	2	3

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	$ 1,171	$ 1,188
Land development
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	607	584
Homebuilding
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	257	187
Corporate
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	$ 307	$ 417

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - Restricted Stock [Member]	3 Months Ended
	Jul. 31, 2022 shares
Number of Shares
Non-vested as of April 30, 2022	21,500
Granted during the three months ended July 31, 2022	14,600
Vested during the three months ended July 31, 2022	(9,833)
Forfeited during the three months ended July 31, 2022	0
Non-vested as of July 31, 2022	26,267

BENEFIT PLANS - Additional info

BENEFIT PLANS - Additional information (Details) - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Other comprehensive income	$ 66,000	$ 66,000
Stock-based compensation	36,000	16,000
Board of Directors Chairman [Member]
Defined Benefit Plan Disclosure [Line Items]
Non Cash Director Fee Compensation	23,000	23,000
Accrued compensation expense related to the deferred stock units	53,000	53,000
Restricted Stock [Member] | Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Stock-based compensation	22,000	$ 16,000
Unrecognized compensation expense related to restricted shares	$ 221,000
Weighted-average remaining vesting period	3 years

OTHER INCOME (Details)

OTHER INCOME (Details) - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Other income	$ 0	$ 230,000
Bankruptcy of a warranty provider
Other income		185,000
Forgiveness of debt
Other income		$ 45,000

INFORMATION ABOUT THE COMPANY_3

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Apr. 30, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 11,232	$ 10,507
Net income (loss)	1,912	1,637
Capital expenditures	117	1
Total assets	96,801		$ 94,917
Land development
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	6,691	8,461
Net income (loss)	1,262	1,807
Capital expenditures	117	0
Total assets	87,671		86,991
Homebuilding
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	4,541	1,950
Net income (loss)	1,003	178
Capital expenditures	0	1
Total assets	6,068		5,631
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	96
Net income (loss)	(353)	(348)
Capital expenditures	0	$ 0
Total assets	$ 3,062		$ 2,295

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Revolving Line of Credit - USD ($)	1 Months Ended
	Aug. 31, 2022	Jul. 31, 2022	Feb. 28, 2021
Subsequent Event [Line Items]
Lending amount		$ 1,323,000
Loan Agreement
Subsequent Event [Line Items]
Lending amount			$ 4,000,000
Subsequent Event | Loan Agreement
Subsequent Event [Line Items]
Lending amount	$ 5,750,000
Increase in outstanding principal amount	$ 1,750,000
Interest rate period	1 month
Spread on interest rate	3.15%