Annual report pursuant to Section 13 and 15(d)

Note 9 ??? Operating Leases

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Note 9 – Operating Leases
12 Months Ended
Apr. 30, 2022
Leases [Abstract]  
Note 9 – Operating Leases

Note 9 – Operating Leases

 

The Company has operating type leases for real estate. As of April 30, 2022, the Company had no finance type leases. The Company’s leases have remaining lease terms of up to 5.08 years, some of which may include options to extend the leases for up to 5 years. Operating lease expense totaled $254,906 for the year ended April 30, 2022 , including period cost for short-term, cancellable and variable leases, not included in lease liabilities, of $41,250 for the year ended April 30, 2022.

 

Location   Monthly Rent   Expiration
South Salt Lake, Utah   $ 22,000       December 2024  
Orlando, Florida   $ 4,692       May 2024  
San Juan, Puerto Rico   $ 2,226       June 2027  
Troy, Michigan   $ 2,667       May 2022  
Orlando, Florida   $ 1,690       September 2022  

  

Supplemental information related to operating leases is as follows: 

    Year Ended
    April 30, 2022
Operating cash paid to settle lease liabilities   $ 242,003  
Right of use asset additions in exchange for lease liabilities     652,950  
         
Weighted average remaining lease term (in years)     3.28  
Weighted average discount rate     12.00 %

   

Future lease payment obligations at April 30, 2022 were as follows:

 

  Fiscal Year Ended:    
  2023     $ 400,092  
  2024       403,878  
  2025       304,676  
  2026       76,619  
  2027       79,300  
  Thereafter       6,627  
  Total     $ 1,271,192