Quarterly report pursuant to Section 13 or 15(d)

Note 9 ??? Operating Leases

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Note 9 – Operating Leases
6 Months Ended
Oct. 31, 2022
Leases [Abstract]  
Note 9 – Operating Leases

Note 9 – Operating Leases

 

As of October 31, 2022, the Company had operating type leases for real estate and no finance type leases. The Company’s leases have remaining lease terms of up to 4.58 years, some of which may include options to extend for up to 5 years. Operating lease expense totaled $201,004 for the six months ended October 31, 2022, including period cost for short-term, cancellable, and variable leases, not included in lease liabilities, of $19,725 for the six months ended October 31, 2022.

 

Leases on which the Company made rent payments during the reporting period included:

 

Location   Monthly Rent   Expiration
South Salt Lake, Utah   $ 22,000       December 2024  
Orlando, Florida   $ 4,692       January 2025  
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 for the six months ended October 31, 2022 was:

 

     
Operating cash paid to settle lease liabilities   $176,887  
Weighted average remaining lease term (in years)     2.83  
Weighted average discount rate     12%

 

Future lease payments at October 31, 2022 were as follows:

 

Fiscal Year Ended:    
  2023     $ 197,723  
  2024       403,878  
  2025       304,676  
  2026       76,619  
  2027       79,300  
  Thereafter       6,627  
  Total     $ 1,068,823