Quarterly report pursuant to Section 13 or 15(d)

Note 10 ??? Operating Leases

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Note 10 – Operating Leases
9 Months Ended
Jan. 31, 2023
Leases [Abstract]  
Note 10 – Operating Leases

Note 10 – Operating Leases

 

As of January 31, 2023, 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 4.33 years, some of which may include options to extend for up to 5 years. Operating lease expense totaled $296,436 for the nine months ended January 31, 2023, including period cost for short-term, cancellable, and variable leases, not included in lease liabilities, of $21,375 for the nine months ended January 31, 2023.

 

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   $ 5,775       June 2027  
Troy, Michigan   $ 2,667       May 2022  
Orlando, Florida   $ 1,690       September 2022  

   

Supplemental information related to operating leases for the nine months ended January 31, 2023 was:

 

     
Operating cash paid to settle lease liabilities   $271,568  
Weighted average remaining lease term (in years)     2.62  
Weighted average discount rate     12%

 

  

Future lease payments at January 31, 2023 were as follows:

 

Fiscal Year Ended:    
  2023     $ 99,662  
  2024       403,878  
  2025       304,676  
  2026       76,619  
  2027       79,300  
  Thereafter       6,627  
  Total     $ 970,762