Quarterly report pursuant to Section 13 or 15(d)

Note 11 ??? Operating Leases

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Note 11 – Operating Leases
9 Months Ended
Jan. 31, 2024
Leases [Abstract]  
Note 11 – Operating Leases

Note 11 – Operating Leases

 

As of January 31, 2024, 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 3.33 years, some of which may include options to extend for up to 5 years. Operating lease expense totaled $260,300 for the nine months ended January 31, 2024, including period cost for short-term, cancellable, and variable leases, not included in lease liabilities, of $3,300 for the nine months ended January 31, 2024.

 

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

 

Location   Monthly Rent   Expiration
South Salt Lake, Utah   $ 22,667       December 2024  
San Juan, Puerto Rico   $ 5,647       June 2027  
Grantsville, Utah   $ 1,000       December 2026  
Troy, Michigan   $ 550       May 2022  

      

Supplemental information related to operating leases for the nine months ended January 31, 2024 was:

     
Operating cash paid to settle lease liabilities   $259,211  
Weighted average remaining lease term (in years)     2.06  
Weighted average discount rate     12%

 

Future lease payments at January 31, 2024 were as follows:

 

Fiscal Year Ended:    
  2024       90,951  
  2025       273,743  
  2026       92,619  
  2027       91,300  
  2028       6,627  
  Total     $ 555,240