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Note 7 – Lease Agreements | 6 Months Ended
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Oct. 31, 2021
Leases [Abstract] |
Note 7 – Lease Agreements | Note 7 – Lease Agreements The Company has the following operating leases for real estate locations where it operates:
Location |  | Monthly Rent |  | Expiration
South Salt Lake, Utah |  | $ | 11,000 |  |  |  | August 2024
Orlando, Florida |  | $ | 4,600 |  |  |  | May 2024
Cayman Islands |  | $ | 3,438 |  |  |  | Month to Month
Troy, Michigan |  | $ | 2,667 |  |  |  | May 2022
Orlando, Florida |  | $ | 1,690 |  |  |  | September 2022
Torino, Italy |  | $ | 1,445 |  |  |  | January 2024
These lease agreements have remaining terms up to 2.84 years, excluding options to extend certain leases for up to 5 years. The weighted average remaining lease term as of October 31, 2021 was 2.52 years. The Company used a discount rate of 12% to calculate its lease liability at October 31, 2021. Future lease payment obligations at October 31, 2021 were as follows:
Fiscal Year Ended: |  |
2022 |  |  | $ | 140,014 |
2023 |  |  |  | 251,254 |
2024 |  |  |  | 207,727 |
2025 |  |  |  | 90,613 |
Total |  |  | $ | 689,608 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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