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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