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Note 9 – Operating Leases

3 Months Ended

Jul. 31, 2022

Leases [Abstract]

Note 9 – Operating Leases

Note 9 – Operating Leases

As of July 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 4.83 years, some of which may include options to extend for up to 5 years. Operating lease expense totaled $121,506 for the three months ended July 31, 2022, including period cost for short-term, cancellable and variable leases, not included in lease liabilities, of $7,946 for the three months ended July 31, 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 for the three months ended July 31, 2022 was: 

Operating cash paid to settle lease liabilities			$94,491
Weighted average remaining lease term (in years)			3.05
Weighted average discount rate			12%

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

Fiscal Year Ended:
	2023			$	291,405
	2024				403,878
	2025				304,676
	2026				76,619
	2027				79,300
	Thereafter				6,627
	Total			$	1,162,505

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- References

No definition available.

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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 https://asc.fasb.org/topic&trid=2208923

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