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Note 11 – Operating Leases
 3 Months Ended
Jul. 31, 2023
Leases [Abstract]  
Note 11 – Operating Leases

Note 11 – Operating Leases

 

As of July 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 3.83 years, some of which may include options to extend for up to 5 years. Operating lease expense totaled $85,252 for the three months ended July 31, 2023, including period cost for short-term, cancellable, and variable leases, not included in lease liabilities, of $1,650 for the three months ended July 31, 2023.

 

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 
Troy, Michigan  $550    May 2022 

    

Supplemental information related to operating leases for the three months ended July 31, 2023 was:

    
Operating cash paid to settle lease liabilities  $85,709 
Weighted average remaining lease term (in years)   2.30 
Weighted average discount rate   12%

 

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

 

Fiscal Year Ended:   
 2024    260,453 
 2025    260,743 
 2026    76,619 
 2027    79,300 
 2028    6,627 
 Total   $683,742