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Note 12 – Right of Use Assets and Liabilities | 12 Months Ended
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Apr. 30, 2024
Leases [Abstract] |
Note 12 – Right of Use Assets and Liabilities | Note 12 – Right of Use Assets and Liabilities As of April 30, 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 6.67 years, including options to extend certain leases for up to six years. Operating lease expense totaled $351,369 for the year ended April 30, 2024, including period cost for short-term, cancellable, and variable leases, not included in lease liabilities, of $4,950 for the year ended April 30, 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 |
Supplemental information related to operating leases for the year ended April 30, 2024 was:
Operating cash paid to settle lease liabilities |  |  | $$350,162 |
Weighted average remaining lease term (in years) |  |  | 2.16 |
Weighted average discount rate |  |  | 12% |
Future lease payments at April 30, 2024 were as follows:
Fiscal Year Ended: |  |
| 2025 |  |  | $ | 366,853 |
| 2026 |  |  |  | 372,449 |
| 2027 |  |  |  | 372,880 |
| 2028 |  |  |  | 293,334 |
| 2029 |  |  |  | 280,080 |
| Thereafter |  |  |  | 443,460 |
| Total |  |  |  | 2,129,056 |
| Imputed interest |  |  |  | (611,466 | )
| Total liability |  |  | $ | 1,517,590 |

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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 -Topic 840 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//840/tableOfContent + Details
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