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Note 12 – Right of Use Assets and Liabilities

12 Months Ended

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

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