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Note 11 – Operating Leases

9 Months Ended

Jan. 31, 2024

Leases [Abstract]

Note 11 – Operating Leases

Note 11 – Operating Leases

As of January 31, 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 3.33 years, some of which may include options to extend for up to 5 years. Operating lease expense totaled $260,300 for the nine months ended January 31, 2024, including period cost for short-term, cancellable, and variable leases, not included in lease liabilities, of $3,300 for the nine months ended January 31, 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
Troy, Michigan		$	550				May 2022

Supplemental information related to operating leases for the nine months ended January 31, 2024 was:

Operating cash paid to settle lease liabilities			$259,211
Weighted average remaining lease term (in years)			2.06
Weighted average discount rate			12%

Future lease payments at January 31, 2024 were as follows:

Fiscal Year Ended:
	2024				90,951
	2025				273,743
	2026				92,619
	2027				91,300
	2028				6,627
	Total			$	555,240

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- References

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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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