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Note 10 – Right of Use Assets and Liabilities

3 Months Ended

Jul. 31, 2024

Leases [Abstract]

Note 10 – Right of Use Assets and Liabilities

Note 10 – Right of Use Assets and Liabilities

As of July 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 6.42 years, including options to extend certain leases for up to six years. Operating lease expense totaled $90,288 and $85,252 for the three months ended July 31, 2024 and 2023, respectively.

Leases on which the Company made rent payments during the reporting period included:

Location		Monthly Rent				Expiration
South Salt Lake, Utah		$	23,340				December 2030
San Juan, Puerto Rico		$	5,977				June 2027
Grantsville, Utah		$	1,000				December 2026

Supplemental information related to operating leases for the three months ended July 31, 2024 was:

Operating cash paid to settle lease liabilities			$90,951
Weighted average remaining lease term (in years)			5.93
Weighted average discount rate			12%

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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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