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Right of Use Assets and Liabilities
 8 Months Ended
Dec. 31, 2024
Right Of Use Assets And Liabilities  
Right of Use Assets and Liabilities

Note 12 – Right of Use Assets and Liabilities

 

As of December 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 six years, including options to extend certain leases for up to six years. Operating lease expense totaled $364,452 for the eight months ended December 31, 2024.

 

 

As of April 30, 2024 and 2023, the Company had operating type leases for real estate and no finance type leases. The Company’s leases had remaining lease terms of up to 6.67 and 4.08 years, respectively, including options to extend certain leases for up to six years. For the years ended April 30, 2024 and 2023, operating lease expense totaled $351,369 and $395,248, respectively, including period cost for short-term, cancellable, and variable leases, not included in lease liabilities, of $4,950 and $22,475, 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
Santa Monica, California  $16,697   June 2025
San Juan, Puerto Rico  $6,186   June 2027
Grantsville, Utah  $1,250   December 2026

 

Supplemental information related to operating leases for the eight months ended December 31, 2024 was:

 

      
Operating cash paid to settle lease liabilities  $310,868 
Weighted average remaining lease term (in years)   2.51 
Weighted average discount rate   12%

 

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

 

Fiscal Year Ended:     
2025  $479,229 
2026   391,593 
2027   350,404 
2028   315,233 
2029   324,689 
Thereafter   334,430 
Total   2,195,578 
Imputed interest   (577,981)
Total liability  $1,617,597