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RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | 6 Months Ended
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Oct. 31, 2021
Disclosure Text Block [Abstract] |
Lessee, Operating Leases [Text Block] | NOTE F – RIGHT-OF-USE ASSETS AND LEASE LIABILITIES The Company’s leases primarily represent offices, warehouses, vehicles, and manufacturing and research and development facilities which expire at various times through 2029 and are operating leases. Contractual arrangements are evaluated at inception to determine if the agreement contains a lease. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. Right-of-use (“ROU”) assets and lease liabilities are recorded based on the present value of future lease payments which factor in certain qualifying initial direct costs incurred as well as any lease incentives that may have been received. Lease expenses for operating lease payments are recognized on a straight-line basis over the lease term. Lease terms may factor in options to extend or terminate the lease. The Company elected the practical expedient for short-term leases which allows leases with terms of twelve months or less to be recorded on a straight-line basis over the lease term without being recognized on the balance sheet. The table below presents ROU assets and liabilities recorded on the respective consolidated balance sheets as follows:
| Classification |  | October 31, 2021 |  |  | April 30, 2021 |
|  |  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |
Operating lease ROU assets | Right-of-Use assets leases |  | $ | 9,087 |  |  | $ | 9,773 |
Liabilities |  |  |  |  |  |  |  |  |
Operating lease liabilities (short-term) | Lease liability, current |  |  | 1,779 |  |  |  | 1,715 |
Operating lease liabilities (long-term) | Lease liability, non-current |  |  | 7,605 |  |  |  | 8,366 |
Total lease liabilities |  | $ | 9,384 |  |  | $ | 10,081 |
Total operating lease expense was $500,000 and $1.0 million for the three and six months ended October 31, 2021, respectively, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses in the condensed consolidated statements of operations. Total operating lease expense was $500,000 and $1.2 million for the three and six months ended October 31, 2020, respectively, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses in the condensed consolidated statements of operations. The table below reconciles the undiscounted cash flows for each of the first five fiscal years and total of the remaining fiscal years to the operating lease liabilities recorded on the unaudited condensed consolidated balance sheet as of October 31, 2021:
Fiscal Year Ending April 30, |
(in thousands) |
Remainder of 2022 |  | $ | 766 |
2023 |  |  | 1,837 |
2024 |  |  | 1,849 |
2025 |  |  | 1,723 |
2026 |  |  | 1,317 |
Thereafter |  |  | 4,174 |
Total lease payments |  |  | 11,666 |
Less imputed interest |  |  | (2,282 | )
Present value of future lease payments |  |  | 9,384 |
Less current obligations under leases |  |  | (1,779 | )
Long-term lease obligations |  |  | 7,605 |
As of October 31, 2021, the weighted-average remaining lease term for all operating leases was 7.0 years. The Company does not generally have access to the rate implicit in the leases and therefore utilized the Company’s borrowing rate as the discount rate. The weighted average discount rate for operating leases as of October 31, 2021 was 6.22%.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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