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Leases

12 Months Ended

Oct. 31, 2024

Note 11. Leases

The Company enters into operating and finance lease agreements for the use of real estate, vehicles, information technology equipment, and certain other equipment. We determine if an arrangement contains a lease at inception, which is the date on which the terms of the contract are agreed to and the agreement creates enforceable rights and obligations. The impacts of accounting for operating leases are included in Operating lease right-of-use assets, Operating lease liabilities, and Long-term operating lease liabilities in the Company’s Consolidated Balance Sheets. Finance leases are not considered significant to the Company’s Consolidated Balance Sheets or Consolidated Statements of Operations and Comprehensive Loss.

Operating lease expense for the year ended October 31, 2024 was $1.4 million. Operating lease expense for each of the years ended October 31, 2023 and 2022 was $1.5 million. As of October 31, 2024, the weighted average remaining lease term (in years) was approximately 16 years and the weighted average discount rate was 6.9%. Lease payments made during the years ended October 31, 2024, 2023 and 2022 totaled $1.3 million, $1.2 million, and $1.4 million, respectively.

As of October 31, 2024, undiscounted maturities of operating lease liabilities are as follows (in thousands):


	Operating Leases
Due Year 1	$	1,361
Due Year 2		1,374
Due Year 3		1,407
Due Year 4		1,375
Due Year 5		795
Thereafter		11,923
Total undiscounted lease payments		18,235
Less imputed interest		(8,534)
Total discounted lease payments	$	9,701