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OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES | 9 Months Ended
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Jan. 31, 2024
Operating Lease Right-of-use Assets And Operating Lease Liabilities |
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES | NOTE 7 – OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES On May 1, 2021, the Company entered into a lease agreement for a facility in Cheyenne, Wyoming. The initial term of the lease was for a two-year period from May 2021 to May 2023 starting with a monthly base rent of $1,667. On January 30, 2023, the Company entered into a first lease amendment effective as of May 1, 2023, to extend this lease for a period of one year expiring April 30, 2024. On January 11, 2024, the Company entered into a second lease amendment effective as of May 1, 2024, to extend this lease for another period of one year expiring April 30, 2025, with an option to renew the lease for an additional one-year term. Under the second lease amendment, the monthly base rent will increase on May 1, 2024 from $1,768 to $1,821. The Company accounted for the lease extensions as lease modifications under ASC 842. On January 30, 2023, the effective date of the first lease amendment, the Company recorded an adjustment to the right-of-use asset and lease liability in the amount of $20,472 based on the net present value of lease payments discounted using an incremental borrowing rate of 8%. On January 11, 2024, the effective date of the second lease amendment, the Company recorded an adjustment to the right-of-use asset and lease liability in the amount of $20,936 based on the net present value of lease payments discounted using an incremental borrowing rate of 8%. On September 1, 2021, the Company entered into a lease agreement for another facility in Cheyenne, Wyoming. The initial term of the lease was for a two-year period from September 2021 through August 2023. On October 18, 2023, the Company entered into a lease amendment effective as of September 1, 2023, to extend the lease for a period of two years expiring August 31, 2025. The Company will not have an option to renew the lease past August 31, 2025, unless agreed to by the lessor and the Company. Pursuant to the lease amendment, the monthly base rent increased to $3,265. On September 1, 2023, the effective date of the amendment, the Company recorded an adjustment to the right-of-use asset and lease liability in the amount of $72,672 based on the net present value of lease payments discounted using an incremental borrowing rate of 8%. During the nine months ended January 31, 2024 and 2023, lease expense of $44,185 and $42,116, respectively, was included in general and administrative expenses as reflected in the accompanying consolidated statements of operations. During the three months ended January 31, 2024 and 2023, lease expense of $15,099 and $14,041, respectively, was included in general and administrative expenses as reflected in the accompanying consolidated statements of operations. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 31, 2024 Right-of- use assets are summarized below: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES
|  | January 31, 2024 |  |  | April 30, 2023 |
Operating leases |  | $ | 84,260 |  |  | $ | 32,080 |
Operating Lease liabilities are summarized below:
|  | January 31, 2024 |  |  | April 30, 2023 |
Operating lease, current portion |  | $ | 56,610 |  |  | $ | 32,080 |
Operating lease, long term portion |  |  | 27,649 |  |  |  | - |
Total lease liability |  | $ | 84,259 |  |  | $ | 32,080 |
The weighted average remaining lease term for the operating leases is 1.54 years and the weighted average incremental borrowing rate is 8.0% at January 31, 2024. The following table includes supplemental cash and non-cash information related to the Company’s lease: SCHEDULE OF SUPPLEMENTAL CASH AND NON-CASH INFORMATION
|  | 2024 |  |  | 2023 |
|  | Period ended January 31, |
|  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating lease |  | $ | 44,046 |  |  | $ | 42,000 |
The remaining minimum lease payments under non-cancelable operating leases at January 31, 2024 are as follows: SCHEDULE OF MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES
Year ended April 30, 2024- remainder |  |  | 15,102 |
Year ended April 30, 2025 |  |  | 61,034 |
Year ended April 30, 2026 |  |  | 13,060 |
Total |  | $ | 89,196 |
Less: imputed interest |  |  | (4,937 | )
Total present value of lease liability |  | $ | 84,259 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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