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LEASE COMMITMENTS | 12 Months Ended
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Apr. 30, 2023
LEASE COMMITMENTS |
LEASE COMMITMENTS | (14) LEASE COMMITMENTS The Company leases an office and office equipment in Pennsylvania and office equipment in New Mexico. The leases are generally non-cancelable operating leases with an initial term of two to five years. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The lease agreements do not contain any residual value guarantees or material restrictive covenants. As of April 30, 2023, right-of-use assets and lease liabilities were $93,000 and $95,000. As of April 30, 2022, right-of-use assets and lease liabilities were $118,000 and $117,000. Total operating lease expense was $56,000 and $30,000 for 2023 and 2022. Remaining operating lease payments subsequent to April 30, 2023 are $26,000 in fiscal year 2024, $27,000 in fiscal year 2025, $29,000 in fiscal year 2026 and $9,000 in subsequent years. Remaining operating lease payments had imputed interest resulting in a present value of lease liabilities of $83,000. For 2023, the weighted average remaining lease term and weighted average discount rate of the Company’s operating leases were 3.34 years and 5.50%. For 2022, the weighted average remaining lease term and weighted average discount rate of the Company’s operating leases were 4.34 years and 5.50%. The lease contracts for the Company generally do not provide a readily determinable implicit rate. For these contracts, the Company estimated the incremental borrowing rate based on information available upon the adoption of ASU 2016-02. The Company applied a consistent method in periods after the adoption of ASU 2016-02 to estimate the incremental borrowing rate.

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