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Leases

3 Months Ended

Jul. 31, 2020

Leases [Abstract]

Leases

Leases

In accordance with ASC 842, "ASU No. 2016-02 Leases", the Company is required to recognize lease assets and lease liabilities reflecting the rights and obligations created by leased assets previously classified as operating leases. The Company has operating type leases for real estate and equipment in both the U.S. and internationally and a financing lease for a truck in the U.S. At July 31, 2020 and April 30, 2020, right-of-use assets totaled $8,828,000 and $9,312,000, respectively. Operating cash paid to settle lease liabilities was $410,000 and $314,000 for the periods ended July 31, 2020 and July 31, 2019, respectively. The Company’s leases have remaining lease terms of up to 10 years, some of which may include options to extend the leases for up to 5 years or options to terminate the leases within 1 year. Operating lease expense was $632,000 and $549,000 for the three months ended July 31, 2020 and July 31, 2019, respectively, inclusive of period cost for short-term leases, not included in lease liabilities, of $222,000 and $235,000 for the three months ended July 31, 2020 and July 31, 2019, respectively.

At July 31, 2020, the weighted average remaining lease term for the capitalized operating leases was 7.7 years and the weighted average discount rate was 4.0%. For the financing lease, the weighted average remaining lease term was 5.2 years and the weighted average discount rate was 10.0%. The Company uses the implicit rate in determining the present value of the lease payments when available, however, most of the Company's leases do not provide an implicit rate so for those leases the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Future minimum lease payments under non-cancelable leases as of July 31, 2020:

		Operating				Financing
Remainder of fiscal 2021		$	1,132			$	24
2022		1,528				32
2023		1,498				32
2024		1,217				32
2025		1,173				32
Thereafter		3,898				11
Total Minimum Lease Payments		$	10,446			$	163
Imputed Interest		(1,720		)		(36		)
Total		$	8,726			$	127

Leases

Leases

In accordance with ASC 842, "ASU No. 2016-02 Leases", the Company is required to recognize lease assets and lease liabilities reflecting the rights and obligations created by leased assets previously classified as operating leases. The Company has operating type leases for real estate and equipment in both the U.S. and internationally and a financing lease for a truck in the U.S. At July 31, 2020 and April 30, 2020, right-of-use assets totaled $8,828,000 and $9,312,000, respectively. Operating cash paid to settle lease liabilities was $410,000 and $314,000 for the periods ended July 31, 2020 and July 31, 2019, respectively. The Company’s leases have remaining lease terms of up to 10 years, some of which may include options to extend the leases for up to 5 years or options to terminate the leases within 1 year. Operating lease expense was $632,000 and $549,000 for the three months ended July 31, 2020 and July 31, 2019, respectively, inclusive of period cost for short-term leases, not included in lease liabilities, of $222,000 and $235,000 for the three months ended July 31, 2020 and July 31, 2019, respectively.

At July 31, 2020, the weighted average remaining lease term for the capitalized operating leases was 7.7 years and the weighted average discount rate was 4.0%. For the financing lease, the weighted average remaining lease term was 5.2 years and the weighted average discount rate was 10.0%. The Company uses the implicit rate in determining the present value of the lease payments when available, however, most of the Company's leases do not provide an implicit rate so for those leases the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Future minimum lease payments under non-cancelable leases as of July 31, 2020:

		Operating				Financing
Remainder of fiscal 2021		$	1,132			$	24
2022		1,528				32
2023		1,498				32
2024		1,217				32
2025		1,173				32
Thereafter		3,898				11
Total Minimum Lease Payments		$	10,446			$	163
Imputed Interest		(1,720		)		(36		)
Total		$	8,726			$	127

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- References

No definition available.

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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

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X

- 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

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