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Leases | 6 Months Ended
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Oct. 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 October 31, 2020 and April 30, 2020, right-of-use assets totaled $9,157,000 and $9,312,000, respectively. Operating cash paid to settle lease liabilities was $848,000 and $668,000 for the six months ended October 31, 2020 and October 31, 2019, respectively . The Company’s leases have remaining lease terms of up to 10 years. In addition, some of the leases 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 $683,000 for the three months ended October 31, 2020, inclusive of period cost for short-term leases, not included in lease liabilities, of $245,000. Operating lease expense was $1,315,000 for the six months ended October 31, 2020, inclusive of period cost for short-term leases, not included in lease liabilities, of $467,000. Operating lease expense was $576,000 for the three months ended October 31, 2019, inclusive of period cost for short-term leases, not included in lease liabilities of $222,000, and $1,125,000 for the six months ended October 31, 2019, inclusive of period cost for short-term leases, not included in lease liabilities, of $457,000. At October 31, 2020, the weighted average remaining lease term for the capitalized operating leases was 6.9 years and the weighted average discount rate was 4.1%. For the finance lease, the remaining lease term was 4.8 years and the discount rate was 10.0%. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of those lease payments. The Company uses the implicit rate when readily determinable. Future minimum lease payments under non-cancelable leases as of October 31, 2020 were as follows:
|  | Operating |  | Financing
Remainder of fiscal 2021 |  | $ | 889 |  |  | $ | 16 |
2022 |  | 1,818 |  |  | 32 |
2023 |  | 1,634 |  |  | 32 |
2024 |  | 1,276 |  |  | 32 |
2025 |  | 1,232 |  |  | 32 |
Thereafter |  | 3,927 |  |  | 12 |
Total Minimum Lease Payments 1 |  | $ | 10,776 |  |  | $ | 156 |
Imputed Interest |  | (1,700) |  |  | (33) |
Total |  | $ | 9,076 |  |  | $ | 123 |
1 Excludes future minimum payments for leases which have not yet commenced as of October 31, 2020. As of October 31, 2020, the Company has entered into leases that have not yet commenced with future minimum lease payments of $981,000 that are not yet reflected on the condensed consolidated balance sheets. These operating leases will commence in fiscal year 2021 with lease terms of 5 years.
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 October 31, 2020 and April 30, 2020, right-of-use assets totaled $9,157,000 and $9,312,000, respectively. Operating cash paid to settle lease liabilities was $848,000 and $668,000 for the six months ended October 31, 2020 and October 31, 2019, respectively . The Company’s leases have remaining lease terms of up to 10 years. In addition, some of the leases 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 $683,000 for the three months ended October 31, 2020, inclusive of period cost for short-term leases, not included in lease liabilities, of $245,000. Operating lease expense was $1,315,000 for the six months ended October 31, 2020, inclusive of period cost for short-term leases, not included in lease liabilities, of $467,000. Operating lease expense was $576,000 for the three months ended October 31, 2019, inclusive of period cost for short-term leases, not included in lease liabilities of $222,000, and $1,125,000 for the six months ended October 31, 2019, inclusive of period cost for short-term leases, not included in lease liabilities, of $457,000. At October 31, 2020, the weighted average remaining lease term for the capitalized operating leases was 6.9 years and the weighted average discount rate was 4.1%. For the finance lease, the remaining lease term was 4.8 years and the discount rate was 10.0%. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of those lease payments. The Company uses the implicit rate when readily determinable. Future minimum lease payments under non-cancelable leases as of October 31, 2020 were as follows:
|  | Operating |  | Financing
Remainder of fiscal 2021 |  | $ | 889 |  |  | $ | 16 |
2022 |  | 1,818 |  |  | 32 |
2023 |  | 1,634 |  |  | 32 |
2024 |  | 1,276 |  |  | 32 |
2025 |  | 1,232 |  |  | 32 |
Thereafter |  | 3,927 |  |  | 12 |
Total Minimum Lease Payments 1 |  | $ | 10,776 |  |  | $ | 156 |
Imputed Interest |  | (1,700) |  |  | (33) |
Total |  | $ | 9,076 |  |  | $ | 123 |
1 Excludes future minimum payments for leases which have not yet commenced as of October 31, 2020. As of October 31, 2020, the Company has entered into leases that have not yet commenced with future minimum lease payments of $981,000 that are not yet reflected on the condensed consolidated balance sheets. These operating leases will commence in fiscal year 2021 with lease terms of 5 years.

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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 + Details
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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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