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Leases
 9 Months Ended
Jan. 31, 2024
Leases [Abstract]  
Leases Leases
The Company recognizes lease assets and lease liabilities reflecting the rights and obligations created by operating type leases for real estate and equipment in both the U.S. and internationally and financing leases for vehicles and IT equipment in the U.S. At January 31, 2024 and April 30, 2023, right-of-use assets totaled $7,827,000 and $9,170,000, respectively. Operating cash paid to settle lease liabilities was $1,930,000 and $1,652,000 for the nine months ended January 31, 2024 and January 31, 2023, respectively. The Company's leases have remaining lease terms of up to 8 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 expenses were $862,000 and $2,576,000 for the three and nine months ended January 31, 2024, inclusive of period cost for short-term leases, not included in lease liabilities, of $214,000 and $646,000. Operating lease expenses were $825,000 and $2,528,000 for the three and nine months ended January 31, 2023, inclusive of period cost for short-term leases, not included in lease liabilities, of $199,000 and $876,000.
At January 31, 2024, the weighted average remaining lease term for the capitalized operating leases was 4.5 years and the weighted average discount rate was 5.1%. For the financing leases, the weighted average remaining lease term was 4.7 years and the weighted average discount rate was 8.3%. 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 January 31, 2024 were as follows:
OperatingFinancing
Remainder of fiscal 2024$648 $18 
20252,288 131 
20261,934 112 
20271,656 40 
20281,121 40 
Thereafter1,371 95 
Total Minimum Lease Payments9,018 436 
Imputed Interest(1,221)(79)
Total$7,797 $357 
In November 2023, the Company entered into a new lease that has not yet commenced as of January 31, 2024 with future minimum lease payments in aggregate of $681,000 that are not yet reflected on the Condensed Consolidated Balance Sheet. This lease is expected to commence in the second quarter of fiscal year 2025 with a lease term of 3 years.
Leases Leases
The Company recognizes lease assets and lease liabilities reflecting the rights and obligations created by operating type leases for real estate and equipment in both the U.S. and internationally and financing leases for vehicles and IT equipment in the U.S. At January 31, 2024 and April 30, 2023, right-of-use assets totaled $7,827,000 and $9,170,000, respectively. Operating cash paid to settle lease liabilities was $1,930,000 and $1,652,000 for the nine months ended January 31, 2024 and January 31, 2023, respectively. The Company's leases have remaining lease terms of up to 8 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 expenses were $862,000 and $2,576,000 for the three and nine months ended January 31, 2024, inclusive of period cost for short-term leases, not included in lease liabilities, of $214,000 and $646,000. Operating lease expenses were $825,000 and $2,528,000 for the three and nine months ended January 31, 2023, inclusive of period cost for short-term leases, not included in lease liabilities, of $199,000 and $876,000.
At January 31, 2024, the weighted average remaining lease term for the capitalized operating leases was 4.5 years and the weighted average discount rate was 5.1%. For the financing leases, the weighted average remaining lease term was 4.7 years and the weighted average discount rate was 8.3%. 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 January 31, 2024 were as follows:
OperatingFinancing
Remainder of fiscal 2024$648 $18 
20252,288 131 
20261,934 112 
20271,656 40 
20281,121 40 
Thereafter1,371 95 
Total Minimum Lease Payments9,018 436 
Imputed Interest(1,221)(79)
Total$7,797 $357 
In November 2023, the Company entered into a new lease that has not yet commenced as of January 31, 2024 with future minimum lease payments in aggregate of $681,000 that are not yet reflected on the Condensed Consolidated Balance Sheet. This lease is expected to commence in the second quarter of fiscal year 2025 with a lease term of 3 years.