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Leases
 3 Months Ended
Jul. 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 July 31, 2024 and April 30, 2024, right-of-use assets totaled $6,944,000 and $7,454,000, respectively. Operating cash paid to settle lease liabilities was $658,000 and $639,000 for the three months ended July 31, 2024 and July 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 expense was $882,000 for the three months ended July 31, 2024, inclusive of period cost for short-term leases, not included in lease liabilities, of $224,000. Operating lease expense was $867,000 for the three months ended July 31, 2023, inclusive of period cost for short-term leases, not included in lease liabilities, of $228,000.
At July 31, 2024, the weighted average remaining lease term for the capitalized operating leases was 4.1 years and the weighted average discount rate was 5.1%. For the financing leases, the weighted average remaining lease term was 4.3 years and the weighted average discount rate was 8.2%. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of those lease payments. The Company uses the implicit rate when readily determinable.
Future minimum lease payments under non-cancelable leases as of July 31, 2024 were as follows:
($ in thousands)
OperatingFinancing
Remainder of fiscal 2025
$1,796 $113 
2026
1,977 112 
2027
1,674 40 
20281,080 40 
2029
825 40 
Thereafter560 55 
Total Minimum Lease Payments7,912 400 
Imputed Interest(770)(65)
Total$7,142 $335 
In November 2023, the Company entered into a new lease that has not yet commenced as of July 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 July 31, 2024 and April 30, 2024, right-of-use assets totaled $6,944,000 and $7,454,000, respectively. Operating cash paid to settle lease liabilities was $658,000 and $639,000 for the three months ended July 31, 2024 and July 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 expense was $882,000 for the three months ended July 31, 2024, inclusive of period cost for short-term leases, not included in lease liabilities, of $224,000. Operating lease expense was $867,000 for the three months ended July 31, 2023, inclusive of period cost for short-term leases, not included in lease liabilities, of $228,000.
At July 31, 2024, the weighted average remaining lease term for the capitalized operating leases was 4.1 years and the weighted average discount rate was 5.1%. For the financing leases, the weighted average remaining lease term was 4.3 years and the weighted average discount rate was 8.2%. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of those lease payments. The Company uses the implicit rate when readily determinable.
Future minimum lease payments under non-cancelable leases as of July 31, 2024 were as follows:
($ in thousands)
OperatingFinancing
Remainder of fiscal 2025
$1,796 $113 
2026
1,977 112 
2027
1,674 40 
20281,080 40 
2029
825 40 
Thereafter560 55 
Total Minimum Lease Payments7,912 400 
Imputed Interest(770)(65)
Total$7,142 $335 
In November 2023, the Company entered into a new lease that has not yet commenced as of July 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.