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Leases | 12 Months Ended
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Apr. 30, 2021
Leases [Abstract] |
Leases | (6) Leases Lessor Information See note 2, (d) Revenue Recognition for information on lessor accounting. Lessee Information The Company has one lease for its facility located in Monroe Township, New Jersey that is used as warehouse/production space and the Company’s principal offices and corporate headquarters. The initial lease term is for 7 years with an option to extend the lease for another 5 years. The lease is classified as an operating lease. The operating lease is included in right-of-use assets, lease liabilities- current and lease liabilities- long-term on the Company’s Consolidated Balance Sheets. The Company also has one lease located in Houston, Texas that was acquired as part of the 3Dent acquisition that is used as office space. The lease term is for 3 years, classified as an operating lease, and included in the right-of-use assets, lease liabilities- current and lease liabilities- long-term on the Company’s Consolidated Balance Sheets. The Company has one lease for an additional office space also located in Houston, Texas. The lease has a term of 12 month ending on June 30, 2022. As the lease term is 12 months, the assets is recognized directly to the profit and loss statement on a straight-line bases under ASC 842-20-25-2 and is not recognized as a right-of-use asset. Right-of-use asset and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. When the implicit rate of the lease is not provided or cannot be determined, the Company used the incremental borrowing rate based on the information available at the effective date to determine the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. The renewal options have not been included in the lease term as they are not reasonably certain of exercise. Lease expense for minimum lease payments is recognized on a straight- line basis over the lease term and consists of interest on the lease liability and the amortization of the right of use asset. Variable lease expenses, if any, are recorded as incurred. The operating lease expense in the Consolidated Statement of Operations was $0.3 million for the twelve months ended April 30, 2021 and 2020. The components of lease expense in the Consolidated Statement of Operations for the twelve months ended April 30, 2021 and 2020 was as follows:
|  | Twelve months ended April 30, |
|  | 2021 |  |  | 2020 |
Operating lease cost |  | $ | 330 |  |  | $ | 317 |
Short-term lease cost |  |  | 17 |  |  |  | - |
Total lease cost |  | $ | 347 |  |  | $ | 317 |
Information related to the Company’s right-of use assets and lease liabilities as of April 30, 2021 is as follows:
|  | April 30, 2021 |
|  |  | (in thousands) |
Operating lease: |  |  |  |
Operating right-of-use asset, net |  | $ | 1,036 |
Right-of-use liability- current |  |  | 347 |
Right-of-use liability- long term |  |  | 819 |
Total lease liability |  | $ | 1,166 |
Weighted average remaining lease term- operating leases |  |  | 3.34 years |
Weighted average discount rate- operating leases |  |  | 8.1 | %
Total remaining lease payments under the Company’s operating leases are as follows:
|  | April 30, 2021 |
|  |  | (in thousands) |
2022 |  |  | 393 |
2023 |  |  | 391 |
2024 |  |  | 362 |
2025 |  |  | 184 |
Total future minimum lease payments |  | $ | 1,330 |
Less imputed interest |  |  | (163 | )
Total |  | $ | 1,167 |

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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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