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Leases | 6 Months Ended
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Oct. 31, 2021
Leases |
Leases | (6) Leases Lessor Information As of October 31, 2021, the Company has one lease which has been classified as an operating lease per accounting guidance contained within ASC Topic 842,” Leases”. The Company’s remaining term on this operating lease is less than 10 months. The maturity of lease payments remaining on this lease is immaterial. 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 seven years which expires in November of 2024 with an option to extend the lease for another five 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 (see Note 18) that is used as office space. The lease term is for 3 years and is set to expire in January of 2023. The lease is 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 additional office space also located in Houston, Texas. The lease was renewed for a 12-month term ending on June 30, 2022. In accordance with ASC 842-20-5-2, since the lease term is 12 months, the asset was recognized directly to the profit and loss statement on a straight-line basis and was 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 commencement date. When the implicit rate of the lease is not provided or cannot be determined, the Company uses 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 cash flow payments for the three months ended October 31, 2021 and 2020 were $102,000 and $85,000, respectively. The operating lease cash flow payments for the six months ended October 31, 2021 and 2020 were $204,000 and $168,000, respectively. The components of lease expense in the Consolidated Statements of Operations for the three and six months ended October 31, 2021 and 2020 were as follows: Schedule of Operating Lease Costs
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | Three months ended October 31, |  |  | Six months ended October 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (in thousands) |  |  |  |  |  |  |
Operating lease cost |  | $ | 92 |  |  | $ | 80 |  |  | $ | 184 |  |  | $ | 159 |
Short-term lease cost |  |  | 5 |  |  |  | 3 |  |  |  | 10 |  |  |  | 5 |
Total lease cost |  | $ | 97 |  |  | $ | 83 |  |  | $ | 194 |  |  | $ | 164 |
Information related to the Company’s right-of use assets and lease liabilities as of October 31, 2021 was as follows: Schedule of Right-of Use Assets and Lease Liabilities
|  | October 31, 2021 |
|  |  | (in thousands) |
Operating lease: |  |  |  |
Operating right-of-use asset, net |  | $ | 897 |
Right-of-use liability- current |  | $ | 327 |
Right-of-use liability- long term |  |  | 690 |
Total lease liability |  | $ | 1,017 |
Weighted average remaining lease term- operating leases |  |  | 2.86 years |
Weighted average discount rate- operating leases |  |  | 8.2 | %
Total remaining lease payments under the Company’s operating leases are as follows: Schedule of Future Minimum Lease Payments Under Operating Lease
|  | October 31, 2021 |
|  |  | (in thousands) |
Remainder of fiscal year 2022 |  | $ | 199 |
2023 |  |  | 391 |
2024 |  |  | 362 |
2025 |  |  | 182 |
Total future minimum lease payments |  | $ | 1,134 |
Less imputed interest |  |  | (117 | )
Total |  | $ | 1,017 |

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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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