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Leases | 6 Months Ended
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Oct. 31, 2023
Leases |
Leases | (9) Leases Lessor Information As of April 30, 2023 and October 31, 2023, the Company had three and nine WAM-V’s leased to customers which have been classified as operating leases per accounting guidance contained within ASC Topic 842, “Leases”, respectively. The remaining term on these operating leases is less than 2 years. Lessee Information 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. The Company’s operating leases consist of leases for office facilities and warehouse space. 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. The Company has a 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 lease includes an initial lease term of seven years which is set to expire on October 31, 2024, and contains an option to extend the lease for another five years. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities on the Company’s Consolidated Balance Sheets. The Company also has a lease for office space located in Houston, Texas for office space. The lease term is for 1 year, and expires on January 2024. This lease will not be renewed. ASC 842 allows a company an accounting policy election to recognize lease payments within the Consolidated Statement of Operations on a straight-line basis if the lease term is equal to or less than 12 months and not recognize a right-of use asset and lease liability. The accounting policy election is made on the commencement date of the lease. The Company has chosen this election for the Houston lease and has classified it as a short-term lease. The Company also has a lease for office space located in Richmond, California for MAR. This lease commenced in April of 2023 and will continue for 62 months. The lease is classified as an operating lease and is included in right-of-use assets, right-of-use liabilities- current and right-of-use liabilities- long-term on the Company’s Consolidated Balance Sheets. Variable lease expenses, if any, are recorded as incurred. The operating lease cash flow payments for the three months ended October 31, 2023 and 2022 were $186,000 and $108,000, respectively. The operating lease cash flow payments for the six months ended October 31, 2023 and 2022 were $371,000 and $215,000, respectively. The components of lease expense in the Consolidated Statement of Operations for the three and six months ended October 31, 2023 and 2022 were as follows: Schedule of Operating Lease Costs
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Three months ended October 31, |  |  | Six months ended October 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |  |  | (in thousands) |
Operating lease cost |  | $ | 159 |  |  | $ | 92 |  |  | $ | 316 |  |  | $ | 184 |
Short-term lease cost |  |  | 20 |  |  |  | 8 |  |  |  | 40 |  |  |  | 16 |
Total lease cost |  | $ | 179 |  |  | $ | 100 |  |  | $ | 356 |  |  | $ | 200 |
Information related to the Company’s right-of use assets and lease liabilities as of October 31, 2023 was as follows: Schedule of Right-of use Assets and Lease Liabilities
|  | October 31, 2023 |
|  | (in thousands) |
Operating lease: |  |  |  |
Operating right-of-use asset, net |  | $ | 1,550 |
Right-of-use liabilities- current |  | $ | 579 |
Right-of-use liabilities- long term |  |  | 1,060 |
Total lease liabilities |  | $ | 1,639 |
Weighted average remaining lease term- operating leases |  |  | 3.80 years |
Weighted average discount rate- operating leases |  |  | 8.4 | %
Total remaining lease payments under the Company’s operating leases are as follows: Schedule of Future Minimum Lease payments Under Operating Lease
|  | October 31, 2023 |
|  | (in thousands) |
Remainder of fiscal year 2024 |  | $ | 358 |
2025 |  |  | 514 |
2026 |  |  | 338 |
2027 |  |  | 329 |
2028 |  |  | 333 |
thereafter |  |  | 28 |
Total future minimum lease payments |  | $ | 1,900 |
Less imputed interest |  |  | (261 | )
Total |  | $ | 1,639 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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