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Note 12 - Commitments

3 Months Ended

Jan. 31, 2023

Notes to Financial Statements

Commitments Disclosure [Text Block]

Note 12 – Commitments

We have operating leases for corporate offices, manufacturing facilities, and certain storage units. Our leases have remaining lease terms of one year to three years, some of which include options to extend the leases for up to five years. A portion of our operating leases are leased from K&K Unlimited, a company controlled by Darren Clark, the former owner and current President of Cables Unlimited, to whom we make rent payments totaling $16,000 per month.

We also have other operating leases for certain equipment. The components of our facilities and equipment operating lease expenses for the period ending January 31, 2023 were as follows (in thousands):

		Three Months Ended
		January 31, 2023
Operating lease cost		$	762

Other information related to leases was as follows (in thousands):

		January 31, 2023				October 31, 2022
Supplemental Cash Flows Information
ROU assets obtained in exchange for lease obligations:
Operating leases		$	-			$	13,352
Weighted Average Remaining Lease Term
Operating leases (in months)			113.94				113.72
Weighted Average Discount Rate
Operating leases			3.75	%			3.75	%

Future minimum lease payments under non-cancellable leases as of January 31, 2023 were as follows:

Year ending October 31,		Operating Leases
2023 (excluding three months ended January 31, 2023)		$	1,810
2024			1,991
2025			1,796
2026			1,835
2027			1,874
Thereafter			10,618
Total future minimum lease payments			19,924
Less imputed interest			(3,330	)
Total		$	16,594

Reported as of January 31, 2023		Operating Leases
Other current liabilities		$	1,728
Operating lease liabilities			14,866
Total		$	16,594

As of January 31, 2023, operating lease ROU asset was $12.7 million and operating lease liability totaled $16.5 million, of which $1.7 million is classified as current. There were no finance leases as of January 31, 2023.

The Schrofftech facilities, consisting of two buildings for a total of 10,700 square feet, are leased by RF Industries, Ltd. under two leases that were renewed effective February 1, 2022 for two years expiring January 31, 2024. The aggregate monthly rental payment under the new leases currently is $6,720 per month.

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- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-URI https://asc.fasb.org/topic&trid=2144648

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- References

No definition available.

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