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LEASES
 3 Months Ended
Jan. 31, 2022
Leases  
LEASES

NOTE 9 - LEASES:

 

The following summarizes the Company’s operating leases:

 

   2022   2021 
Right-of-use operating lease assets  $3,443,105   $3,545,786 
            
Current lease liability   311,475    340,400 
Non-current lease liability   3,239,638    3,299,784 
Total lease liability  $3,551,113   $3,640,184 

 

The amortization of the right-of-use asset for the three months ended January 31, 2022 and 2021was $102,681 and $112,587, respectively.

 

Weighted average remaining lease term    11.1 
Weighted average discount rate    4.9%

 

Maturities of lease liabilities by year for our operating leases are as follows:

 

       
2022   $450,732 
2023    492,385 
2024    474,670 
2025    354,528 
2026    360,108 
Thereafter    2,701,088 
Total lease payments   $4,833,511 
Less: imputed interest    (1,282,398)
Present value of operating lease liabilities   $3,551,113 

 

In June 2021, the Company purchased a facility in Colorado for $900,321 that it was previously leasing. On the date of purchase, the Company wrote off the carrying value of the right-of-use asset and lease liability associated with this facility of $242,888.

 

In September 2021, the Company extended its headquarters lease in Staten Island, New York through September 2036. As a result, on the date of the modification the Company increased its right-of-use asset and lease liability by $2,025,316 as of October 31, 2021.

 

 

COFFEE HOLDING CO., INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JANUARY 31, 2022

(UNAUDITED)