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LEASES | 12 Months Ended
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Oct. 31, 2022
Leases |
LEASES | NOTE 9 - LEASES: The following summarizes the Company’s operating leases: SCHEDULE OF OPERATING LEASES
|  | 2022 |  |  | 2021 |
Right-of-use operating lease assets |  | $ | 2,871,773 |  |  | $ | 3,545,786 |
Current lease liability |  |  | 220,734 |  |  |  | 340,400 |
Non-current lease liability |  |  | 3,136,006 |  |  |  | 3,299,784 |
Total lease liability |  | $ | 3,356,740 |  |  | $ | 3,640,184 |
The amortization of the right-of-use asset for the years ended October 31, 2022 and 2021 was $674,013 and $350,871, respectively.
Weighted average remaining lease term |  |  | 11.4 |
Weighted average discount rate |  |  | 4.9 | %
COFFEE HOLDING CO., INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OCTOBER 31, 2022 AND 2021 NOTE 9 – LEASES (cont’d): Maturities of lease liabilities by year for our operating leases are as follows: SCHEDULE OF MATURITY LEASE LIABILITY
2023 |  | $ | 623,696 |
2024 |  |  | 474,670 |
2025 |  |  | 354,528 |
2026 |  |  | 360,108 |
2027 |  |  | 367,788 |
Thereafter |  |  | 2,333,300 |
Total lease payments |  | $ | 4,514,090 |
Less: imputed interest |  |  | (1,157,350 | )
Present value of operating lease liabilities |  | $ | 3,356,740 |
The aggregate cash payments under these leasing agreements was $426,271 and $442,118 for the years ended October 31, 2022 and 2021, respectively. 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.

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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