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LEASES
 12 Months Ended
Oct. 31, 2022
Leases  
LEASES

NOTE 9 - LEASES:

 

The following summarizes the Company’s 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:

 

      
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.