XML 23 R15.htm IDEA: XBRL DOCUMENT v3.23.1
LEASES
 6 Months Ended
Apr. 30, 2023
Leases  
LEASES

NOTE 9 - LEASES:

 

The following summarizes the Company’s operating leases:

 

   2023   2022 
Right-of-use operating lease assets  $2,858,346   $2,871,773 
            
Current lease liability   137,222    220,734 
Non-current lease liability   3,230,204    3,136,006 
Total lease liability  $3,367,426   $3,356,740 

 

The amortization of the right-of-use asset for the three months ended April 30, 2023 and 2022 was $80,180 and $77,268, respectively. The amortization of the right-of-use asset for the six months ended April 30, 2023 and 2022 was $159,843 and $179,949, respectively.

 

Weighted average remaining lease term   10.8 
Weighted average discount rate   4.9%

 

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

 

      
2023  $473,033 
2024   519,304 
2025   393,668 
2026   376,683 
2027   367,788 
Thereafter    2,333,300 
Total lease payments   $4,463,776 
Less: imputed interest    (1,096,350)
Present value of operating lease liabilities   $3,367,426 

  

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 December 2022, the Company extended its lease at its subsidiary Sonofresco in Washington through December 2023. As a result, on the date of the modification the Company increased its right-of-use asset and lease liability by $40,797 as of January 31, 2023.

 

In March 2023, the Company extended its lease at its subsidiary Organics Products Trading Company in Washington through March 2026. As a result, on the date of the modification the Company increased its right-of-use asset and lease liability by $105,619 as of April 30, 2023.

 

 

COFFEE HOLDING CO., INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2023

(UNAUDITED)