LEASES

12 Months Ended

Oct. 31, 2021

Leases

LEASES

NOTE 9 - LEASES:

The following summarizes the Company’s operating leases:

	2021		2020
Right-of-use operating lease assets	$	3,545,786	$	2,114,228
Current lease liability		340,400		484,163
Non-current lease liability		3,299,784		1,780,306
Total lease liability	$	3,640,184	$	2,264,469

The amortization of the right-of-use asset for the years ended October 31, 2021 and 2020 was $350,871 and $397,794, respectively.

Weighted average remaining lease term	11.4
Weighted average discount rate	4.9	%

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

2022	$	514,053
2023		494,899
2024		356,304
2025		354,528
2026		360,104
Thereafter		2,701,089
Total lease payments	$	4,780,977
Less: imputed interest		(1,140,793	)
Present value of operating lease liabilities	$	3,640,184

The aggregate cash payments under these leasing agreements was $442,118 for the year ended October 31, 2021.

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.

COFFEE HOLDING CO., INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

OCTOBER 31, 2021 AND 2020