LEASES:

12 Months Ended

Oct. 31, 2023

Leases

LEASES:

NOTE 9 - LEASES:

The following summarizes the Company’s operating leases:

	2023		2022
Right-of-use operating lease assets	$	2,696,159	$	2,871,773
Current lease liability		255,625		220,734
Non-current lease liability		2,974,579		3,136,006
Total lease liability	$	3,230,204	$	3,356,740

The amortization of the right-of-use asset for the years ended October 31, 2023 and 2022 was $322,030 and $674,013, respectively.

Weighted average remaining lease term	10.0
Weighted average discount rate	4.9	%

COFFEE HOLDING CO., INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

OCTOBER 31, 2023 AND 2022

NOTE 9 – LEASES (cont’d):

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

2024	$	770,429
2025		393,668
2026		376,683
2027		367,788
2028		305,648
Thereafter		2,027,652
Total lease payments	$	4,241,868
Less: imputed interest		(1,011,664	)
Present value of operating lease liabilities	$	3,230,204

The aggregate cash payments under these leasing agreements was $429,027 and $426,271 for the years ended October 31, 2023 and 2022, respectively.

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