LEASES

3 Months Ended

Jan. 31, 2024

Leases

LEASES

NOTE 9 - LEASES:

The following summarizes the Company’s operating leases:

	2024		2023
Right-of-use operating lease assets	$	2,655,799	$	2,832,907
Current lease liability		563,474		186,879
Non-current lease liability		2,637,535		3,142,959
Total lease liability	$	3,201,009	$	3,329,838

The amortization of the right-of-use asset for the three months ended January 31, 2024 and 2023 was $82,322 and $79,663, respectively.

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

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

2024	$	697,345
2025		400,868
2026		376,683
2027		367,788
2028		305,648
Thereafter		2,027,652
Total lease payments	$	4,175,984
Less: imputed interest		(974,975	)
Present value of operating lease liabilities	$	3,201,009

In December 2023, 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 $41,962 as of January 31, 2024.

COFFEE HOLDING CO., INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JANUARY 31, 2024

(UNAUDITED)