Note 11 - Lease Right-to-use

3 Months Ended

Jul. 31, 2020

Notes to Financial Statements

Lessee, Finance Leases [Text Block]

11.

Lease Right-to-Use

On

May 1, 2019,

the Company adopted ASU

2016

-

02

Leases – Topic

842.

ASU

2016

-

02

requires that on the balance sheet a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term.

We lease the casino as well as hangar and office space with initial lease terms of

two

,

five

,

twenty-five

and

fifty

years.

	July 31, 2020
Right-to-use assets	$	44,349
Less accumulated depreciation		3,559
Total	$	40,790

Future minimum lease payments for assets under capital leases at

July 31, 2020

are as follows:

2021	$	5,245
2022		5,246
2023		5,300
2024		5,342
2025		5,255
Thereafter		58,299
Total minimum lease payments		84,687
Less amount representing interest		41,589
Present value of net minimum lease payments		43,098
Less current maturities of lease liability		1,200
Lease liability, net of current maturities	$	41,898