Note 11 - Lease Right-to-use

6 Months Ended

Oct. 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.

	October 31, 2020
Right-to-use assets	$	44,349
Less accumulated depreciation		4,273
Total	$	40,076

Future minimum lease payments for assets under capital leases at

October 31, 2020

are as follows:

2022	$	5,244
2023		5,260
2024		5,314
2025		5,317
2026		5,268
Thereafter		56,979
Total minimum lease payments		83,382
Less amount representing interest		40,567
Present value of net minimum lease payments		42,815
Less current maturities of lease liability		1,228
Lease liability, net of current maturities	$	41,587