Note 5 - Lease Right-to-use

12 Months Ended

Apr. 30, 2021

Notes to Financial Statements

Lessee, Finance Leases [Text Block]

5. 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

, and

fifty

years.

	April 30, 2021		April 30, 2020
Finance lease right-of-use assets	$	3,099	$	44,349
Less accumulated depreciation		436		2,844
Total	$	2,663	$	41,505

Future minimum lease payments for assets under capital leases at

April 30, 2021

are as follows:

2022	$	255
2023		249
2024		254
2025		129
2026		105
Thereafter		7,120
Total minimum lease payments		8,112
Less amount representing interest		5,246
Present value of net minimum lease payments		2,866
Less current maturities of finance lease liability		107
Finance lease liability, net of current maturities	$	2,759

Financial and Other Covenants

We are in compliance with our covenants at

April 30, 2021

.