Note 13 - Lease Right-to-use

6 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Lessee, Finance Leases [Text Block]

13. 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 hangars and office space with initial lease terms of two, five, and fifty years.

	October 31, 2021
Lease right-to-use assets	$	3,099
Less accumulated depreciation		531
Total	$	2,568

Future minimum lease payments for assets under capital leases at October 31, 2021 are as follows:

2022	$	247
2023		252
2024		204
2025		104
2026		106
Thereafter		7,067
Total minimum lease payments		7,980
Less amount representing interest		5,171
Present value of net minimum lease payments		2,809
Less current maturities of lease liability		103
Lease liability, net of current maturities	$	2,706