Note 13 - Lease Right-to-use

9 Months Ended

Jan. 31, 2022

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.

	January 31, 2022
Lease right-to-use assets	$	3,099
Less accumulated depreciation		574
Total	$	2,525

Future minimum lease payments for assets under finance leases at January 31, 2022 are as follows:

2023	$	248
2024		253
2025		166
2026		105
2027		107
Thereafter		7,040
Total minimum lease payments		7,919
Less amount representing interest		5,135
Present value of net minimum lease payments		2,784
Less current maturities of lease liability		106
Lease liability, net of current maturities	$	2,678