Note 5 - Lease Right-to-use

12 Months Ended

Apr. 30, 2022

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, 2022		April 30, 2021
Finance lease right-of-use assets	$	3,240	$	3,099
Less accumulated depreciation		512		436
Total	$	2,728	$	2,663

Future minimum lease payments for assets under capital leases at April 30, 2022 are as follows:

2023	$	259
2024		263
2025		139
2026		116
2027		118
Thereafter		7,721
Total minimum lease payments		8,616
Less amount representing interest		5,611
Present value of net minimum lease payments		3,005
Less current maturities of finance lease liability		106
Finance lease liability, net of current maturities	$	2,899

	April 30, 2022			April 30, 2021
Finance lease cost:
Amortization of right-of-use assets	$	181		$	225
Interest on lease liabilities		148			158
Total finance lease cost	$	329		$	383
	April 30, 2022			April 30, 2021
Weighted average remaining lease term - Financing leases	45 years			44 years
Weighted average discount rate - Financing leases		5	%		5	%