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LEASES

3 Months Ended

Jul. 31, 2024

NOTE 10 – LEASES

In March 2023, the Company entered into finance lease contracts for three vehicles with the ownership of the vehicles transferred to the Company at the end of the term of the leases. The term of these leases are four years with APR ranging from 10.96% to 18%. The Company made downpayment of $5,000 on two vehicles and $6,500 on one vehicle.

During the year ended April 30, 2024, the Company entered into finance lease contracts for three vehicles with the ownership of the vehicles transferred to the Company at the end of the term of the leases. The term of these leases are six years with APR ranging from 13.44% to 15.81%. The Company made a downpayment of $5,000 on two vehicles.

As of July 31, 2024 and April 30, 2024, the finance lease obligations included in current liabilities were $44,675 and $43,710 and finance lease obligations included in non-current liabilities was $134,623 and $146,186, respectively. During the three months ended July 31, 2024 and 2023, interest expense was $3,932 and $2,284 and depreciation on the right-of-used assets was $12,046 and $7,727, respectively.

As of July 31, 2024 and April 30, 2024, the Company had the following lease obligations:

	Discount		July 31,		April 30,
	Rate	Maturity	2024		2024
Current	6.13% - 10.51%	March 2027 - July 2029	$	44,675	$	43,710
Non-current	6.13% - 10.51%	March 2027 - July 2029		134,623		146,186
			$	179,298	$	189,896

The following table summarizes the maturity of our lease liabilities as of July 31, 2024:

Balance - April 30, 2023	$	113,604
Lease liability additions		111,960
Repayment of Lease liability		(51,447	)
Imputed interest		15,779
Balance - April 30, 2024	$	189,896
Lease liability additions		-
Repayment of Lease liability		(14,529	)
Imputed interest		3,931
Balance - July 31, 2024	$	179,298

Year Ended April 30,
2025	$	43,588
2026		58,118
2027		55,247
2028		23,661
Thereafter		29,722
Total lease payments		210,336
Less: imputed interest		(31,038	)
Lease liabilities	$	179,298

As of July 31, 2024, the Company has right-of-use assets as follows:

Balance - April 30, 2023	$	129,367
Additions		121,960
Depreciation		(42,010	)
Balance - April 30, 2024	$	209,317
Additions		-
Depreciation		(12,046	)
Balance - July 31, 2024	$	197,271