We lease real estate, as well as other equipment, under non-cancelable operating lease agreements. We recognize expenses under our operating lease assets and liabilities at the commencement date based on the present value of lease payments over the lease terms. Our leases do not provide an implicit interest rate. We use our incremental borrowing rate consistent with our revolving line of credit based on the information available at the lease commencement date in determining the discount rate for the present value of lease payments. Our lease agreements do not require material variable lease payments, residual value guarantees, or restrictive covenants. For operating leases, we recognize expense on a straight-line basis over the lease term. We record tenant improvement allowances as an offsetting adjustment included in our calculation of the respective right-of-use asset.

Many of our leases include renewal options that can extend the lease term. These renewal options are at our sole discretion and are reflected in the lease term when they are reasonably certain to be exercised. The depreciable life of assets and leasehold improvements are limited by the expected lease term.

The amounts of assets and liabilities related to our operating leases as of October 31, 2024 and April 30, 2024 are as follows (in thousands):


	October 31, 2024			April 30, 2024
Operating Leases
Right-of-use assets	$	37,541		$	37,540
Accumulated amortization		(4,793	)		(3,976	)
Right-of-use assets, net	$	32,748		$	33,564

Lease liabilities, current portion	$	1,353		$	1,331
Lease liabilities, net of current portion		32,630			33,289
Total operating lease liabilities	$	33,983		$	34,620

For the three and six months ended October 31, 2024, we recorded $1.0 million and $2.0 million, respectively, of operating lease costs, of which $2,000, respectively, were short-term operating lease costs respectively. For the three and six months ended October 31, 2023, we recorded $808,000 and $1.6 million, respectively, of operating lease costs, of which $6,000 and $8,000 were short-term operating lease costs. As of October 31, 2024, our weighted average lease term and weighted average discount rate for our operating leases were 14.0 years and 6.0%, respectively. The operating lease costs, weighted average lease term, and weighted average discount rate, are primarily driven by the lease of our corporate office and warehouse facility in Columbia, Missouri through fiscal 2039. The depreciable lives of right-of-use assets are limited by the lease term and are amortized on a straight-line basis over the life of the lease.

Future lease payments for all our operating leases for the remainder of fiscal 2025 and for succeeding fiscal years, as of October 31, 2024, are as follows (in thousands):


	Operating
2025	$	1,695
2026		3,360
2027		3,399
2028		3,450
2029		3,510
2030		3,572
Thereafter		32,461
Total future lease payments		51,447
Less amounts representing interest		(17,464	)
Present value of lease payments		33,983
Less current maturities of lease liabilities		(1,353	)
Long-term maturities of lease liabilities	$	32,630

The cash paid for amounts included in the measurement of liabilities and the operating cash flows was $637,000 and $465,000 for the six months ended October 31, 2024 and 2023, respectively.