6. Right-of-Use Assets and Lease Liabilities

The Company’s leases primarily represent offices, warehouses, vehicles, manufacturing and R&D facilities which expire at various times through 2029 and are operating leases. Contractual arrangements are evaluated at inception to determine if the agreement contains a lease. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. ROU assets and lease liabilities are recorded based on the present value of future lease payments which will factor in certain qualifying initial direct costs incurred as well as any lease incentives that may have been received. Lease expenses for operating lease payments are recognized on a straight-line basis over the lease term. Lease terms may factor in options to extend or terminate the lease.

The Company elected the practical expedient for short-term leases which allows leases with terms of twelve months or less to be recorded on a straight-line basis over the lease term without being recognized on the consolidated balance sheet.

The table below presents ROU assets and lease liabilities recorded on the consolidated balance sheets as follows:

	Classification	April 30, 2021		April 30, 2020
		(In thousands)
Assets
Operating lease ROU assets	Right-of-Use assets leases	$	9,773	$	10,864

Liabilities
Operating lease liabilities (short-term)	Lease liability, current		1,715		1,869
Operating lease liabilities (long-term)	Lease liability, non-current		8,366		9,444
Total lease liabilities		$	10,081	$	11,313

Total operating lease expense was approximately $1.6 million for the fiscal years ended April 30, 2021 and 2020, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses on the consolidated statements of operations. In addition, we made cash payments of $2.0 million and $1.7 million for operating leases during the fiscal years ended April 30, 2021 and 2020, respectively, which are included in cash flows from operating activities in our consolidated statement of cash flows. As of April 30, 2021, the Company had no operating lease liabilities that had not commenced.

The table below reconciles the undiscounted cash flows for each of the first five fiscal years and total of the remaining fiscal years to the operating lease liabilities recorded on the consolidated balance sheet as of April 30, 2021:

Fiscal Year Ending April 30,
(in thousands)

2022	$	1,766
2023		1,802
2024		1,834
2025		1,723
Thereafter		5,542
Total lease payments		12,667
Less imputed interest		(2,586	)
Present value of future lease payments		10,081
Less current obligations under leases		(1,715	)
Long-term lease obligations	$	8,366

As of April 30, 2021, the weighted-average remaining lease term for all operating leases was 7.4 years. The Company does not generally have access to the rate implicit in the leases and therefore utilized the Company’s borrowing rate as the discount rate. The weighted average discount rate for operating leases as of April 30, 2021 was 6.19%.