Leases

3 Months Ended

Jul. 31, 2022

Leases [Abstract]

Leases

Leases

The Company recognizes lease assets and lease liabilities reflecting the rights and obligations created by operating type leases for real estate and equipment in both the U.S. and internationally and financing leases for a truck and IT equipment in the U.S. At July 31, 2022 and April 30, 2022, right-of-use assets totaled $8,955,000 and $7,573,000, respectively. Operating cash paid to settle lease liabilities was $524,000 and $500,000 for the three months ended July 31, 2022 and July 31, 2021, respectively. The Company's leases have remaining lease terms of up to 9 years. In addition, some of the leases may include options to extend the leases for up to 5 years or options to terminate the leases within 1 year. Operating lease expenses were $835,000 for the three months ended July 31, 2022, inclusive of period cost for short-term leases, not included in lease liabilities, of $311,000. Operating lease expenses were $847,000 for the three months ended July 31, 2021, inclusive of period cost for short-term leases, not included in lease liabilities, of $347,000.

At July 31, 2022, the weighted average remaining lease term for the capitalized operating leases was 5.9 years and the weighted average discount rate was 4.8%. For the financing leases, the weighted average remaining lease term was 3.9 years and the weighted average discount rate was 6.8%. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of those lease payments. The Company uses the implicit rate when readily determinable.

Future minimum lease payments under non-cancelable leases as of July 31, 2022 were as follows:

	Operating		Financing
Remainder of fiscal 2023	$	1,545	$	82
2024	1,824		90
2025	1,770		90
2026	1,575		71
2027	1,366		—
Thereafter	2,539		—
Total Minimum Lease Payments	10,619		333
Imputed Interest	(1,791)		(37)
Total	$	8,828	$	296

Leases

Leases

The Company recognizes lease assets and lease liabilities reflecting the rights and obligations created by operating type leases for real estate and equipment in both the U.S. and internationally and financing leases for a truck and IT equipment in the U.S. At July 31, 2022 and April 30, 2022, right-of-use assets totaled $8,955,000 and $7,573,000, respectively. Operating cash paid to settle lease liabilities was $524,000 and $500,000 for the three months ended July 31, 2022 and July 31, 2021, respectively. The Company's leases have remaining lease terms of up to 9 years. In addition, some of the leases may include options to extend the leases for up to 5 years or options to terminate the leases within 1 year. Operating lease expenses were $835,000 for the three months ended July 31, 2022, inclusive of period cost for short-term leases, not included in lease liabilities, of $311,000. Operating lease expenses were $847,000 for the three months ended July 31, 2021, inclusive of period cost for short-term leases, not included in lease liabilities, of $347,000.

At July 31, 2022, the weighted average remaining lease term for the capitalized operating leases was 5.9 years and the weighted average discount rate was 4.8%. For the financing leases, the weighted average remaining lease term was 3.9 years and the weighted average discount rate was 6.8%. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of those lease payments. The Company uses the implicit rate when readily determinable.

Future minimum lease payments under non-cancelable leases as of July 31, 2022 were as follows:

	Operating		Financing
Remainder of fiscal 2023	$	1,545	$	82
2024	1,824		90
2025	1,770		90
2026	1,575		71
2027	1,366		—
Thereafter	2,539		—
Total Minimum Lease Payments	10,619		333
Imputed Interest	(1,791)		(37)
Total	$	8,828	$	296