Lease Commitments	9 Months Ended
Jan. 31, 2020
Leases [Abstract]
Lease Commitments	On February 25, 2016, the FASB issued Topic 842, Leases. Under its core principle, a lessee will recognize lease assets and liabilities on the balance sheet for all arrangements with terms longer than 12 months. At inception, a lessee must classify all leases as either finance or operating. In February 2018, the Company entered into a two-year lease agreement for its current facilities, which started May 1, 2018 and expires on April 30, 2020. Under the new lease standard, which was early-adopted by the Company as of May 1, 2018, the Company’s lease was accounted for as an operating lease. As a result, the Company measured the lease liability using the two year term and rates per the lease agreement and recognized a lease liability, with a corresponding right-of-use asset. A discount was not calculated due to the lease agreement only having a two year term. The operating lease expense for the nine months ending January 31, 2020 is $66,825. The corresponding expense, recorded as rent expense, for the nine months ending January 31, 2020 is $67,650. Retrospective application of the new standard did not render any adjustments since all of the Company’s operating leases were less than one year. Lease liability as of January 31, 2020 is $22,550 through April 30, 2020. Management is in the process of negotiating a new lease agreement.

Lease Commitments

9 Months Ended

Jan. 31, 2020

On February 25, 2016, the FASB issued Topic 842, Leases. Under its core principle, a lessee will recognize lease assets and liabilities on the balance sheet for all arrangements with terms longer than 12 months. At inception, a lessee must classify all leases as either finance or operating. In February 2018, the Company entered into a two-year lease agreement for its current facilities, which started May 1, 2018 and expires on April 30, 2020. Under the new lease standard, which was early-adopted by the Company as of May 1, 2018, the Company’s lease was accounted for as an operating lease. As a result, the Company measured the lease liability using the two year term and rates per the lease agreement and recognized a lease liability, with a corresponding right-of-use asset. A discount was not calculated due to the lease agreement only having a two year term.

The operating lease expense for the nine months ending January 31, 2020 is $66,825. The corresponding expense, recorded as rent expense, for the nine months ending January 31, 2020 is $67,650. Retrospective application of the new standard did not render any adjustments since all of the Company’s operating leases were less than one year.

Lease liability as of January 31, 2020 is $22,550 through April 30, 2020. Management is in the process of negotiating a new lease agreement.