Leases
 12 Months Ended
Apr. 30, 2020
Leases [Abstract]  
Leases

NOTE 13 – LEASES

 

The Company leases space for its corporate headquarters, and additional office and warehouse space, under lease agreements classified as “operating leases’” as defined in ASC Topic 842. The Company’s real estate lease agreements have remaining terms varying from one to two years, offer the Company customary renewal options, and contain provisions for customary common area maintenance (CAM) assessments by the lessor. Please see Note 2 – “Significant Accounting Policies” – “Property and Equipment” and “Lease Accounting” above for more information.

 

The following information pertains to the Company’s leases as of the balance sheet dates indicated:

 

Assets   Classification      

As of April 30,

2020

  
Operating leases   Right-of-use assets, net       $ 800,381  
Total leased assets           $ 800,381  
                 
Liabilities                
Operating leases   Accrued and other current liabilities       $ 476,950  
Operating leases   Lease liability, long-term         343,948  
Total lease liability           $ 820,898  

 

The following information pertains to the Company’s leases for the periods indicated:

 

        Fiscal Year Ended April 30,  
Lease cost   Classification   2020     2019  
Operating lease cost   General and administrative expenses   $ 637,876     $ 468,954  
Operating lease cost     Depreciation and amortization     -       -  
Operating lease cost   Interest expense, net     -       -  
Total lease cost       $ 637,876     $ 468,954  

 

The Company’s lease liability is payable as follows:

 

Fiscal year ended April 30,      
2021   $ 476,950  
2022     276,595  
2023     50,630  
2024     16,723  
Thereafter     -  
Total lease liability   $ 820,898