Leases

12 Months Ended

Apr. 30, 2022

Note 9 – Leases

The Company has a long-term operating lease for office, industrial, and laboratory space that expires in 2023. The lease has an option to extend for five years however given the future anticipated expansion of the Company, it is more likely than not that the option will not be exercised. Rent expense for operating leases for the years ended April 30, 2022 and 2021 was $179,364 and $173,405, respectively. The Company records

right-of-use

assets and liabilities at the present value of the fixed lease payments over the term at the commencement date. The Company uses its incremental borrowing rate of 12% to determine the present value of the lease as the rate implicit in the lease is typically not readily available.

Information related to the Company’s

right-of-use

assets and lease liabilities

nsi

st o

f the following:


	2022			2021
Right-of-use assets	$	88,535		$	194,660

Lease liabilities, current		90,968			107,632
Lease liabilities, net of current portion		—			90,967

Total lease liabilities	$	90,968		$	198,599

Weighted average remaining term (in years)		0.8			1.8
Weighted average discount rate		12	%		12	%

As of April 30, 2022, future maturities of lease liabilities due under lease agreements was as follows:


2023		95,576
Less imputed interest		(4,608	)

Total operating lease liabilities	$	90,968

As of April 30, 2021, future maturities of lease liabilities due under lease agreement was as follows:


2022		125,697
2023		95,576

Total lease payments		221,273
Less imputed interest		(22,674	)

Total operating lease liabilities	$	198,599