Item 2. Properties
ITEM 2. PROPERTIES
The Company has the following operating leases for
real estate locations where it operates:
Location
Monthly Rent
Expiration
South Salt Lake, Utah
$ 22,000
December 2024
Orlando, Florida
$ 4,692
May 2024
San Juan, Puerto Rico
$ 2,226
June 2027
Troy, Michigan
$ 2,667
May 2022
Orlando, Florida
$ 1,690
September 2022
These lease agreements have remaining terms up to
5.08 years, excluding options to extend certain leases for up to 5 years.
The weighted average remaining lease term as of April
30, 2022 was 3.28 years. The Company used a discount rate of 12% to calculate its lease liability at April 30, 2022. Future
lease payment obligations at April 30, 2022 were as follows:
Fiscal Year Ended:
2023
$ 400,092
2024
403,878
2025
304,676
2026
76,619
2027
79,300
Thereafter
6,627
Total
$ 1,271,192
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.