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
$
22,667
December 2024
Orlando, Florida
$
4,520
January 2025
San Juan, Puerto Rico
$
5,647
June 2027
Troy, Michigan
$
550
May 2022
These
lease agreements have remaining terms up to 4.08 years, excluding options to extend certain leases for up to 5 years.
The
weighted average remaining lease term as of April 30, 2023 was 2.40 years. The Company used a discount rate of 12% to calculate its lease
liability at April 30, 2023. Future lease payment obligations at April 30, 2023 were as follows:
Fiscal Year Ended:
2024
403,878
2025
304,676
2026
76,619
2027
79,300
2028
6,627
Total
$ 871,100
47
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