LEASES |
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| LEASES | NOTE 10 – LEASES
In March 2023, the Company entered into finance lease contracts for three vehicles with the ownership of the vehicles transferred to the Company at the end of the term of the leases. The term of these leases are four years with APR ranging from 10.96% to 18%. The Company made downpayment of $5,000 on two vehicles and $6,500 on one vehicle.
During the year ended April 30, 2024, the Company entered into finance lease contracts for three vehicles with the ownership of the vehicles transferred to the Company at the end of the term of the leases. The terms of these leases are six years with APR ranging from 13.44% to 15.81%. The Company made a down payment of $5,000 on the two vehicles.
During the three months ended July 31, 2025, the Company entered into finance lease contracts for three vehicles with the ownership of the vehicles transferred to the Company at the end of the term of the leases. The terms of these leases ranging from three to six years with APR ranging from 7.03% to 9.49 %. The Company made a down payment of $5,000 on one of these vehicles and traded in a Company owned automobile as trade-in credit valued at $12,000 for another two of these vehicles.
On May 22, 2025, the Company signed a new lease moving its Regional Distribution Hub to a new location at 6707 Yonkers Ave Lubbock, Texas. The lease commenced on May 22, 2025 and ended on August 22, 2028 at a cost of $4,500 per month with lease payment begins on August 22, 2025. (Note 11)
As of July 31, 2025 and April 30, 2025, the finance lease obligations included in current liabilities were $152,764 and $63,027 and finance lease obligations included in non-current liabilities were $316,236 and $126,446, respectively. During the three months ended July 31, 2025 and 2024, repayment on finance lease was $25,380 and $14,529, respectively. During the three months ended July 31, 2025 and 2024, interest expense was $5,812and $3,931 and depreciation on the right-of-used assets was $35,279 and $12,046, respectively.
As of July 31, 2025 and April 30, 2025, the Company had the following lease obligations:
The following table summarizes the maturity of our lease liabilities as of July 31 2025:
As of July 31, 2025, the Company has right-of-use assets as follows:
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