Lease |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| LEASE | NOTE 10 — LEASE
Operating lease
On January 19, 2024, FuAn entered into a sublease agreement with the landlord to lease an office in Irvine, California with a lease term of 27 months. The lease commenced on February 1, 2024, and will expire on April 30, 2026. The monthly rental payment is $3,825 for the period from February 1, 2024 to January 31, 2025, $3,978 for the period from February 1, 2025 to January 31, 2026, and $4,137 for the period from February 1, 2026 to April 30, 2026.
Total lease expenses from continuing operations amounted to $11,783 and $11,783 for the three months ended January 31, 2026 and 2025, respectively. Total lease expenses from continuing operations amounted to $35,349 and $35,349 for the nine months ended January 31, 2026 and 2025, respectively. Total lease expenses from discontinued operations amounted to $292,009 and $292,009 for the three months ended January 31, 2026 and 2025, respectively. Total lease expenses from discontinued operations amounted to $876,027 and $876,027 for the nine months ended January 31, 2026 and 2025, respectively. The Company’s ROU assets and lease liabilities are recognized using an effective interest rate of 10.50%, which was determined using the Company’s incremental borrowing rate.
As of January 31, 2026 and April 30, 2025, the average remaining term of the lease is 0.25 years and 1.0 years, respectively. The Company’s operating ROU assets and lease liabilities were as follows:
As of January 31, 2026, future maturity of the Company’s operating lease liabilities is as follows:
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