PROPERTY AND EQUIPMENT |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant, and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY AND EQUIPMENT | NOTE 5 — PROPERTY AND EQUIPMENT
As of the dates presented, property consisted of the following:
For the years ended April 30, 2026 and 2025, depreciation expense amounted to $64,887 and $32,390, respectively, and was included in general and administrative expenses in the accompanying consolidated statements of operations.
In September 2025, the Company acquired land and a building located in Cheyenne, Wyoming for a total purchase price of $1,119,324 (the “Property Acquisition”). Concurrent with the Property Acquisition, the Company entered into a one-year lease agreement (the “leaseback”) to lease the property back to the seller (the “seller-lessee”). Accordingly, the Company is the lessor (the “buyer-lessor”) in the leaseback arrangement. The leaseback is accounted for as an operating lease under ASC 842.
In accordance with ASC 842-40 (Sale and Leaseback Transactions), the Company evaluated and determined that the contractual leaseback payments are below market rent for comparable properties and terms. ASC 842-40 requires the adjustment of the purchase price of the underlying asset for any off-market terms of sale and leaseback transactions. A buyer-lessor should account for such difference as a prepayment of rent by the seller-lessee, which should be recognized as lease income along with the contractual leaseback payments.
Accordingly, the acquired land and building is recorded at an adjusted cost of $1,119,324, which consists of the purchase price of $1,095,336 and the off-market adjustment of $23,988 of deferred rent representing the value of the below-market leaseback terms. The deferred rent is presented within accounts payable and accrued liabilities on the Company’s consolidated balance sheet and is being amortized to other income ratably over the one-year term of the lease agreement. During the year ended April 30, 2026, amortization of deferred rent amounted to $15,992, and was included in other income as reflected in the accompanying consolidated statements of operations.
In January 2026, the Company acquired land located in Cheyenne, Wyoming for a total purchase price of $804,555.
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