Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Oct. 31, 2019
Lessee Disclosure [Abstract]  
Leases LeasesOperating lease assets are right of use assets ("ROU assets"), which represent the right to use an underlying asset for the lease term. Operating lease liabilities represent the obligation to make lease payments arising from the lease. Operating leases are included in the Operating Lease Assets, net, and Operating Lease Liabilities, Current and Long-term on the unaudited Consolidated Balance Sheet at October 31, 2019.  These assets and lease liabilities are recognized based on the present value of remaining lease payments over the lease term. When the lease does not provide an implicit interest rate, the Company uses an incremental borrowing rate to determine the present value of the lease payments. The right-of-use asset includes all lease payments made and excludes lease incentives. Lease expense for operating leases is recognized on a straight-line basis over the lease term. There are no variable lease payments. Lease expense for the three and six month period ended October 31, 2019 was $669,459 and $1,245,880, respectively. These costs are primarily related to long-term operating leases, but also include amounts for short-term leases with terms greater than 30 days that are not material.
The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of October 31, 2019.
Maturity of Lease Obligations Lease Payments
2020 (remaining) $ 1,140,612   
2021    2,293,382   
2022    2,225,348   
2023    1,663,434   
2024    1,474,175   
2025    1,134,718   
2026 and beyond 779,287   
Total future minimum lease payments 10,710,956   
Less imputed interest (2,757,673)  
Present value of operating lease obligations $ 7,953,283   

Balance Sheet Classification
Operating lease obligations, current $ 1,509,429   
Operating lease obligations, long-term 6,443,854   
Total operating lease obligations $ 7,953,283   

Other Information
Weighted average remaining lease term (in years) 5.1
Weighted average discount rate 12.06  %

Cash Flows
An initial right of use asset of approximately $8.8 million was recognized as a non-cash asset addition with the adoption of the standard. There were no additional right of use assets recognized as non-cash asset additions during the quarter ended October 31, 2019. Cash paid for amounts included in the present value of operating lease obligations at adoption and for the three and six months ended October 31, 2019 was $0.6 million and $1.1 million, respectively, and is included in operating cash flows.