LEASES

9 Months Ended

Jan. 31, 2024

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 ranged from 10.96% to 18%. The Company made downpayment of $5,000 on two vehicles and $6,500 on one vehicle.

During the nine months ended January 31, 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 term of these leases are six years with APR ranged from 13.44% to 15.81%. The Company made downpayment of $5,000 on two vehicles.

As of January 31, 2024 and April 30, 2023, the finance lease obligations included in current liabilities was $42,766 and $25,383 and finance lease obligations included in non-current liabilities was $157,474 and $88,221, respectively. During the nine months ended January 31, 2024, interest expense was $11,797 (including late charge of $203) and depreciation on the right-of-used assets was $30,218.

As of January 31, 2024, the Company had the following lease obligations:

	Discount		January 31,		April 30,
	Rate	Maturity	2024		2023
Current	6.13% - 10.51%	March 2027 - July 2029	$	42,766	$	25,383
Non-current	6.13% - 10.51%	March 2027 - July 2029		157,474		88,221
			$	200,240	$	113,604

The following table summarizes the maturity of our lease liabilities as of January 31, 2024:

Balance - April 30, 2023	$	113,604
Lease liability additions		111,960
Repayment of Lease liability		(36,917	)
Imputed interest		11,594
Balance - January 31, 2024	$	200,240

Year Ended April 30,
2024 (excluding nine months ended January 31, 2024)	$	14,529
2025		58,118
2026		58,118
2027		55,247
2028		23,661
Thereafter		29,722
Total lease payments		239,395
Less: imputed interest		(39,155	)
Lease liabilities	$	200,240

As of January 31, 2024, the Company has right-of-use assets as follows:

Balance - April 30, 2023	$	129,367
Additions		121,960
Depreciation		(30,218	)
Balance - January 31, 2024	$	221,109

GPO Plus, Inc. 10-Q