XML 27 R15.htm IDEA: XBRL DOCUMENT

Leases

3 Months Ended

Oct. 31, 2021

NOTE 9 - LEASES

The leased properties have a remaining lease term of sixteen to forty-six months as of August 1, 2019. At the option of the Company, it can elect to extend the term of the leases. See table below:

Location	Annual Rent		Lease Expiration Date	Business Use	Approx. Sq. Ft.

825 W. Bitters, Suite 104, San Antonio, TX 78216	$	26,529	Jul-22	Executive offices		1,546
1610 Royal Palm Avenue, Suite 300, Fort Myers, FL 33901	$	82,102	Dec-25	Office space and network facilities		6,800
2121 Ponce de Leon Blvd., Suite 200, Coral Gables FL 33134	$	164,475	Jul-22	Office space & wireless internet network		4,623
7218 McNeil Dr., FL-1, Austin, TX 78729	$	21,000	Mar-24	Network facilities		25
6606 Lyndon B. Johnson, Fwy., FL1, Suite 125, Dallas, TX 75240	$	14,200	May-22	Network facilities		25
9701 S. John Young Parkway, Orlando, FL 32819	$	30,528	May-23	Network facilities		540
50 NE 9th St, Miami, FL 3313	$	49,560	May-23	Network facilities		25
350 NW 215 St., Miami Gardens, FL 33169	$	23,403	May-22	Wireless internet network		100
8333 NW 53rd St, Doral, FL 33166	$	13,612	Jul-25	Wireless internet network		100
100 SE 2nd Street, Miami, FL 33131	$	36,024	Jan-24	Wireless internet network		100
9055 SW 73rd Ct, Miami, FL 33156	$	8,674	Dec-23	Wireless internet network		100
9517 Fontainebleau Blvd., Miami, FL 33172	$	11,860	Aug-24	Wireless internet network		100

The Company has not entered into any sale and leaseback transactions during the three months ended October 31, 2021

On January 1, 2021, the Company entered into a new office lease, with a monthly base lease payment and applicable shared expenses of $4,750 and $2,140, respectively. The base rent will increase on an annual basis by 2% of the base lease payment. The lease expires on January 1, 2026, and at the option of the Company, the lease can be extended for one (1) five (5) year term with a base rent at the prevailing market rate at the time of the renewal.

In November 2020, as part of the acquisition of Nexogy, Inc., the Company assumed an office lease in Coral Gable Florida, two network facilities and five wireless internet network leases. These leases are identified in the table above. The leases’ expiration dates range from May 2022 to July 2025, and at the option of the Company, the leases can be extended for various periods ranging from one to five years, with a base rent at the prevailing market rate at the time of the renewal.

Amounts recognized on July 31, 2021, and October 31, 2021, for operating leases are as follows:

ROU Asset	July 31, 2021	$	934,260
Amortization		$	(112,191	)
Addition - Asset		$	-
ROU Asset	October 31, 2021	$	822,069

Lease Liability	July 31, 2021	$	934,260
Amortization		$	(112,191	)
Addition - Liability		$	-
Lease Liability	October 31, 2021	$	822,069

Lease Liability	Short term	$	477,748
Lease Liability	Long term	$	344,321
Lease Liability	Total:	$	822,069

Operating lease cost:	$	123,403

Cash paid for amounts included in the measurement of lease labilities

Operating cashflow from operating leases:	$	123,403

Weighted-average remain lease term-operating lease:		2.8 years

Weighted-average discount rate		5.0	%

For the period ended October 31, 2021, the amortization of operating ROU assets was $112,191.

For the period ended October 31, 2021, the amortization of operating lease liabilities was $112,191.

The future minimum lease payment under the operating leases are as follows:

	Lease
Period Ending July, 31	Payments
2022 (remaining 9 Months)	$	481,967
2023		242,181
2024		142,912
2025		101,512
2026		35,896
Total:	$	1,004,469