(14) LEASE COMMITMENTS:

The Company leases offices and office equipment in Pennsylvania and New Mexico. The leases are generally non-cancelable operating leases with an initial term of two to five years. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The lease agreements do not contain any residual value guarantees or material restrictive covenants.

At April 30, 2020, right-of-use assets and lease liabilities were $109,000 and $113,000. For the year ended April 30, 2020, the total operating lease expense was $113,000. Remaining lease payments subsequent to April 30, 2020 are as follows:


	Payments
Fiscal Year	(in thousands)
2021	$	92
2022		25
Total lease payments		117
Less: Imputed interest		4
Present value of lease liabilities	$	113

For 2020, the weighted average remaining lease term and weighted average discount rate of the Company's operating leases were 1.2 years and 5.50%. The lease contracts for the Company generally do not provide a readily determinable implicit rate. For these contracts, the Company estimated the incremental borrowing rate based on information available upon the adoption of ASU 2016-02. The Company applied a consistent method in periods after the adoption of ASU 2016-02 to estimate the incremental borrowing rate.