Leases (Tables)
|
6 Months Ended |
Jan. 31, 2020 |
|---|
| Leases [Abstract] |
|
| Schedule of Operating Lease Liabilities |
Supplemental balance sheet information related
to leases as of January 31, 2020 was as follows:
| Operating Leases: |
|
|
|
|
| Operating lease right-of-use assets |
|
$ |
6,360,863 |
|
| |
|
|
|
|
| Current portion included in current liabilities |
|
$ |
640,253 |
|
| Long-term portion included in non-current liabilities |
|
|
6,128,021 |
|
| Total operating lease liabilities |
|
$ |
6,768,274 |
|
|
| Schedule of Lease Expenses |
Supplemental lease
expense related to leases was as follows:
| |
|
For the Three
Months Ended
January 31, 2020
|
|
|
For the Six
Months Ended
January 31, 2020
|
|
| Operating lease cost |
|
$ |
318,404 |
|
|
$ |
530,771 |
|
| Total lease expense |
|
$ |
318,404 |
|
|
$ |
530,771 |
|
|
| Schedule of Other Information Related to Leases |
Other information
related to leases where the Company is the lessee is as follows:
| |
|
As of
January 31, 2020
|
|
| Weighted-average remaining lease term |
|
|
6.5 years |
|
| |
|
|
|
|
| Weighted-average discount rate |
|
|
9.99 |
% |
|
| Schedule of Cash Flow Information Related to Operating Leases |
Supplemental cash
flow information related to operating leases was as follows:
| |
|
For the Three
Months Ended
January 31, 2020
|
|
|
For the Six
Months Ended
January 31, 2020
|
|
| Cash paid for operating lease liabilities |
|
$ |
349,474 |
|
|
$ |
682,485 |
|
| Total cash flows related to operating lease liabilities |
|
$ |
349,474 |
|
|
$ |
682,485 |
|
|
| Schedule of Future Minimum Lease Payments |
Future minimum lease payments under non-cancellable
leases as of January 31, 2020 were as follows:
| Years ending July 31, |
|
|
|
|
| 2020 |
|
$ |
723,682 |
|
| 2021 |
|
|
1,116,946 |
|
| 2022 |
|
|
1,392,265 |
|
| 2023 |
|
|
1,431,473 |
|
| 2024 |
|
|
1,474,552 |
|
| Thereafter |
|
|
3,290,695 |
|
| Total minimum lease payments |
|
|
9,429,613 |
|
| Less: Imputed interest |
|
|
(2,661,339 |
) |
| Total |
|
$ |
6,768,274 |
|
|
| Schedule of Future Minimum Lease Obligations |
The future minimum obligations under leases
in effect as of July 31, 2019 having a noncancelable term in excess of one year as determined prior to the adoption of ASC 842
are as follows:
| Years ending July 31, |
|
|
|
|
| 2020 |
|
$ |
1,356,000 |
|
| 2021 |
|
|
308,000 |
|
| Total minimum lease payments |
|
$ |
1,664,000 |
|
|