Leases (Tables)
|
9 Months Ended |
Apr. 30, 2020 |
|---|
| Leases [Abstract] |
|
| Schedule of Operating Lease Liabilities |
Supplemental balance sheet information related
to leases as of April 30, 2020 was as follows:
| Operating Leases: |
|
|
|
|
| Operating lease right-of-use assets |
|
$ |
6,156,939 |
|
| |
|
|
|
|
| Current portion included in current liabilities |
|
$ |
509,828 |
|
| Long-term portion included in non-current liabilities |
|
|
6,065,238 |
|
| Total operating lease liabilities |
|
$ |
6,575,066 |
|
|
| Schedule of Lease Expenses |
Supplemental lease
expense related to leases was as follows:
| |
|
For the Three
Months Ended
April 30, 2020
|
|
|
For the Nine
Months Ended
April 30, 2020
|
|
| Operating lease cost |
|
$ |
371,423 |
|
|
$ |
902,194 |
|
| Total lease expense |
|
$ |
371,423 |
|
|
$ |
902,194 |
|
|
| Schedule of Other Information Related to Leases |
Other information
related to leases where the Company is the lessee is as follows:
| |
|
As of
April 30, 2020
|
|
| Weighted-average remaining lease term |
|
|
6.3 years |
|
| |
|
|
|
|
| Weighted-average discount rate |
|
|
10.00 |
% |
|
| 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
April 30, 2020
|
|
|
For the Nine
Months Ended
April 30, 2020
|
|
| Cash paid for operating lease liabilities |
|
$ |
360,706 |
|
|
$ |
1,043,192 |
|
| Total cash flows related to operating lease liabilities |
|
$ |
360,706 |
|
|
$ |
1,043,192 |
|
|
| Schedule of Future Minimum Lease Payments Under Non-Cancellable Lease |
Future minimum lease payments under non-cancellable
leases as of April 30, 2020 were as follows:
| Years ending July 31, |
|
|
|
|
| 2020 (Remainder of fiscal year) |
|
$ |
362,975 |
|
| 2021 |
|
|
1,116,946 |
|
| 2022 |
|
|
1,392,265 |
|
| 2023 |
|
|
1,431,473 |
|
| 2024 |
|
|
1,474,552 |
|
| Thereafter |
|
|
3,290,696 |
|
| Total minimum lease payments |
|
|
9,068,907 |
|
| Less: Imputed interest |
|
|
(2,493,841 |
) |
| Total |
|
$ |
6,575,066 |
|
|
| 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 |
|
|