Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.1
Leases
9 Months Ended
Apr. 30, 2022
Leases  
Leases

Note 10—Leases

 

Lease Agreements

 

The Company has operating leases for corporate offices and lab space. These leases have remaining lease terms of approximately one year to five years, some of which include options to extend the lease. For any lease where the Company is reasonably certain that a renewal option will be exercised, the lease payments associated with the renewal option period are included in the ROU asset and lease liability as of April 30, 2022.

 

Supplemental balance sheet information related to leases as of April 30, 2022 was as follows:

 

Operating Leases:      
Operating lease right-of-use assets   $ 4,910,443  
Operating Leases:        
Current portion included in current liabilities   $ 1,073,440  
Long-term portion included in non-current liabilities     4,418,671  
Total operating lease liabilities   $ 5,492,111  

 

Supplemental lease expense related to leases is as follows:

 

   

For the Three Months Ended

April 30, 2022

   

For the Nine

Months Ended

April 30, 2022

 
Operating lease cost   $ 379,718     $ 1,126,828
Total lease expense   $ 379,718     $ 1,126,828  

 

Other information related to leases where the Company is the lessee is as follows:

 

   

As of

April 30, 2022

 
Weighted-average remaining lease term     4.3 years  
Weighted-average discount rate     9.97 %

 

Supplemental cash flow information related to operating leases is as follows:

 

   

For the Three Months Ended

April 30, 2022

   

For the Nine

Months Ended

April 30, 2022

 
Cash paid for operating lease liabilities   $ 388,694     $ 1,184,073  
Total cash flows related to operating lease liabilities   $ 388,694     $ 1,184,073  

 

 

Future minimum lease payments under non-cancellable leases as of April 30, 2022 is as follows:

 

Years ending July 31,      
2022 – the remainder of the fiscal year   $ 388,694  
2023     1,585,224  
2024     1,539,142  
2025     1,516,126  
2026     1,533,882  
Thereafter     240,688  
Total minimum lease payments     6,803,756  
Less: Imputed interest     (1,311,645 )
Total   $ 5,492,111