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:
Schedule
of Operating Lease Liabilities
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:
Schedule
of Lease Expenses
|
|
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:
Schedule
of Other Information Related to Leases
|
|
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:
Schedule
of Cash Flow Information Related to Operating Leases
|
|
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:
Schedule
of Future Minimum Lease Payments Under Non-Cancellable Lease
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 |
|
|