|3 Months Ended|
Oct. 31, 2022
On August 31, 2022, the Company provided a six month notice to MawIt Inc. (the “Six Month Notice”) for a property at Pennington, New Jersey, which serves as the Company’s New Jersey corporate headquarters. Under the Six Month Notice, the Company will not be renewing the lease and will be vacating the property before February 28, 2023. The Company remeasured the lease payments and recorded decreases of ROU asset for approximately $120,000 and lease liabilities of approximately $120,000 for this operating lease.
On October 17, 2022, the Company provided a notice to Explora BioLabs (the “Notice”) for a property at San Diego, California, which serves as the Company’s lab space. Under the Notice, the Company will terminate the lease on December 16, 2022. The Company accounted for the Notice as a contract modification, and accordingly, recorded decreases of ROU asset for approximately $363,000 and lease liabilities of approximately $363,000 for this operating lease.
The Company has operating leases for corporate offices and lab space. These leases have remaining lease terms of approximately less than a year to four 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 October 31, 2022.
Supplemental balance sheet information related to leases as of October 31, 2022 was as follows:
Schedule of Operating Lease Liabilities
Supplemental lease expense related to leases is as follows:
Schedule of Lease Expenses
Other information related to leases where the Company is the lessee is as follows:
Schedule of Other Information Related to Leases
Supplemental cash flow information related to operating leases is as follows:
Schedule of Cash Flow Information Related to Operating Leases
Future minimum lease payments under non-cancellable leases as of October 31, 2022 is as follows:
Schedule of Future Minimum Lease Payments Under Non-Cancellable Lease
No definition available.
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef