Quarterly report pursuant to Section 13 or 15(d)

401(k) Plan

v3.22.2.2
401(k) Plan
 3 Months Ended
Oct. 31, 2022
Retirement Benefits [Abstract]  
401(k) Plan

Note 10—401(k) Plan

 

Effective May 15, 2012, the Company adopted a defined contribution savings plan pursuant to Section 401(k) of the Code. The plan is for the benefit of all qualifying employees and permits voluntary contributions by employees of up to 100% of eligible compensation, subject to the maximum limits imposed by Internal Revenue Service. The terms of the plan allow for discretionary employer contributions and the Company currently matches 100% of its employees’ contributions, up to 3% of their annual compensation. The Company’s contributions are recorded as expense in the accompanying condensed consolidated statements of operations. The Company’s contributions totaled approximately $47,000 for the three months ended October 31, 2022. The Company’s contributions totaled approximately $54,000 for the three months ended October 31, 2021.