Annual report pursuant to Section 13 and 15(d)

401(k) Plan

v3.20.2
401(k) Plan
12 Months Ended
Jul. 31, 2020
Retirement Benefits [Abstract]  
401(k) Plan

Note 12—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 consolidated statements of operations and totaled approximately $136,342 and $94,000 for the years ended July 31, 2020 and 2019, respectively.