Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
12 Months Ended
Jul. 31, 2020
Leases [Abstract]  
Schedule of Operating Lease Liabilities

Supplemental balance sheet information related to leases as of July 31, 2020 was as follows:

 

Operating Leases:        
Operating lease right-of-use assets   $ 5,948,224  
Operating Leases:        
Current portion included in current liabilities   $ 500,357  
Long-term portion included in non-current liabilities     5,874,442  
Total operating lease liabilities   $ 6,374,799  

Schedule of Lease Expenses

Supplemental lease expense related to leases was as follows:

 

   

For the Year

Ended

July 31, 2020

 
Operating lease cost   $ 1,273,616  
Total lease expense   $ 1,273,616  

Schedule of Other Information Related to Leases

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

 

   

As of

July 31, 2020

 
Weighted-average remaining lease term     6.1 years  
         
Weighted-average discount rate     10.00 %

Schedule of Cash Flow Information Related to Operating Leases

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

 

   

For the Year Ended

July 31, 2020

 
Cash paid for operating lease liabilities   $ 1,406,167  
Total cash flows related to operating lease liabilities   $ 1,406,167  

Schedule of Future Minimum Lease Payments Under Non-Cancellable Lease

Future minimum lease payments under non-cancellable leases as of July 31, 2020 were as follows:

 

Years ending July 31,      
2021   $ 1,116,946  
2022     1,392,265  
2023     1,431,473  
2024     1,474,552  
2025     1,516,126  
Thereafter     1,774,569  
Total minimum lease payments     8,705,931  
Less: Imputed interest     (2,331,132 )
Total   $ 6,374,799  

Schedule of Future Minimum Lease Obligations

The future minimum obligations under leases in effect as of July 31, 2019 having a noncancelable term in excess of one year as determined prior to the adoption of ASC 842 are as follows:

 

Years ending July 31,        
2020   $ 1,356,000  
2021     308,000  
Total minimum lease payments   $ 1,664,000