Operating Leases

12 Months Ended

Jul. 31, 2023

Operating Leases [Abstract]

Operating Leases

Note 11— Operating Leases

The Company has operating leases primarily for office space located in Trondheim, Norway, Tel Aviv, Israel as well as a short-term lease in Vilnius, Lithuania. Operating lease right-of-use assets recorded and included in other assets were approximately $360,000 and $204,000 at July 31, 2023 and 2022, respectively.

In connection with the GuruShots acquisition, the Company acquired approximately $86,000 of right-of-use assets related to its office space in Tel Aviv and assumed approximately $86,000 of lease liabilities as of April 12, 2022.

The following table presents the lease-related assets and liabilities for leases recorded on the consolidated balance sheets (in thousands) as of July 31, 2023 and 2022:

	As of July 31,
	2023		2022
Operating leases:
Other assets	$	360	$	204
Other current liabilities	$	124	$	142
Other liabilities		223		53
Total operating lease liabilities	$	347	$	195

The following table includes the components of our occupancy costs in our consolidated statements of (loss) income and comprehensive (loss) income:

	Years ended July 31,
(in thousands)	2023		2022
Operating lease cost (1)	$	139	$	111
Variable lease cost (2)	$	130	$	70

(1) Operating lease costs include costs associated with fixed lease payments and index-based variable payments that qualified for lease accounting under ASC 842, Leases and complied with the practical expedients and exceptions we elected.

(2) Variable lease costs include costs that were not fixed at the lease commencement date and are not dependent on an index or rate. These costs were not included in the measurement of lease liabilities and primarily include variable non-lease costs, such as utilities, real estate taxes, insurance and maintenance, as well as lease costs for those leases that qualified for the short-term lease exception.

The following table summarizes the weighted average remaining lease term and weighted average discount rate as of July 31, 2023 and 2022:

	As of July 31,
	2023			2022
Weighted average remaining lease term:
Operating leases		3.23 years			1.50 years
Weighted average discount rate:
Operating leases		5.29	%		5.34	%

Future minimum lease payments under non-cancellable leases at July 31, 2023 are as follows (in thousands):

Years ending July 31,		Operating Leases
2024	$	138
2025		102
2026		87
2027		58
Total future minimum lease payments		385
Less imputed interest		24
Total	$	361

As of July 31, 2023, the Company did not have any leases that have not yet commenced that create significant rights and obligations.