SUBSEQUENT EVENT

3 Months Ended

Oct. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENT

SUBSEQUENT EVENT

The Company evaluated all events and transactions that occurred after October 31, 2022 up through the date the Company issued these consolidated financial statements. The Company owns 9.8% of a privately-held software company (the "Investee"), which was acquired in the early 2000s and whose book value was written down to zero in prior years. The Company was not required to account for this Investee as an equity method investment.

On November 11, 2022, the Investee entered into an asset purchase agreement to sell substantially all of its assets for $40.8 million (the "Purchase Price"). The sale is subject to a shareholder vote scheduled to be held on December 15, 2022. If approved, the sale is expected to be completed early in the first quarter of calendar 2023 after which the Company expects to receive an aggregate of approximately $4.0 million of cash proceeds. The first receipt of approximately $3.2 million is expected to occur before the end of the third quarter of the fiscal year ending July 31, 2023, with approximately $0.4 million expected to be received during each of the fiscal years ending July 31, 2024 and 2025. When received, the Company will recognize the cash proceeds as other income on the condensed consolidated statement of operations.