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Leases | 6 Months Ended
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Jan. 31, 2021
Leases [Abstract] |
Leases | Note 4—Leases The Company’s leases primarily consist of operating leases for office space. These leases have remaining terms from one to five years. net2phone-UCaaS also has operating leases for office equipment. Certain of these leases contain renewal options that may be exercised and/or options to terminate the lease. The Company has concluded that it is not reasonably certain that it would exercise the options to extend or terminate the leases. net2phone-UCaaS has equipment leases that are classified as finance leases, and net2phone-UCaaS is the lessor in various equipment leases that are classified as sales-type finance leases. The assets and liabilities related to these finance leases are not material to the Company’s consolidated balance sheets. On March 26, 2018, the Company completed a pro rata distribution of the common stock that the Company held in the Company’s former subsidiary, Rafael Holdings, Inc. (“Rafael”) to the Company’s stockholders of record as of the close of business on March 13, 2018 (the “Rafael Spin-Off”). Howard S. Jonas, the Chairman of the Company’s Board of Directors, is also the Chairman of the Board of Directors and Chief Executive Officer of Rafael. The Company leases office space and parking in Rafael’s building and parking garage located at 520 Broad St, Newark, New Jersey. The Company also leases office space in Israel from Rafael. The Newark lease expires in April 2025 and the Israel lease expires in July 2025. In each of the three months ended January 31, 2021 and 2020, the Company incurred lease costs of $0.5 million, and in each of the six months ended January 31, 2021 and 2020, the Company incurred lease costs of $0.9 million in connection with the Rafael leases, which is included in operating lease cost in the table below. Supplemental disclosures related to the Company’s operating leases were as follows:
|  | Three Months Ended January 31, |  |  | Six Months Ended January 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (in thousands) |
Operating lease cost |  | $ | 697 |  |  | $ | 712 |  |  | $ | 1,425 |  |  | $ | 1,423 |
Short-term lease cost |  |  | 130 |  |  |  | 75 |  |  |  | 195 |  |  |  | 133 |
Total lease cost |  | $ | 827 |  |  | $ | 787 |  |  | $ | 1,620 |  |  | $ | 1,556 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 672 |  |  | $ | 685 |  |  | $ | 1,382 |  |  | $ | 1,369 |
|  | January 31, 2021 |  |  | July 31, 2020 |
Weighted-average remaining lease term-operating leases |  |  | 3.7 years |  |  |  | 4.2 years |
Weighted-average discount rate-operating leases |  |  | 2.9 | % |  |  | 3.12 | %
On September 1, 2020, the Company entered into a new lease with an aggregate operating lease liability of $0.6 million. The Company’s aggregate operating lease liability was as follows:
|  | January 31, 2021 |  |  | July 31, 2020 |
|  | (in thousands) |
Operating lease liabilities included in “Other current liabilities” |  | $ | 2,537 |  |  | $ | 2,350 |
Operating lease liabilities included in noncurrent liabilities |  |  | 6,514 |  |  |  | 7,353 |
Total |  | $ | 9,051 |  |  | $ | 9,703 |
Future minimum maturities of operating lease liabilities were as follows (in thousands):
Twelve-month period ending January 31: |  |  |
2022 |  | $ | 2,768 |
2023 |  |  | 2,526 |
2024 |  |  | 1,957 |
2025 |  |  | 1,844 |
2026 |  |  | 497 |
Thereafter |  |  | — |
Total lease payments |  |  | 9,592 |
Less imputed interest |  |  | (541 | )
Total operating lease liabilities |  | $ | 9,051 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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