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Variable Interest Entity

3 Months Ended

Oct. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entity

Note 10—Variable Interest Entity

As of May 31, 2021, the Company entered into a Warrant Purchase Agreement with the shareholders of an entity (the variable interest entity, or “VIE”) that operates money transfer businesses. The Company determined that, effective May 31, 2021, it had the power to direct the activities of the VIE that most significantly impact its economic performance, and the Company has the obligation to absorb losses of and the right to receive benefits from the VIE that could potentially be significant to it. The Company therefore determined that it is the primary beneficiary of the VIE, and as a result, the Company consolidates the VIE. The Company does not currently own any interest in the VIE and thus the net income incurred by the VIE was attributed to noncontrolling interests in the accompanying consolidated statements of operations.

The VIE’s net income and aggregate funding repaid to the Company by the VIE were as follows:

 Schedule of Net Income (loss) and Aggregate Funding Repaid to the Company By VIE

		Three Months Ended October 31,
		2021				2020
		(in thousands)
Net income of the VIE		$	144			$	—
Aggregate funding repaid to the Company by the VIE, net		$	(3	)		$	—

The VIE’s summarized consolidated balance sheet amounts are as follows:

 VIE’s Summarized Consolidated Balance Sheet

		October 31, 2021				July 31, 2021
		(in thousands)
Assets:
Cash and equivalents		$	1,419			$	1,364
Restricted cash			5,384				3,848
Trade accounts receivable, net			31				91
Prepaid expenses			210				344
Other current assets			863				858
Total current assets			-				-
Goodwill			-				-
Property, plant, and equipment, net			652				637
Equity investments			-				-
Operating lease right-of-use assets			-				-
Deferred income tax assets, net			-				-
Other assets			-				-
Other intangibles, net			1,042				1,042
Total assets		$	9,601			$	8,184
Liabilities and noncontrolling interests:
Trade accounts payable		$	5			$	312
Accrued expenses			41				26
Other current liabilities			6,058				4,491
Due to the Company			5				8
Accumulated other comprehensive loss			(6	)			(7	)
Noncontrolling interests			3,498				3,354
Total liabilities and noncontrolling interests		$	9,601			$	8,184

The VIE’s assets may only be used to settle the VIE’s obligations and may not be used for other consolidated entities. The VIE’s liabilities are non-recourse to the general credit of the Company’s other consolidated entities.

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- References

No definition available.

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI http://asc.fasb.org/topic&trid=2197479

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