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Variable Interest Entity

6 Months Ended

Jan. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entity

Note 9—Variable Interest Entity

The Company is the primary beneficiary of a 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. 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 income.

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

Schedule of Net Income and Aggregate Funding Repaid to the Company by VIE 

		2023				2022				2023				2022
		Three Months Ended January 31,								Six Months Ended January 31,
		2023				2022				2023				2022
		(in thousands)
Net income (loss) of the VIE		$	25			$	(144	)		$	165			$	—
Aggregate funding (repaid to) provided by the Company, net		$	(10	)		$	(93	)		$	87			$	(96	)

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

VIE’s Summarized Consolidated Balance Sheet 

		January 31,2023				July 31,2022
		(in thousands)
Assets:
Cash and equivalents		$	3,286			$	1,808
Restricted cash			2,064				4,490
Trade accounts receivable, net			13				31
Prepaid expenses			179				14
Other current assets			1,038				1,387
Due from the Company			—				86
Property, plant, and equipment, net			375				467
Other intangibles, net			813				889
Total assets		$	7,768			$	9,172
Liabilities and noncontrolling interests:
Trade accounts payable		$	—			$	—
Accrued expenses			25				20
Other current liabilities			3,990				5,559
Due to the Company			1				—
Accumulated other comprehensive loss			(15	)			(9	)
Noncontrolling interests			3,767				3,602
Total liabilities and noncontrolling interests		$	7,768			$	9,172

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 https://asc.fasb.org/topic&trid=2197479

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