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Leases

6 Months Ended

Jan. 31, 2024

Leases

Leases

Note 4—Leases

The Company’s leases primarily consist of operating leases for office space. These leases have remaining terms from less than one year to six years. 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 any of these options.

net2phone is the lessee under equipment leases that are classified as finance leases. The assets and liabilities related to these finance leases are not material to the Company’s consolidated balance sheets.

Supplemental disclosures related to the Company’s operating leases were as follows:

 Schedule of Supplemental Disclosures Related to the Company's Operating Leases

		2024				2023				2024				2023
		Three Months Ended January 31,								Six Months Ended January 31,
		2024				2023				2024				2023
		(in thousands)
Operating lease cost		$	734			$	799			$	1,492			$	1,566
Short-term lease cost			132				259				459				528
Total lease cost		$	866			$	1,058			$	1,951			$	2,094
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	724			$	824			$	1,515			$	1,588
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases			724				824				1,515				1,588

 Schedule of Supplemental Disclosures Related Weighted Average Operating Leases

		January 31, 2024				July 31, 2023
Weighted-average remaining lease term-operating leases			2.6 years				2.3 years
Weighted-average discount rate-operating leases			4.3	%			3.7	%

In the six months ended January 31, 2024 and 2023, the Company obtained right-of-use assets of $0.9 million and $1.7 million, respectively, in exchange for new operating lease liabilities.

The Company’s aggregate operating lease liability was as follows:

 Schedule of Aggregate Operating Lease Liability

		January 31, 2024				July 31, 2023
		(in thousands)
Operating lease liabilities included in “Other current liabilities”		$	2,810			$	2,861
Operating lease liabilities included in noncurrent liabilities			2,448				2,881
Total		$	5,258			$	5,742

Future minimum maturities of operating lease liabilities were as follows:

 Schedule of Future Minimum Maturities of Operating Lease Liabilities

(in thousands)
Twelve-month period ending January 31:
2025		$	2,988
2026			1,344
2027			636
2028			320
2029			183
Thereafter			152
Total lease payments			5,623
Less imputed interest			(365	)
Total operating lease liabilities		$	5,258

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- References

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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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

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