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Leases | 12 Months Ended
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Jul. 31, 2022
Leases [Abstract] |
LEASES | NOTE 18 – LEASES The Company is the lessor of certain properties which are leased to tenants under net operating leases with initial term expiration dates ranging from 2021 to 2029. Lease income included on the consolidated statements of operations and comprehensive loss was $0.3 million and $0.3 million for the years ended July 31, 2022 and 2021, respectively. During the years ended July 31, 2022 and 2021, approximately $212 thousand and $37 thousand, respectively, of real estate property taxes are included in rental income. The future contractual minimum lease payments to be received (excluding operating expense reimbursements) by the Company as of July 31, 2022, under non-cancellable operating leases which expire on various dates through 2025 are as follows:
Year ending July 31, |  | Related Parties |  |  | Other |  |  | Total |
|  | (in thousands) |
2023 |  | $ | 75 |  |  | $ | — |  |  | $ | 75 |
2024 |  |  | 77 |  |  |  | — |  |  |  | 77 |
2025 |  |  | 78 |  |  |  | — |  |  |  | 78 |
Thereafter |  |  | — |  |  |  | — |  |  |  | — |
Total Minimum Future Rental Income |  | $ | 230 |  |  | $ | — |  |  | $ | 230 |
The Company has related party leases that expire in April 2025 for (i) an aggregate of 88,631 square feet, which includes two parking spots per thousand square feet of space leased at 520 Broad Street, Newark, New Jersey, and (ii) 3,595 square feet in Israel. The annual rent is approximately $2.0 million in the aggregate. The related parties have the right to terminate the domestic leases upon four months’ notice, and upon early termination will pay a termination penalty equal to 25% of the portion of the rent due over the course of the remaining term. A related party has the right to terminate the Israeli lease upon four months’ notice. IDT has the right to lease an additional 50,000 square feet, in 25,000-foot increments, in the building located at 520 Broad Street, Newark, New Jersey on the same terms as their base lease, and other rights should 25,000 square feet or less remain available to lessees in the building. Upon expiration of the lease, related parties have the right to renew the leases for another five years. The minimum future rental income pertaining to the 520 Property has been excluded from the table above as they have been classified as held-for-sale for the years ended July 31, 2022 and 2021.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI https://asc.fasb.org/topic&trid=2208923 + Details
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