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Leases

6 Months Ended

Jan. 31, 2022

NOTE 17 – 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 $0.9 million and $0.7 million for the three months ended January 31, 2022 and 2021, respectively, and $1.7 million and $1.5 million for the six months ended January 31, 2022 and 2021, respectively.

The future contractual minimum lease payments to be received (excluding operating expense reimbursements) by the Company as of January 31, 2022, under non-cancellable operating leases which expire on various dates through 2028 are as follows:

Year ending July 31,	Related Parties		Other		Total
	(in thousands)
2022 (remaining)	$	1,043	$	345	$	1,388
2023		2,117		592		2,709
2024		2,155		538		2,693
2025		1,659		550		2,209
2026		—		562		562
Thereafter		—		1,570		1,570
Total Minimum Future Rental Income	$	6,974	$	4,157	$	11,131

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.