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Employee Retention Credits
 12 Months Ended
Jul. 31, 2025
Employee Retention Credits [Abstract]  
EMPLOYEE RETENTION CREDITS

NOTE 26 - EMPLOYEE RETENTION CREDITS

 

During the year ended July 31, 2025, the Company recorded refunds as a result of Employee Retention Credits (ERC), which are refundable tax credits against certain employment taxes initially made available under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act). In accordance with the Company’s accounting policy, the ERC amounts have been recognized in other income, net as the Company determined that all relevant criteria for recognition had been met. The ERC represents a one-time benefit and does not constitute recurring operational income.

 

For the year ended July 31, 2025, the Company recorded $236 thousand in employee retention credits and $36 thousand of related interest within other income and interest income, respectively, in the consolidated statement of operations. This consists of refund claims filed on Form 941 for the first quarter of 2021. As of July 31, 2025, the Company accrued for the total $272 thousand as other receivables on the consolidated balance sheet. Additional ERC of $933 thousand was acquired in the Cyclo Merger and is included in other receivables on the consolidated balance sheet as of July 31, 2025. All ERC and accrued interest due to the Company was received in full in August 2025.