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Subsequent Events | 12 Months Ended
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Jul. 31, 2021
Subsequent Events [Abstract] |
Subsequent Events | Note 19—Subsequent Events Acquisition Pursuant to an Asset Purchase Agreement, on August 1, 2021, the Company consummated the acquisition of substantially all of the assets of Emojipedia Pty Ltd, a proprietary company organized under the laws of Australia. The total purchase price of the assets is not expected to exceed $7 million. $4.8 million was funded into an escrow account on July 30, 2021 which is classified in other assets on the Consolidated Balance Sheet at July 31, 2021 and was paid at closing. The balance will be determined based on an incentive structure linked to EBITDA generated from emojipedia.org during the first four month period following the closing and paid out on the six-month and twelve month anniversary of the Closing. The assets purchased include emojipeida.org, a set of smaller websites, a bank of emoji related URLs and other assets related to the Seller’s business, including World Emoji Day, the annual World Emoji Awards, and Emojitracker. Although the Company has not finalized its analysis, the Company anticipates that this acquisition does not qualify as a business combination under FASB ASC 805, Business Combinations, and anticipates it will be accounted for it as asset acquisition. Additionally, the Company does not believe this acquisition meets the new prescribed significance tests under Rule 1-02(w) of Regulation S-X which took effect on January 1, 2021 and regards this acquisition as an insignificant business. Foreign Exchange Forward Contracts On August 26, 2021, the Company entered into the following foreign exchange forward contracts with Western Alliance Bank:
Settlement Date |  | U.S. Dollar Amount |  |  | NOK Amount |
Dec-21 |  |  | 225,000 |  |  |  | 1,966,794 |
Jan-22 |  |  | 225,000 |  |  |  | 1,967,244 |
Feb-22 |  |  | 225,000 |  |  |  | 1,967,896 |
Mar-22 |  |  | 225,000 |  |  |  | 1,968,684 |
Apr-22 |  |  | 225,000 |  |  |  | 1,969,696 |
May-22 |  |  | 225,000 |  |  |  | 1,970,619 |
Total |  | $ | 1,350,000 |  |  |  | 11,810,933 |
Settlement Date |  | U.S. Dollar Amount |  |  | EUR Amount |
Dec-21 |  |  | 225,000 |  |  |  | 189,340 |
Jan-22 |  |  | 225,000 |  |  |  | 189,165 |
Feb-22 |  |  | 225,000 |  |  |  | 189,037 |
Mar-22 |  |  | 225,000 |  |  |  | 188,926 |
Apr-22 |  |  | 225,000 |  |  |  | 188,800 |
May-22 |  |  | 225,000 |  |  |  | 188,673 |
Total |  | $ | 1,350,000 |  |  |  | 1,133,940 |

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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