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Leases

12 Months Ended

Jul. 31, 2021

Note 10— Leases

The Company has operating leases primarily for office space. Effective April 1, 2021, the Company moved its main office in Trondheim, Norway with 11,600 square feet of office space to a 4,900 square foot facility. There were nine months left on the lease agreement for the old office space and the Company recognized $14,000 gain as a result of the lease termination. As of March 31, 2021 the Company recorded $281,000 in ROU assets and the same amount for the lease liabilities for the new lease which has a three year term.

The following table presents the lease-related assets and liabilities for leases recorded on the Consolidated Balance Sheet (in thousands) as of July 31, 2021 and 2020:

	As of July 31,
	2021		2020
Operating leases:
Other assets	$	243	$	317

Other current liabilities	$	86	$	232
Other liabilities		145		64
Total operating lease liabilities	$	231	$	296

The following table summarizes the weighted average remaining lease term and weighted average discount rate as of July 31, 2021 and 2020:

	As of July 31,
	2021			2020
Weighted average remaining lease term:
Operating leases		2.67 years			1.42 years
Weighted average discount rate:
Operating leases		1.00	%		5.00	%

Future minimum lease payments under non-cancellable leases at July 31, 2021 are as follows (in thousands):

Years ending July 31,	Operating Leases
2022	$	88
2023		96
2024		50
Total future minimum lease payments		234
Less imputed interest		3
Total	$	231

As of July 31, 2021, the Company did not have any leases that have not yet commenced that create significant rights and obligations.