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Defined Contribution Plan
 12 Months Ended
Jul. 31, 2021
Retirement Benefits [Abstract]  
Defined Contribution Plan

Note 16—Defined Contribution Plan


In September 2016, the Company adopted a 401(k) Plan, effective August 1, 2016, available to all employees meeting certain eligibility criteria. The Plan permits participants to elect pre-tax or after-tax salary deferrals that will be contributed to the Plan, not to exceed the limits established by the Internal Revenue Code. The Plan provides for enhanced safe harbor employer matching contributions. All contributions made by participants and safe harbor matching contributions by the Company will be fully vested. The Company’s Class A common stock and Class B common stock are not investment options for elective deferrals by the Plan’s participants. However, matching contributions may be made in shares of the Company.


The Company’s cost for matching contributions to the Plan were $39,000 and $41,000 for the fiscal years ended July 31, 2021 and 2020, respectively. In lieu of making cash contributions, the Company opted to contribute 6,572 shares and 26,193 shares of the Company’s Class B common stock to the Plan for fiscal 2021 and fiscal 2020, respectively.