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Income Taxes (Tables)

12 Months Ended

Jul. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of income (loss) before income taxes

Fiscal year ended July 31,
(in thousands)		2021				2020
Domestic		$	7,629			$	(630	)
Foreign			417				86
Income (loss) before income taxes		$	8,046			$	(544	)

Schedule of Provision for (benefit from) income taxes

Fiscal year ended July 31,
(in thousands)		2021				2020
Current:
Foreign		$	30			$	14
Federal			239				-
State			6				1
Total current expense			275				15
Deferred:
Foreign			(44	)			-
Federal			(253	)			-
State			(180	)			-
Total deferred expense			(477	)			-
Provision for (benefit from) income taxes		$	(202	)		$	15

Schedule of income taxes expected at the U.S. federal statutory income tax rate and income taxes

Fiscal year ended July 31,
(in thousands)		2021				2020
U.S federal income tax (benefit) at statutory rate		$	1,690			$	(114	)
State tax (net of federal benefit)			5				29
Change in valuation allowance			(1,601	)			13
Foreign tax rate differential			(10	)			(6	)
Other			(286	)			93
Provision for (benefit from) income taxes		$	(202	)		$	15

Schedule of significant components of the Company’s deferred tax assets and deferred tax liabilities

July 31, (in thousands)		2021				2020
Deferred tax assets:
Net operating loss carryforwards		$	502			$	1,783
Reserves and accruals			163				185
Stock-based compensation			156				242
Net deferred tax assets			821				2,210
Less valuation allowance			(344	)			(2,210	)
Total deferred tax assets		$	477			$	-

Schedule of change in the valuation allowance

Fiscal year ended July 31, (in thousand)		Balance at beginning of year				Additions charged to costs and expenses				Deductions				Balance at end of year
2021
Reserves deducted from deferred income taxes, net:
Valuation allowance		$	2,210			$	-			$	(1,866	)			$ 344
2020
Reserves deducted from deferred income taxes, net:
Valuation allowance		$	2,197			$	13			$	-			$	2,210

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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