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Fair Value Measurements | 3 Months Ended
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Oct. 31, 2022
Fair Value Measurements [Abstract] |
Fair Value Measurements | Note 3—Fair Value Measurements The following tables present the balance of assets and liabilities measured at fair value on a recurring basis (in thousands):
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
October 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration-short term |  | $ | - |  |  | $ | - |  |  | $ | 17 |  |  | $ | 17 |
Contingent consideration-long term |  | $ | - |  |  | $ | - |  |  | $ | 1,776 |  |  | $ | 1,776 |
Foreign exchange forward contracts |  | $ | - |  |  | $ | 101 |  |  | $ | - |  |  | $ | 101 |
July 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration-short term |  | $ | - |  |  | $ | - |  |  | $ | 215 |  |  | $ | 215 |
Contingent consideration-long term |  | $ | - |  |  | $ | - |  |  | $ | 1,728 |  |  | $ | 1,728 |
Foreign exchange forward contracts |  | $ | - |  |  | $ | 141 |  |  | $ | - |  |  | $ | 141 |
(1) – quoted prices in active markets for identical assets or liabilities (2) – observable inputs other than quoted prices in active markets for identical assets and liabilities (3) – no observable pricing inputs in the market Contingent Consideration Contingent consideration related to the business combinations discussed below in Note 5 are classified within Level 3 of the fair value hierarchy as the determination of fair value uses considerable judgement and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. The following table provides a rollforward of the contingent consideration related to the GuruShots acquisition (in thousands):
Balance at July 31, 2022 |  | $ | 1,943 |
Change in fair value |  |  | (150 | )
Balance at October 31, 2022 |  | $ | 1,793 |
The overall fair value of the contingent consideration decreased by $150 thousand during the three months ended October 31, 2022, due primarily to the decrease in the likelihood that certain contingent milestones would be achieved. Fair Value of Other Financial Instruments Fair value of the outstanding foreign exchange forward contracts are marked to market price at the end of each measurement period. The Company’s other financial instruments at October 31, 2022 and July 31, 2022 included trade accounts receivable and trade accounts payable. The carrying amounts of the trade accounts receivable and trade accounts payable approximated fair value due to their short-term nature.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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