Quarterly report pursuant to Section 13 or 15(d)

Long Term Debt

Long Term Debt
6 Months Ended
Jan. 31, 2024
Long Term Debt [Abstract]  
Long term debt

Note 8 – Long term debt


In April 2020, the Company’s subsidiary in Switzerland received a loan of CHF 400 (or $400, based on the foreign exchange rate as of July 31, 2020) from the Swiss government under the “Corona Krise” emergency loan program in response to the COVID-19 pandemic. This loan is uncollateralized and bears 0% interest. In January 2022, the bank agent of the Swiss government informed our subsidiary that the loan had to be fully amortized within a maximum of eight years and that the first of semiannual amortization payments of CHF 33 would begin in March 2022. In March 2022, the subsidiary made its first semi-annual principal repayment of CHF 33 (or $35 based on exchange rates). Based on this amortization schedule, the loan will be repaid by September 2027. The current portion of this loan is included in other current liabilities and the long term portion in long term debt – net as of January 31, 2024 and July 31, 2023.


Minimum future annual principal payments under this agreement as of January 31, 2024 are as follows:


July 31,   Total  
2024   $ 39  
2025     77  
2026     77  
2027     77  
2028     39  
Total principal payments     309  
Less: current portion, included in other current liabilities     (75 )
Long term debt – net   $ 234