Business Acquisitions (Tables)

6 Months Ended

Jan. 31, 2021

Business Combinations [Abstract]

Summary of fair values is based on an extensive analysis and is subject to changes in the future during the measurement period

	Nexogy		Active PBX		Total
	(in thousands)
Cash	$	358	$	-	$	358
Accounts receivables		278		78		356
Intangible Assets and Goodwill		9,018		2,555		11,573
Property and equipment, net		164		-		164
Other Assets		83		2		85
Total identifiable assets	$	9,901	$	2,635	$	12,536
Less: liabilities assumed		270		80		350
Total Purchase price	$	9,631	$	2,555	$	12,186

Schedule of the estimated cost of intangible assets related to the acquisition

	Nexogy		ActivePBX		Total		Useful life
			(in thousands)				(years)
Customer  Relationships	$	4,100	$	1,610	$	5,710		7
Trade Names & Trademarks		2,600		270		2,870		7
Non-compete Agreement		200		90		290		2-3
Nexogy Goodwill		2,118		585		2,703		-
	$	9,018	$	2,555	$	11,573

Summary of proforma results of operations in acquisition

	Three months ended January 31,												Six months ended January 31,
	2021						2020						2021						2020
	Reported			Pro-forma			Reported			Pro-forma			Reported			Pro-forma			Reported			Pro-forma
Revenue	$	3,326		$	3,709		$	1,557		$	3,559		$	4,878		$	7,376		$	3,146		$	7,199
Income (loss) from operations		(764	)		(657	)		(699	)		(403	)		(1,390	)		(873	)		(1,370	)		(738	)
Net income (loss)	$	(1,950	)	$	(1,864	)	$	(457	)	$	(276	)	$	(2,671	)	$	(2,226	)	$	(1,965	)	$	(1,535	)
Earnings (loss) per common share-Basic and Diluted	$	(0.02	)	$	(0.02	)	$	(0.01	)	$	(0.01	)	$	(0.02	)	$	(0.02	)	$	(0.06	)	$	(0.05	)

Schedule of the Company secured four (4) additional leases

	Base Monthly		Commencement	Expiration
Lease	Lease Payment		Date	Date	Additional terms
1 - Colocation	$	4,130	June 8, 2020	June 8, 2023	With an option to extend for an additional twelve (12) months, and 5% increase in base monthly lease payment.
2 - Rooftop	$	2,450	June 1, 2015	June 1, 2021	With an option to extend for five (5) additional one (1) year terms.
3 - Rooftop	$	979	December 1, 2015	December 1, 2025	Initial term for five (5) years, lease renewed for additional five (5) years.
4 - Rooftop	$	2,700	November 30, 2013	November 30, 2023	Initial term for five (5) years, lease renewed for additional five (5) years, with an option for a second renewal for an additional five (5) years.