Equipment Financing (Tables)

9 Months Ended

Apr. 30, 2024

Equipment Financing [Abstract]

Schedule of Amounts Recognized for Equipment Financing

Amounts recognized as of July 31, 2023 and April 30, 2024 for equipment financing are as follows:

ROU Asset	July 31, 2023	$	577,566
Amortization		$	(416,184	)
Addition - Asset		$	1,204,936
ROU Asset	April 30, 2024	$	1,366,318
Equipment Financing	July 31, 2023	$	581,505
Amortization		$	(421,911	)
Addition - Equipment Financing		$	1,204,936
Equipment Financing	April 30, 2024	$	1,364,530
Equipment Financing	Short term	$	595,341
Equipment Financing	Long term	$	769,189
Equipment Financing	Total:	$	1,364,530

Schedule of Amounts Recognized In Equipment Financing

The future payments under the equipment financing agreements are as follows:

Year	Amount
2024	$	249,410
2025		587,211
2026		483,884
2027		125,808
2028		7,017
Total future payments:	$	1,453,330
Less: amounts representing interest		88,800
Present value of net minimum equipment financing payments	$	1,364,530
Lease cost:
Amortization of ROU assets	$	416,184
Interest on lease liabilities		63,692
Cash paid for amounts included in the measurement of lease liabilities:
Operating cashflow from equipment financing:	$	63,692
Financing cashflow from equipment financing:		421,911
Weighted-average remaining lease term - equipment financing:		2.1 years
Weighted-average discount rate		5.0	%