Equity Investments (Tables)

9 Months Ended

Apr. 30, 2022

Cash and Cash Equivalents [Abstract]

Schedule of Equity Investments

Equity investments consist of the following:

	April 30, 2022		July 31, 2021
	(in thousands)
Zedge, Inc. Class B common stock, 42,282 shares at April 30, 2022 and July 31, 2021	$	217	$	649
Rafael Holdings, Inc. Class B common stock, 290,214 and 246,565 shares at April 30, 2022 and July 31, 2021, respectively		624		12,479
Rafael Holdings, Inc. restricted Class B common stock, nil and 43,649 shares at April 30, 2022 and July 31, 2021, respectively		—		2,209
Other marketable equity securities		3,048		3,630
Fixed income mutual funds		12,290		23,467
Current equity investments	$	16,179	$	42,434
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”)	$	2,131	$	2,465
Series B and Series C convertible preferred stock—equity method investment		1,744		2,901
Hedge funds		2,619		3,563
Other		825		2,725
Noncurrent equity investments	$	7,319	$	11,654

Schedule of Carrying Value of Equity Investments

The changes in the carrying value of the Company’s equity investments without readily determinable fair values for which the Company elected the measurement alternative was as follows:

	Three Months Ended April 30,						Nine Months Ended April 30,
	2022			2021			2022			2021
	(in thousands)
Balance, beginning of period	$	2,539		$	2,223		$	2,743		$	4,109
Redemption for Visa mandatory release assessment		—			—			—			(1,870	)
Adjustment for observable transactions involving a similar investment from the same issuer		(130	)		404			(334	)		388
Redemptions		—			(6	)		—			(6	)
Impairments		—			—			—			—
Balance, end of the period	$	2,409		$	2,621		$	2,409		$	2,621

Schedule of Unrealized (losses) Gains for All Equity Investments

Unrealized gains and losses for all equity investments included the following:

	Three Months Ended April 30,					Nine Months Ended April 30,
	2022			2021		2022			2021
	(in thousands)
Net (losses) gains recognized during the period on equity investments	$	(3,416	)	$	5,435	$	(20,862	)	$	5,822
Less: net gains recognized during the period on equity investments sold during the period		—			—		10			—
Unrealized (losses) gains recognized during the period on equity investments still held at the reporting date	$	(3,416	)	$	5,435	$	(20,872	)	$	5,822

Summary of Changes in Equity Method Investments

The following table summarizes the change in the balance of the Company’s equity method investment:

	Three Months Ended April 30,						Nine Months Ended April 30,
	2022			2021			2022			2021
	(in thousands)
Balance, beginning of period	$	2,509		$	—		$	2,901		$	—
Purchase of convertible preferred stock		—			4,000			1,051			4,000
Equity in the net loss of investee		(583	)		(386	)		(1,662	)		(386	)
Amortization of equity method basis difference		(182	)		(142	)		(546	)		(142	)
Balance, end of the period	$	1,744		$	3,472		$	1,744		$	3,472

Summary of Statements of Operations

Summarized financial information of the EMI was as follows (fiscal 2021 financial information is for the period from February 2, 2021 to April 30, 2021):

	Three Months Ended April 30,						Nine Months Ended April 30,
	2022			2021			2022			2021
	(in thousands)
Revenues	$	2,689		$	718		$	5,760		$	718
Costs and expenses:
Direct cost of revenues		4,402			804			7,307			804
Selling, general and administrative		1,265			1,525			3,928			1,525
Total costs and expenses		5,667			2,329			11,235			2,329
Loss from operations		(2,978	)		(1,611	)		(5,475	)		(1,611	)
Other expense		(82	)		—			(83	)		—
Net loss	$	(3,060	)	$	(1,611	)	$	(5,558	)	$	(1,611	)