Related Party Transactions

12 Months Ended

Jul. 31, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Note 24—Related Party Transactions

Rafael Holdings, Inc.

In connection with the spin-off of Rafael in March 2018, the Company and Rafael entered into a Transition Services Agreement pursuant to which certain administrative and other services are provided by the Company and Rafael. The Company charged Rafael $0.3 million in each of fiscal 2023, fiscal 2022, and fiscal 2021 for services provided, net of the amounts charged by Rafael to the Company. At both July 31, 2023 and 2022, other current assets reported in the Company’s consolidated balance sheets included net receivable from Rafael of $0.1 million.

See Note 4 regarding the Company’s prior office lease arrangements with Rafael.

Genie Energy Ltd.

The Company entered into a Transition Services Agreement with Genie Energy Ltd. (“Genie”) prior to the spin-off of Genie in October 2011, which provides for certain services to be performed by the Company and Genie. The Company charged Genie $1.2 million, $1.3 million, and $1.3 million in fiscal 2023, fiscal 2022, and fiscal 2021, respectively, for services provided and other items, net of the amounts charged by Genie to the Company. At July 31, 2023 and 2022, other current assets reported in the Company’s consolidated balance sheets included receivables from Genie of $0.2 million and $0.4 million, respectively.

IDT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Other Related Party Transactions

The Company provides office space, certain connectivity and other services to Jonas Media Group, a publishing firm owned by Howard S. Jonas. Billings for such services were $2,000; $2,000; and $9,000 in fiscal 2023, fiscal 2022, and fiscal 2021, respectively. The balance owed to the Company by Jonas Media Group was $4,000 and $2,000 as of July 31, 2023 and 2022, respectively. In September 2020, the Company reduced its fiscal 2021 billings by $7,000.

Mason and Company Consulting, LLC (“Mason and Co.”), a company owned solely by Jonathan Mason, receives annual commissions and fees for the insurance brokerage referral and placement of certain of the Company’s insurance policies. Jonathan Mason is the husband of Joyce J. Mason, the Company’s General Counsel, and brother-in-law of Howard S. Jonas. Based on information the Company received from Jonathan Mason, the Company believes that Mason and Co. received commissions and fees from payments made by the Company in the aggregate amount of $62,000 in fiscal 2023, $76,000 in fiscal 2022, and $63,000 in fiscal 2021. Neither Howard S. Jonas nor Joyce Mason has any ownership or other interest in Mason and Co., or the commissions paid to Mason and Co., other than via the familial relationships with Jonathan Mason.

IDT DT leases space in a building in the Bronx, New York that is owned by a limited liability company that is jointly owned by Howard S. Jonas and Shmuel Jonas. The annual rent is $18,600.

The Company had loans receivable from employees aggregating $0.5 million and $0.5 million at July 31, 2023 and 2022, respectively, which are included in “Other current assets” in the accompanying consolidated balance sheets.