Equity Investments (Tables)

12 Months Ended

Jul. 31, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Equity Investments

Equity investments consist of the following:

July 31 (in thousands)	2023		2022
Zedge, Inc. Class B common stock, 42,282 shares at July 31, 2023 and 2022	$	89	$	117
Rafael Holdings, Inc. Class B common stock, 278,810 and 290,214 shares at July 31, 2023 and 2022, respectively		558		586
Other marketable equity securities		1,497		4,089
Fixed income mutual funds		4,054		12,299
Current equity investments	$	6,198	$	17,091
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”)	$	1,263	$	1,132
Visa Inc. Series A Convertible Participating Preferred Stock (“Visa Series A Preferred”)		—		1,230
Convertible preferred stock—equity method investment		2,784		1,001
Hedge funds		3,002		3,238
Other		2,825		825
Noncurrent equity investments	$	9,874	$	7,426

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:

Year ended July 31 (in thousands)	2023		2022			2021
Balance, beginning of period	$	1,501	$	2,743		$	4,109
Redemption for Visa mandatory release assessment		—		(1,230	)		(1,870	)
Purchase		—		100			—
Adjustment for observable transactions involving a similar investment from the same issuer		131		(103	)		510
Redemptions		—		(9	)		(6	)
Impairments		—		—			—
BALANCE, END OF PERIOD	$	1,632	$	1,501		$	2,743

Schedule of Unrealized (losses) Gains for All Equity Investments

Unrealized losses and gains for all equity investments measured at fair value included the following:

Year ended July 31 (in thousands)	2023			2022			2021
Net (losses) gains recognized during the period on equity investments	$	(2,613	)	$	(19,248	)	$	8,830
Less: net gains recognized during the period on equity investments sold during the period		18			10			1,090
Unrealized (losses) gains recognized during the period on equity investments still held at the reporting date	$	(2,631	)	$	(19,258	)	$	7,740

The unrealized losses and gains for all equity investments measured at fair value in the table above included the following:

Year ended July 31 (in thousands)	2023			2022			2021
Unrealized (losses) gains recognized during the period on equity investments:
Rafael Class B common stock	$	(7	)	$	(14,101	)	$	8,291
Zedge Class B common stock	$	(28	)	$	(533	)	$	591

Summary of Changes in Equity Method Investments

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

Year ended July 31 (in thousands)	2023			2022			2021
Balance, beginning of period	$	1,001		$	2,901		$	—
Purchase of convertible preferred stock		840			1,051			4,000
Conversion of secured promissory notes into convertible preferred stock		4,038			—			—
Equity in the net loss of investee		(2,153	)		(2,224	)		(816	)
Amortization of equity method basis difference		(942	)		(727	)		(283	)
BALANCE, END OF PERIOD	$	2,784		$	1,001		$	2,901

Summary of Statements of Operations

Summarized financial information of the EMI was as follows:

July 31 (in thousands)	2023			2022
Current assets	$	3,661		$	3,911
Noncurrent assets	$	2,245		$	2,462
Current liabilities	$	(2,771	)	$	(11,480	)
Noncurrent liabilities	$	—		$	—

(in thousands)	Year ended July 31, 2023			Year ended July 31, 2022			From the date of acquisition to July 31, 2021
REVENUES	$	7,998		$	7,889		$	1,898
COSTS AND EXPENSES:
Direct cost of revenues		6,680			9,451			1,937
Selling, general and administrative		7,871			5,834			3,388
TOTAL COSTS AND EXPENSES		14,551			15,285			5,325
LOSS FROM OPERATIONS		(6,553	)		(7,396	)		(3,427	)
Other (expense) income, net		(1,305	)		(342	)		101
NET LOSS	$	(7,858	)	$	(7,738	)	$	(3,326	)