Equity Investments (Tables)

9 Months Ended

Apr. 30, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Equity Investments

Equity investments consist of the following:

	April 30, 2024		July 31, 2023
	(in thousands)
Zedge, Inc. Class B common stock, 42,282 shares at April 30, 2024 and July 31, 2023	$	102	$	89
Rafael Holdings, Inc. Class B common stock, 278,810 shares at April 30, 2024 and July 31, 2023		443		558
Other marketable equity securities		169		1,497
Fixed income mutual funds		4,130		4,054
Current equity investments	$	4,844	$	6,198
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”)	$	1,425	$	1,263
Convertible preferred stock—equity method investment		1,565		2,784
Hedge funds		2,915		3,002
Other		725		2,825
Noncurrent equity investments	$	6,630	$	9,874

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,
	2024			2023		2024			2023
	(in thousands)
Balance, beginning of period	$	1,719		$	1,594	$	1,632		$	1,501
Adjustment for observable transactions involving a similar investment from the same issuer		(25	)		13		162			106
Upward adjustment		—			—		130			—
Redemption		—			—		(230	)		—
Impairments		—			—		—			—
Balance, end of the period	$	1,694		$	1,607	$	1,694		$	1,607

Schedule of Unrealized Gains (losses) Gains for All Equity Investments

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

	Three Months Ended April 30,						Nine Months Ended April 30,
	2024			2023			2024			2023
	(in thousands)
Net losses recognized during the period on equity investments	$	(78	)	$	(480	)	$	(280	)	$	(2,649	)
Less: net gains recognized during the period on equity investments sold during the period		—			—			130			18
Unrealized losses recognized during the period on equity investments still held at the reporting date	$	(78	)	$	(480	)	$	(410	)	$	(2,667	)

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

	Three Months Ended April 30,						Nine Months Ended April 30,
	2024			2023			2024			2023
	(in thousands)
Unrealized (losses) gains recognized during the period on equity investments:
Rafael Class B common stock	$	(61	)	$	11		$	(115	)	$	20
Zedge Class B common stock	$	(36	)	$	(9	)	$	13		$	(33	)

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,
	2024			2023			2024			2023
	(in thousands)
Balance, beginning of period	$	1,932		$	(374	)	$	2,784		$	1,001
Purchase of convertible preferred stock		504			168			1,513			168
Conversion of secured promissory notes into convertible preferred stock		—			4,038			—			4,038
Equity in the net loss of investee		(529	)		(532	)		(1,704	)		(1,544	)
Amortization of equity method basis difference		(342	)		(236	)		(1,028	)		(599	)
Balance, end of the period	$	1,565		$	3,064		$	1,565		$	3,064

Summary of Statements of Operations

Summarized financial information of the EMI was as follows:

	Three Months Ended April 30,						Nine Months Ended April 30,
	2024			2023			2024			2023
	(in thousands)
Revenues	$	3,351		$	2,115		$	11,156		$	5,806
Costs and expenses:
Direct cost of revenues		2,477			1,693			9,013			4,921
Selling, general and administrative		2,366			2,080			6,892			5,488
Total costs and expenses		4,843			3,773			15,905			10,409
Loss from operations		(1,492	)		(1,658	)		(4,749	)		(4,603	)
Other income (expense), net		20			(266	)		20			(1,108	)
Net loss	$	(1,472	)	$	(1,924	)	$	(4,729	)	$	(5,711	)