0001213900-18-002820.txt : 20180312 0001213900-18-002820.hdr.sgml : 20180312 20180312152454 ACCESSION NUMBER: 0001213900-18-002820 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 47 CONFORMED PERIOD OF REPORT: 20180131 FILED AS OF DATE: 20180312 DATE AS OF CHANGE: 20180312 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Rafael Holdings, Inc. CENTRAL INDEX KEY: 0001713863 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 822296593 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38411 FILM NUMBER: 18683201 BUSINESS ADDRESS: STREET 1: 520 BROAD STREET CITY: NEWARK STATE: NJ ZIP: 07120 BUSINESS PHONE: 973-438-1000 MAIL ADDRESS: STREET 1: 520 BROAD STREET CITY: NEWARK STATE: NJ ZIP: 07120 10-Q 1 f10q0118_rafaelholdings.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JANUARY 31, 2018

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 000-55863

RAFAEL HOLDINGS, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware		82-2296593
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

520 Broad Street, Newark, New Jersey		07102
(Address of principal executive offices)		(Zip Code)

(973) 438-3500

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐ (Do not check if a smaller reporting company)	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes ☐ No ☒

As of March 12, 2018, the registrant had the following shares outstanding:

Common stock, $.01 par value:

100 shares outstanding

RAFAEL HOLDINGS, INC.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION		1

Item 1.	Financial Statements (Unaudited)	1

	Combined Balance Sheets	1

	Combined Statements of Comprehensive Operations	2

	Combined Statements of Comprehensive (Loss) Income	3

	Combined Statements of Cash Flows	4

	Notes to Combined Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11

Item 3.	Quantitative and Qualitative Disclosures About Market Risks	16

Item 4.	Controls and Procedures	17

PART II. OTHER INFORMATION		18

Item 1.	Legal Proceedings	18

Item 1A.	Risk Factors	18

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18

Item 3.	Defaults upon Senior Securities	18

Item 4.	Mine Safety Disclosures	18

Item 5.	Other Information	18

Item 6.	Exhibits	19

SIGNATURES		20

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

RAFAEL HOLDINGS, INC.

COMBINED BALANCE SHEETS

	January 31, 2018		July 31, 2017
	(Unaudited)		(Note 1)
	(in thousands)
Assets
Current assets:
Cash and cash equivalents	$	12,008	$	11,756
Trade accounts receivable, net of allowance for doubtful accounts of $82 at January 31, 2018 and July 31, 2017		226		264
Prepaid expenses and other current assets		191		147
Total current assets		12,425		12,167
Property and equipment, net		50,967		51,160
Investments		11,700		13,478
Deferred income tax assets, net		22		8,859
Patents		155		—
In Process Research and Development		1,588		—
Other assets		787		540
Total assets	$	77,644	$	86,204

Liabilities and equity
Current liabilities:
Trade accounts payable	$	89	$	115
Accrued expenses		423		213
Other current liabilities		20		35
Total current liabilities		532		363
Due to IDT Corporation		24,391		23,693
Other liabilities		95		70
Total liabilities		25,018		24,126

Commitments and contingencies
Equity:
Rafael Holdings, Inc. members’ equity:
Group equity		40,554		50,427
Accumulated other comprehensive income		2,394		2,316
Total Rafael Holdings, Inc. members’ equity		42,948		52,743
Noncontrolling interests		9,678		9,335
Total equity		52,626		62,078
Total liabilities and equity	$	77,644	$	86,204

See accompanying notes to combined financial statements.

RAFAEL HOLDINGS, INC.

COMBINED STATEMENTS OF COMPREHENSIVE OPERATIONS
(Unaudited)

	Three Months Ended January 31,						Six Months Ended January 31,
	2018			2017			2018			2017
	(in thousands, except per share data)
Revenues:
Rental – Third Party	$	298			396			685			585
Rental – Related Party		489			770			994			1,682
Parking		169			171			384			469
Total revenues		956			1,337			2,063			2,736
Costs and expenses:
Selling, general and administrative		1,343			776			3,079			1,629
Depreciation and amortization		429			434			853			822
(Loss) income from operations		(816	)		127			(1,869	)		285
Interest income		(2	)		(2	)		(4	)		(7	)
Net gains resulting from foreign exchange transactions		(107	)		(51	)		(118	)		(32	)
Net loss on equity investments		—			—			107			—
Gain on disposal of bonus shares		—			—			(246	)		—
(Loss) income before income taxes		(707	)		180			(1,608	)		324
(Benefit from) provision for income taxes		15			14			8,443			30
Net (loss) income		(722	)		166			(10,051	)		294
Net loss attributable to noncontrolling interests		176			—			176			—
Net (loss) income attributable to Rafael Holdings, Inc.	$	(546	)		166			(9,875	)		294

See accompanying notes to combined financial statements.

RAFAEL HOLDINGS, INC.

COMBINED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited)

	Three Months Ended January 31,					Six Months Ended January 31,
	2018			2017		2018			2017
	(in thousands)
Net (loss) income	$	(722	)	$	166	$	(10,051	)	$	294
Other comprehensive income:
Foreign currency translation adjustments		68			8		78			8
Comprehensive income		(654	)		174		(9,973	)		302
Comprehensive loss attributable to noncontrolling interests		19			—		19			—
Comprehensive (loss) income attributable to Rafael Holdings, Inc.	$	(673	)	$	174	$	(9,992	)	$	302

See accompanying notes to combined financial statements.

RAFAEL HOLDINGS, INC.

COMBINED STATEMENTS OF CASH FLOWS
(Unaudited)

	Six Months Ended January 31,
	2018			2017
	(in thousands)
Operating activities
Net (loss) income	$	(10,051	)	$	294
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		853			822
Deferred income taxes		8,837			7
Realized gain on disposal of bonus shares		(246	)		—
Non-cash compensation		606			—
Interest in the equity of investments		439			—
Change in assets and liabilities:
Accounts and rents receivable		38			(79	)
Other current assets and prepaid expenses		(60	)		(252	)
Other assets		(260	)		7
Accounts payable and accrued expenses		77			29
Other current liabilities		(15	)		—
Due to IDT Corporation		(202	)		(1,211	)
Other liabilities		25			15
Net cash provided by (used in) operating activities		41			(368	)

Investing activities
Purchases of property and equipment		(728	)		(1,146	)
Purchase of investments		—			(8,300	)
Net cash used in investing activities		(728	)		(9,446	)

Financing activities
Proceeds from sale of member interests in CS Pharma Holdings, LLC		—			10,000
Cash advances from IDT Corporation, net of repayments		900			9,326
Net cash used in financing activities		900			19,326
Effect of exchange rate changes on cash and cash equivalents		39			10
Net increase in cash and cash equivalents		252			9,552
Cash and cash equivalents at beginning of period		11,756			2,339
Cash and cash equivalents at end of period	$	12,008		$	11,861

Supplemental Schedule of Non-Cash Financing and Investing Activities
Cash payments made for taxes	$	—		$	—
Cash payments made for interest	$	—		$	—

See accompanying notes to combined financial statements.

RAFAEL HOLDINGS, INC.

NOTES TO COMBINED FINANCIAL STATEMENTS
(Unaudited)

Note 1 — Description of Business and Basis of Presentation

Description of Business

Rafael Holdings, Inc. (“Rafael Holdings”), a Delaware corporation, is a wholly-owned subsidiary of IDT Corporation (“IDT” or the “Parent”). On or about March 26, 2018, IDT expects to complete a tax-free spinoff (the “Spin-Off”) of our capital stock, through a pro rata distribution of our common stock to its stockholders of record as of the close of business on March 13, 2018 (the “Spin-Off record date”). As a result of the Spin-Off, each of IDT’s stockholders will receive: (i) one share of our Class A common stock for every two shares of IDT’s Class A common stock held on the Spin-Off record date; (ii) one share of our Class B common stock for every two shares of IDT’s Class B common stock held on the Spin-Off record date; and (iv) cash in lieu of a fractional share of all classes of our common stock. The combined financial statements include all of the accounts of the following wholly-owned subsidiaries of IDT, which will be contributed to Rafael Holdings prior to the Spin-Off: IDT 225 Old NB Road, LLC, a Delaware Limited Liability Company; IDT Realty LLC, a New Jersey Limited Liability Company; I.D.T. R.E. Holdings, Ltd., an Israeli Company; Broad Atlantic Associates LLC, a Delaware Limited Liability Company; Broad Atlantic Realty LLC, a Delaware Limited Liability Company; Hillview Avenue Realty, a Delaware Limited Liability Company; Hillview Avenue Realty JV, a Delaware Limited Liability Company; IDT Capital Real Estate Holdings LLC, a Delaware Limited Liability Company; and IDT Capital, Inc., a Delaware Corporation. Additionally, it includes the accounts of the majority-owned Lipomedix Pharmaceuticals, Ltd., an Israeli Company.

The “Company” in these financial statements refers to Rafael Holdings on this combined basis as if Rafael Holdings existed and owned the above interests in these entities in all periods presented.

All significant intercompany accounts and transactions have been eliminated in combination.

Properties

The Company owns commercial real estate located at 520 Broad Street, Newark, New Jersey, which serves as headquarters for IDT, Genie Energy Ltd. and the Company, and a related 800-car public parking garage across the street, as well as a building located at 225 Old New Brunswick Road in Piscataway, New Jersey that is used partially by IDT Telecom, Inc. for certain of its operations. Additionally, the Company owns a portion of the 6^th floor of a building located at 5 Shlomo Halevi Street, in Jerusalem, Israel.

Basis of Presentation

The accompanying unaudited combined financial statements the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended January 31, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2018. The balance sheet at July 31, 2017 has been derived from the Company’s audited financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the combined financial statements and footnotes thereto included elsewhere in the Registration Statement on Form 10-12G filed on February 19, 2018.

The Company’s fiscal year ends on July 31 of each calendar year. Each reference below to a fiscal year refers to the fiscal year ending in the calendar year indicated (e.g., fiscal year 2017 refers to the fiscal year ending July 31, 2017).

Note 2 — Acquisition of Lipomedix Pharmaceuticals Ltd. (“Lipomedix”)

Lipomedix is a development-stage, privately held Israeli company focused on the development of an innovative, safe and effective cancer therapy based on liposome delivery.

As a result of its initial $100,000 investment, the Company received approximately 3.2% of the common shares outstanding. During the second quarter of fiscal year 2017, the Company made an additional $300,000 investment in Lipomedix, increasing its ownership to 13.95% of the issued and outstanding ordinary shares, as well as providing Lipomedix with an advance of $200,000. During the fourth quarter of fiscal year 2017, the Company made an additional $1.1 million investment, inclusive of the $200,000 advance, in Lipomedix, increasing its ownership to 38.86% of the issued share capital of the issued and outstanding ordinary shares. As such, the Company began accounting for this investment under the equity method as of and for the fourth quarter of fiscal year 2017. During the fourth quarter of fiscal year 2017, the Company recognized approximately $113,000 as its proportionate share of Lipomedix's loss. As of July 31, 2017, Lipomedix had assets totaling $1.2 million and liabilities totaling $77,000.

RAFAEL HOLDINGS, INC. AND AFFILIATES
NOTES TO COMBINED FINANCIAL STATEMENTS

Note 2 — Acquisition of Lipomedix Pharmaceuticals Ltd. (“Lipomedix”) (cont.)

On November 16, 2017, the Company exercised its option to purchase additional shares in Lipomedix for $900,000, which increased its ownership to 50.6% of the issued and outstanding ordinary shares. As such, the Company began consolidating this investment as of and for the second quarter of fiscal year 2018.

The impact of the acquisition’s purchase price allocations on the Company’s combined balance sheet and the acquisition date fair value of the total consideration transferred were as follows:

(in thousands)	November 16, 2017
Other current assets	$	16
Property and equipment, net		8
In Process Research and Development		1,575
Patents		155
Accounts payable		(85	)
Accrued expenses		(22	)
Net assets, excluding cash acquired and noncontrolling interest	$	1,647
Supplemental information: Cash paid	$	2,400
Cash acquired		1,060
Cash paid, net of cash acquired		1,340
Historical loss on investment		(252	)
Noncontrolling interest		559
Total consideration, net of cash acquired and noncontrolling interest	$	1,647

Note 3 — Fair Value Measurements

The following table presents the balance of assets measured at fair value on a recurring basis:

(in thousands)	Level 1		Level 2		Level 3		Total
January 31, 2018
Available-for-sale securities:
Rafael Pharmaceuticals convertible promissory notes	$	—	$	—	$	6,300	$	6,300
Total	$	—	$	—	$	6,300	$	6,300
July 31, 2017
Available-for-sale securities:
Rafael Pharmaceuticals convertible promissory notes	$	—	$	—	$	6,300	$	6,300
Total	$	—	$	—	$	6,300	$	6,300

At January 31, 2018 and July 31, 2017, the Company did not have any liabilities measured at fair value on a recurring basis.

At January 31, 2018 and July 31, 2017, the fair value of the Rafael convertible promissory notes, which were classified as Level 3, was estimated based on a valuation of Rafael Pharmaceuticals by reference to recent transactions in its securities, the September 2016 Series D Convertible Note investment, as well as utilizing a discounted cash flow technique under the Income Approach and other factors that could not be corroborated by the market.

RAFAEL HOLDINGS, INC. AND AFFILIATES
NOTES TO COMBINED FINANCIAL STATEMENTS

Note 3 — Fair Value Measurements (cont.)

The following tables summarize the change in the balance of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3). There were no liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) in the six months ended January 31, 2018 or the year ended July 31, 2017.

	Six Months Ended, January 31
(in thousands)	2018		2017
Balance, beginning of period	$	6,300	$	2,000
Total gains included in other comprehensive income		—		2,200
Purchases		—		—
Balance, end of period	$	6,300	$	4,200

Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period	$	—	$	—

The Company’s financial instruments include accounts and rents receivable, accounts payable, and due to IDT Corporation. The recorded carrying amount of accounts and rents receivable, accounts payable and due to IDT Corporation approximates their fair value due to their short-term nature. Other than noted above, the Company did not have any other assets or liabilities that were measured at fair value on a recurring basis as of January 31, 2018 or July 31, 2017.

Note 4 — Establishment of Valuation Allowance for Deferred Tax Asset

Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the amendments to related party leases effective August 1, 2017, which, in comparison to fiscal year 2017, will reduce revenues by approximately $1.7 million annually through 2025. Such objective evidence limits the ability to consider other subjective evidence, such as the Company’s projections for future growth. On the basis of this evaluation, a valuation allowance of $8.4 million was recorded to reserve for the entirety of the Company’s domestic deferred tax asset during the first quarter of fiscal 2018. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income during the carryforward period are increased, or if additional weight is given to subjective evidence, such as the Company’s projections for growth.

Note 5 — Investment in Rafael Pharmaceuticals, Inc. (“Rafael Pharmaceuticals”)

Rafael Pharmaceuticals is a clinical stage, oncology-focused pharmaceutical company committed to the development and commercialization of therapies that exploit the metabolic differences between normal cells and cancer cells.

On December 7, 2015, IDT approved an investment of up to $10 million in Rafael Pharmaceuticals. $2 million of this investment was funded as of July 31, 2016, as follows: $500,000 funded upon signing the Subscription and Loan Agreement during the second quarter of fiscal year 2016; and $1.5 million funded during the third quarter of fiscal year 2016. The initial $2 million investment was in exchange for Rafael Pharmaceuticals' 3.5% convertible promissory notes due in fiscal year 2018. To date, the Company has not accrued interest on this note, as collection cannot be reasonably assured; however, the Company has received an independent appraisal indicating the fair value of its investment in Rafael Pharmaceuticals exceeds the carrying value. On September 16, 2016, the Company made an additional $8 million investment in exchange for Rafael Pharmaceuticals' 3.5% convertible promissory notes due in fiscal year 2018.

Upon Spin-Off, the Company will own, subsequent to January 31, 2018, its interests/rights in Rafael Pharmaceuticals through a 90%-owned non-operating subsidiary, IDT-Rafael Holdings, LLC. (“IDT-Rafael Holdings”). IDT-Rafael Holdings holds warrants to purchase a significant stake in Rafael Pharmaceuticals, as well as other equity and governance rights in Rafael Pharmaceuticals, and owns 50% of CS Pharma Holdings, LLC (“CS Pharma”), a non-operating entity which holds the convertible debt and other rights to purchase equity interests in Rafael Pharmaceuticals.

Those interests/rights include:

$10,000,000 of Series D Convertible Notes of Rafael Pharmaceuticals held by CS Pharma.

A warrant to purchase 56% of the capital stock of Rafael Pharmaceuticals — the right to exercise the first $10,000,000 worth of the warrant is held by CS Pharma; and the remainder is held directly by IDT-Rafael Holdings.

Certain governance rights, including appointment of directors.

RAFAEL HOLDINGS, INC. AND AFFILIATES
NOTES TO COMBINED FINANCIAL STATEMENTS

Note 5 — Investment in Rafael Pharmaceuticals, Inc. (“Rafael Pharmaceuticals”) (cont.)

On March 2, 2017, Howard Jonas, IDT’s Chairman of the Board, and Chairman of the Board of Rafael Pharmaceuticals, purchased 10% of IDT-Rafael Holdings for a purchase price of $1 million, which represented 10% of the Company’s cost basis in IDT-Rafael Holdings. Accordingly, we will hold an effective 45% indirect interest in the assets held by CS Pharma, including its cash. Separately, Howard Jonas and Deborah Jonas jointly own $525,000 of Series C Convertible Notes of Rafael Pharmaceuticals, and The Howard S. and Deborah Jonas Foundation owns $525,000 of Series C Notes of Rafael Pharmaceuticals.

Additionally, the Company previously owned the contractual right to receive "Bonus Shares" for an additional 10% of the outstanding capital stock of Rafael Pharmaceuticals that are issued only upon achieving certain milestones. If the milestones are met, Bonus Shares are to be issued without any additional payment.

On September 12, 2017, IDT’s Compensation Committee, Corporate Governance Committee and Board of Directors approved a compensatory arrangement with Howard S. Jonas related to this right to receive additional Rafael Pharmaceutical shares. In connection with this arrangement, IDT-Rafael Holdings distributed this right to its members such that the Company received the right to 9% of the outstanding capital stock of Rafael Pharmaceuticals and Mr. Jonas received the right to 1% of the outstanding capital stock of Rafael Pharmaceuticals. In addition, as compensation for assuming the role of Chairman of the Board of the Company, and to create additional incentive to contribute to its success, on September 19, 2017, the Company assigned its right to receive 9% of the outstanding capital stock of Rafael Pharmaceuticals to Mr. Jonas. The right is further transferable by Mr. Jonas, in his discretion.

The Rafael Pharmaceuticals Series D Note earns interest at 3.5% per annum, with principal and accrued interest due and payable on September 16, 2018. The Series D Note is convertible at the holder’s option into shares of Rafael Pharmaceuticals’ Series D Preferred Stock. The Series D Note also includes a mandatory conversion into Rafael Pharmaceuticals common stock upon a qualified initial public offering, and conversion at the holder’s option upon an unqualified financing event. In all cases, the Series D Note conversion price is based on the applicable financing purchase price. IDT-Rafael Holdings and CS Pharma were issued warrants to purchase shares of capital stock of Rafael Pharmaceuticals representing up to 56% of the then issued and outstanding capital stock of Rafael Pharmaceuticals, on an as-converted and fully diluted basis. The right to exercise warrants as to the first $10 million thereof is held by CS Pharma and the remainder is owned by IDT-Rafael Holdings. The warrant expires on December 31, 2020. Currently, if the Company desires to raise additional financing from unaffiliated parties in connection with its exercise of its warrant or other current rights to invest in Rafael Pharmaceuticals (but not including the Rafael Pharmaceuticals rights held by CS Pharma), it first must give the other CS Pharma holders the opportunity to provide such financing on a pro rata basis. The exercise price of the warrant is the lower of 70% of the price sold in an equity financing, or $1.25 per share, subject to certain adjustments. The minimum initial and subsequent exercises of the warrant shall be for such number of shares that will result in at least $5 million of gross proceeds to Rafael Pharmaceuticals, or such lesser amount as represents 5% of the outstanding capital stock of Rafael Pharmaceuticals, or such lesser amount as may then remain unexercised. The warrant will expire upon the earlier of December 31, 2020 or a qualified initial public offering or liquidation event of Rafael Pharmaceuticals.

As of January 31, 2018, and based on current shares issued and outstanding of Rafael Pharmaceuticals, the Company would need to pay approximately $71 million to exercise the warrant in full and approximately $56 million to purchase a 51% controlling stake. On an as-converted and fully diluted basis (for all convertible securities of Rafael Pharmaceuticals outstanding), the Company would need approximately $122 million to exercise the warrant in full and approximately $98 million to purchase a 51% controlling stake in Rafael Pharmaceuticals. Given the Company’s anticipated available cash upon the Spin-Off, the Company would not be able to exercise the warrant in its entirety and the Company may never be able to exercise the warrant in full.

The Company serves as the managing member of IDT-Rafael Holdings and IDT-Rafael Holdings serves as the managing member of CS Pharma, with broad authority to make all key decisions regarding their respective holdings. Any distributions that are made to CS Pharma from Rafael Pharmaceuticals that are in turn distributed by CS Pharma, will need to be made pro rata to all members, which would entitle IDT-Rafael Holdings to 50% (based on current ownership) of such distributions. Similarly, if IDT-Rafael Holdings were to distribute proceeds it receives from CS Pharma, it would do so on a pro rata basis, entitled the Company to 90% (based on current ownership) of such distributions.

RAFAEL HOLDINGS, INC. AND AFFILIATES
NOTES TO COMBINED FINANCIAL STATEMENTS

Note 5 — Investment in Rafael Pharmaceuticals, Inc. (“Rafael Pharmaceuticals”) (cont.)

The Company’s investment in Rafael Pharmaceuticals, which was included in “Investments” in the accompanying combined balance sheets, consists of the following:

(in thousands)	(Unaudited) January 31, 2018		July 31, 2017
Convertible promissory note (at fair value)	$	6,300	$	6,300
Warrants (at cost)		5,400		5,400
Right to receive additional shares (at cost)		—		400
Total investment in Rafael Pharmaceuticals	$	11,700	$	12,100

Rafael Pharmaceuticals is a variable interest entity; however, the Company has determined that it is not the primary beneficiary as is does not have the power to direct the activities of Rafael Pharmaceuticals that most significantly impact Rafael Pharmaceuticals’ economic performance.

Note 6 — Related Party Transactions

The Company continues to maintain an intercompany balance Due to IDT that relates to loan repayments, charges for services provided to the Company by IDT and payroll costs for the Company's personnel that are paid by IDT, partially offset by rental income paid by various companies under common control to IDT to the Company. Historically, this also related to cash advances for investments. IDT advanced $900,000 and $9.4 million to the Company during the six months ended January 31, 2018 and January 31, 2017 to invest in Rafael Pharmaceuticals and Lipomedix. IDT charges the Company for certain transactions and allocates routine expenses for, among other things: (1) the allocation between the Company and IDT of employee benefits, taxes and other liabilities and obligations; (2) services to be provided by IDT relating to human resources and employee benefits administration; (3) the allocation of responsibilities relating to employee compensation and benefit plans and programs and other related matters; and (4) finance, accounting, tax and legal services to be provided by IDT to the Company. In the six months ended January 31, 2018 and January 31, 2017, IDT allocated to the Company an aggregate of approximately $436,000 and $471,000, respectively, for payroll, benefits, insurance and other expenses, which were included in “Selling, general and administrative expense” in the combined statements of comprehensive income (loss). In all periods presented, the Company was included in IDT's combined federal income tax return.

The change in the Company’s liability to IDT was as follows:

	Six Months Ended January 31,
(in thousands)	2018 (unaudited)			2017 (unaudited)
Balance at beginning of period	$	23,693		$	15,145
Payments by IDT on behalf of the Company		436			471
Rental revenues earned from IDT		(994	)		(1,682	)
Cash repayments, net of advances		1,256			9,326
Balance at end of period	$	24,391		$	23,260

The Company amended all of its related party leases as of August 1, 2017. The related party leases expire in April 2025 and are for 88,631 square feet and include two parking spots per thousand square feet of space leased at 520 Broad Street and for 12,400 square feet in Israel. The annual rent will be approximately $2.0 million. The related parties have the right to terminate theses leases upon four months’ notice, and upon early termination will pay a termination penalty equal to 25% of the portion of the rent due over the course of the remaining term. Related parties will have the right to lease an additional 25,000 square feet in the building located at 520 Broad Street on the same terms as the base lease, and other rights to a further 25,000 square feet should all available space be leased to other tenants. Upon expiration of the lease, these related parties have the right to renew the leases for another 5 years.

Note 7 — Business Segment Information

The Company conducts business as two operating segments, Pharmaceuticals and Real Estate. The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision maker.

Beginning in the second quarter of fiscal 2018, the Pharmaceuticals segment is comprised of debt interests and warrants in Rafael Pharmaceuticals and a majority equity interest in Lipomedix Pharmaceuticals. Comparative results have been reclassified and restated as if the Pharmaceuticals segment existed for all periods presented. To date, the Pharmaceuticals segment has not generated any revenues.

RAFAEL HOLDINGS, INC. AND AFFILIATES
NOTES TO COMBINED FINANCIAL STATEMENTS

Note 7 — Business Segment Information (cont.)

The Real Estate segment includes the Company’s real estate holdings, including the building at 520 Broad Street in Newark, New Jersey that houses IDT’s headquarters and its associated public garage, an office/data center building in Piscataway, New Jersey and a portion of a building in Israel that hosts offices for IDT and certain affiliates.

The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its Real Estate segment based primarily on income (loss) from operations and its Pharmaceuticals segment based primarily on research and development efforts and results of clinical trials. All investments in Rafael Pharmaceuticals and assets, expenses and expenses associated with Lipomedix are tracked separately in the Pharmaceuticals segment. All corporate costs are allocated to the Real Estate segment.

Operating results for the business segments of the Company are as follows:

(in thousands)	Pharmaceuticals			Real Estate			Total
Three Months Ended January 31, 2018
Revenues	$	—		$	956		$	956
(Loss) income from operations		(357	)		(459	)		(816	)

Three Months Ended January 31, 2017
Revenues	$	—		$	1,337		$	1,337
Income (loss) from operations		—			127			127

Six Months Ended January 31, 2018
Revenues	$	—		$	2,063		$	2,063
(Loss) income from operations		(357	)		(1,512	)		(1,869	)

Six Months Ended January 31, 2017
Revenues	$	—		$	2,736		$	2,736
Income (loss) from operations		—			285			285

Geographic Information

Revenues from customers located outside of the United States were generated entirely from related parties located in Israel. Revenues from these non-United States customers as a percentage of total revenues were as follows (revenues by country are determined based on the location of the related facility):

Six months ended

January 31,
2018

(unaudited)

January 31,
2017

(unaudited)

Revenue from customers located in Israel

Net long-lived assets and total assets held by the Company were located as follows:

(in thousands)	United States		Foreign		Total
January 31, 2018 (unaudited)
Long-lived Assets, net	$	61,449	$	3,728	$	65,177
Total Assets		73,034		4,610		77,644
July 31, 2017
Long-lived Assets, net	$	71,674	$	2,363	$	74,037
Total Assets		83,675		2,529		86,204

Note 8 — Commitments and Contingencies

Legal Proceedings

The Company may from time to time be subject to legal proceedings that may arise in the ordinary course of business. Although there can be no assurance in this regard, the Company does not expect any of those legal proceedings to have a material adverse effect on the Company’s results of operations, cash flows or financial condition.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following information should be read in conjunction with the accompanying combined financial statements and the associated notes thereto of this Quarterly Report, and the audited combined financial statements and the notes thereto and our Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Registration Statement on Form 10-12G for the year ended July 31, 2017, as filed with the U.S. Securities and Exchange Commission (or SEC).

As used below, unless the context otherwise requires, the terms “the Company,” “Rafael,” “we,” “us,” and “our” refer to Rafael Holdings, Inc., a Delaware corporation, and its subsidiaries, collectively.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements that contain the words “believes,” “anticipates,” “expects,” “plans,” “intends,” and similar words and phrases. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks and uncertainties that could result in those differences include, but are not limited to, those discussed under Item 1A to Part I “Risk Factors” in our Registration Statement on Form 10-12G for the year ended July 31, 2017 and in Item 1A to Part II “Risk Factors” in this Form 10-Q. The forward-looking statements are made as of the date of this report and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investors should consult all of the information set forth in this report and the other information set forth from time to time in our reports filed with the SEC pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934, including our Registration Statement on Form 10-12G for the year ended July 31, 2017.

Overview

On or about March 26, 2018, IDT Corporation (“IDT”) expects to complete a tax-free spinoff (the “Spin-Off”) of our capital stock, through a pro rata distribution of our common stock to its stockholders of record as of the close of business on March 13, 2018 (the “Spin-Off record date”). As a result of the Spin-Off, each of IDT’s stockholders will receive: (i) one share of our Class A common stock for every two shares of IDT’s Class A common stock held on the Spin-Off record date; (ii) one share of our Class B common stock for every two shares of IDT’s Class B common stock held on the Spin-Off record date; and (iv) cash in lieu of a fractional share of all classes of our common stock.

Rafael will own commercial real estate assets and interests in clinical and early stage pharmaceutical companies. The assets will be operated as two separate lines of business. The commercial real estate holdings consist of the building at 520 Broad Street in Newark, New Jersey that houses IDT’s headquarters and its associated public garage, an office/data center building in Piscataway, New Jersey and a portion of a building in Israel that hosts offices for IDT and certain affiliates. The pharmaceutical holdings include debt interests and warrants in Rafael Pharmaceuticals, Inc., which is a clinical stage, oncology-focused, pharmaceutical company committed to the development and commercialization of therapies that exploit the metabolic differences between normal cells and cancer cells, and a majority equity interest in Lipomedix Pharmaceuticals Ltd., an early stage pharmaceutical development company based in Israel. All of these assets were non-core assets outside of IDT’s telecom and payment services businesses.

Critical Accounting Policies

Our financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as the disclosure of contingent assets and liabilities. Critical accounting policies are those that require application of management’s most subjective or complex judgments, often as a result of matters that are inherently uncertain and may change in subsequent periods. Management bases its estimates and judgments on historical experience and other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. See Note 1 to the combined financial statements in our Registration Statement on Form 10-12G for the year ended July 31, 2017 for a complete discussion of our significant accounting policies.

Recently Issued Accounting Standards Not Yet Adopted

In May 2014, the Financial Accounting Standards Board (“FASB”), and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard that will supersede most of the current revenue recognition guidance under U.S. GAAP and International Financial Reporting Standards (“IFRS”). The goals of the revenue recognition project were to clarify and converge the revenue recognition principles under U.S. GAAP and IFRS and to develop guidance that would streamline and enhance revenue recognition requirements. We will adopt this standard on August 1, 2018. Entities have the option of using either a full retrospective or modified retrospective approach for the adoption of the standard. We are evaluating the impact that the standard will have on our combined financial statements.

In January 2016, the FASB issued an ASU, to provide more information about recognition, measurement, presentation and disclosure of financial instruments. The amendments in the ASU include, among other changes, the following: (1) equity investments (except those accounted for under the equity method or that result in consolidation) will be measured at fair value with changes in fair value recognized in net income, (2) a qualitative assessment each reporting period to identify impairment of equity investments without readily determinable fair values, (3) financial assets and financial liabilities will be presented separately by measurement category and form of financial asset on the balance sheet or the notes to the financial statements, and (4) an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities classified as available-for-sale in other comprehensive income. In addition, a practicability exception will be available for equity investments that do not have readily determinable fair values and do not qualify for the net asset value practical expedient. These investments may be measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Entities will have to reassess at each reporting period whether an investment qualifies for this practicability exception. We will adopt the amendments in this ASU on August 1, 2018. We are evaluating the impact that the ASU will have on our combined financial statements.

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are currently evaluating the impact of our pending adoption of the new standard on our combined financial statements.

In June 2016, the FASB issued an ASU that changes the impairment model for most financial assets and certain other instruments. For receivables, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except the losses will be recognized as allowances instead of reductions in the amortized cost of the securities. In addition, an entity will have to disclose significantly more information about allowances, credit quality indicators and past due securities. The new provisions will be applied as a cumulative-effect adjustment to retained earnings. We will adopt the new standard on August 1, 2020. We are evaluating the impact that the new standard will have on our combined financial statements.

In November 2016, the FASB issued an ASU that includes specific guidance on the classification and presentation of changes in restricted cash and cash equivalents in the statement of cash flows. The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash or restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of the period and end of the period total amounts shown on the statement of cash flows. The ASU will be applied using a retrospective transition method to each period presented. We will adopt the amendments in this ASU on August 1, 2018. The adoption will impact our beginning of the period and end of the period cash and cash equivalents balance in our statement of cash flows, as well as our net cash provided by operating activities.

In January 2017, the FASB issued an ASU to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current guidance, there are three elements of a business—inputs, processes, and outputs. While an integrated set of assets and activities (collectively referred to as a “set”) that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs, for example, by integrating the acquired set with their own inputs and processes. The amendments in this ASU provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this ASU (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. Although outputs are not required for a set to be a business, outputs generally are a key element of a business; therefore, the FASB has developed more stringent criteria for sets without outputs. Lastly, the ASU narrows the definition of the term output. We will adopt the amendments in this ASU on August 1, 2018. We are evaluating the impact that the new standard will have on our combined financial statements.

In May 2017, the FASB issued an ASU to provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Pursuant to this ASU, an entity should account for the effects of a modification unless all the following are met: (1) the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified (if the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification); (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. We will adopt the amendments in this ASU prospectively to an award modified on or after on August 1, 2018. We are evaluating the impact that the new standard will have on our combined financial statements.

In August 2017, the FASB issued an ASU intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition, the ASU includes certain targeted improvements to simplify the application of hedge accounting guidance in U.S. GAAP. The amendments in this ASU are effective for us on August 1, 2019. Early application is permitted. Entities will apply the amendments to cash flow and net investment hedge relationships that exist on the date of adoption using a modified retrospective approach. The presentation and disclosure requirements will be applied prospectively. We are evaluating the impact that this ASU will have on our combined financial statements.

Results of Operations

Three and Six Months Ended January 31, 2018 Compared to Three and Six Months Ended January 31, 2017

Our business consists of two reportable segments. We evaluate the performance of our Real Estate segment based primarily on income (loss) from operations and our Pharmaceuticals segment based primarily on research and development efforts and results of clinical trials. Accordingly, the income and expense line items below income (loss) from operations are only included in the discussion of combined results of operations.

Pharmaceuticals Segment

	Three Months Ended January 31,					Change						Six Months Ended January 31,					Change
	2018			2017		$			%			2018			2017		$			%
	(in thousands)											(in thousands)
Selling, general and administrative	$	(357	)	$	—	$	(357	)		100.0	%	$	(357	)	$	—	$	(357	)		100.0	%
Depreciation and amortization		—			—		—			—			—			—		—			—
Income from operations	$	(357	)	$	—	$	(357	)		100.0	%	$	(357	)	$	—	$	(357	)		100.0	%

To date, the Pharmaceuticals segment has not generated any revenues. The entirety of the expenses in the Pharmaceuticals segment relate to the research and development activities of Lipomedix, of which we are a 50.6% owner.

Real Estate Segment

	Three Months Ended January 31,						Change						Six Months Ended January 31,						Change
	2018			2017			$			%			2018			2017			$			%
	(in thousands)												(in thousands)
Rental – Third Party Revenues	$	298		$	396		$	(98	)		(24.7	)%	$	685		$	585		$	100			17.1	%
Rental – Related Party Revenues		489			770			(281	)		(36.5	)		994			1,682			(688	)		(40.9	)
Parking Revenues		169			171			(2	)		(1.2	)		384			469			(85	)		(18.1	)
Selling, general and administrative		(986	)		(776	)		(210	)		(27.1	)		(2,722	)		(1,629	)		(1,093	)		(67.1	)
Depreciation and amortization		(429	)		(434	)		5			1.2			(853	)		(822	)		(31	)		(3.8	)
(Loss) income from operations	$	(459	)	$	127		$	(586	)		(461.4	)%	$	(1,512	)	$	285		$	(1,797	)		(630.5	)%

Revenues. Rental and Parking revenues decreased by $381,000 and $673,000, respectively, for the three and six months ended January 31, 2018 as compared to the three and six months ended January 31, 2017. Third Party revenues increased for the six months ended January 31, 2018 due the new tenant taking occupancy in the 520 Broad Street building, partially offset by reduced utility charges. Related Party revenues decreased due to a reduction in space being leased by IDT in the Piscataway facility during three and six months ended January 31, 2018 as compared to the three and six months ended January 31, 2017. Related Party rental revenues decreased due to new lease terms, effective August 1, 2017, being signed during the first quarter of fiscal 2018 for both the 520 Broad Street and Israel buildings. Parking revenues decreased by $2,000 and $85,000 for three and six months ended January 31, 2018 as compared to the prior year period primarily due to a headcount reduction at one customer, as well as several small customers going out of business during the first quarter of fiscal 2018.

Selling, general and administrative expenses. Selling, general and administrative expenses consists mainly of payroll, benefits, facilities and consulting and professional fees. The increase in selling, general and administrative expenses in the six months ended January 31, 2018 compared to the six months ended January 31, 2017 is primarily due to $606,000 in compensation expense related to the assignment of the contingent right to receive Bonus Shares in Rafael Pharmaceuticals to Howard Jonas, as well as increased utility cost of $113,000 due to new tenants in the 520 Broad Street building. The increase in selling, general and administrative expenses in the three months ended January 31, 2018 compared to the three months ended January 31, 2017 is primarily due to $201,000 in legal and professional services fees related to the planned Spin-Off.

Depreciation and amortization expenses. Depreciation and amortization expenses in the three and six months ended January 31, 2018 as compared to the three and six months ended January 31, 2017 remained relatively consistent between periods.

Combined operations

Our combined income and expense line items below income from operations were as follows:

	Three Months Ended January 31,						Change						Six Months Ended January 31,						Change
	2018			2017			$			%			2018			2017			$			%
	(in thousands)												(in thousands)
(Loss) income from operations	$	(816	)	$	127		$	(586	)		(461.4	)%	$	(1,869	)	$	285		$	(2,154	)		(755.8	)%
Interest (income) expense		(2	)		(2	)		—			nm			(4	)		(7	)		3			(42.9	)
Net gains resulting from foreign exchange transactions		(107	)		(52	)		(56	)		nm			(118	)		(32	)		(86	)		268.8
Net loss on equity investments		—			—			—			nm			107			—			107			nm
Gain on disposal of bonus shares		—			—			—			nm			(246	)		—			(246	)		nm
Provision for income taxes		15			14			1			7.1			8,443			30			8,413			nm
Net (loss) income before noncontrolling interest		(722	)		166			(888	)		(534.9	)		(10,051	)		294			(10,345	)		(3518.7	)
Net loss attributable to noncontrolling interest		176			—			176			100.0	%		176			—			176			100.0	%
Net (loss) income.	$	(546	)	$	166		$	(712	)		(428.6	)%	$	(9,875	)	$	294		$	(10,169	)		(3,518.7	)%

nm – not meaningful

Interest income, net. Interest income in the three and six months ended January 31, 2018 remained relatively consistent as compared to the three and six months ended January 31, 2018.

Net gain (loss) resulting from foreign exchange transactions. Net losses resulting from foreign exchange transactions are comprised entirely from changes in movements in New Israeli Shekels relative to the U.S. Dollar.

Net loss on Equity Investment. Net loss on Equity Investment relates entirely to our proportionate share of the net loss recorded by Lipomedix, in which we held a 38.9% interest prior to purchasing a majority stake during November 2017.

Gain on disposal of Bonus Shares. The gain on disposal of Bonus Shares relates entirely to the increase in fair value of the contingent right to receive Bonus Shares obtained during fiscal year 2017 from the date of purchase through assigning the rights thereto over to Howard Jonas in September 2017.

Net Income Attributable to Noncontrolling Interests. The change in the net income attributable to noncontrolling interests in the three and six months ended January 31, 2018 compared to the similar periods in fiscal 2017 was due to the net loss attributable to the noncontrolling interests in Lipomedix in the three and six months ended January 31, 2018. We began consolidating Lipomedix in November 2017.

Liquidity and Capital Resources

General

Historically, we have satisfied our cash requirements primarily through intercompany debt funding from IDT. We maintain an intercompany balance due to IDT that relates to advances for investments and purchases of property and equipment, as well as charges for services provided to us by IDT and payroll costs for our personnel that are paid by IDT, partially offset by revenues earned from leases to IDT. In connection with and prior to the Spin-Off, any intercompany debt between IDT and Rafael Holdings as of the distribution date will be converted to equity and there will be no indebtedness owing from Rafael Holdings to IDT immediately following the Spin-Off. We anticipate our total operating costs will be between $2,000,000 and $2,300,000 per year as a result of being a public reporting company. Several of the costs included in this estimated range are preliminary, subject to negotiation, and may vary from the estimates when finalized.

As of January 31, 2018, we had cash and cash equivalents of $12.0 million. We expect our cash from operations in the next twelve months, the balance of cash and cash equivalents that we held as of January 31, 2018 and the cash and other assets that IDT will contribute to us in connection with the Spin-Off to be sufficient to meet our currently anticipated working capital, research and development, and capital expenditure requirements during the twelve-month period ending January 31, 2019.

(in thousands)	Six Months Ended January 31,
	2018			2017

Cash flows provided by (used in)
Operating activities	$	41		$	(400	)
Investing activities		(728	)		(9,446	)
Financing activities		900			19,326
Effect of exchange rates on cash and cash equivalents		39			42
Increase (decrease) in cash and cash equivalents	$	252		$	9,522

Operating Activities

Our cash flow from operations varies from year to year, depending on our operating results and the timing of operating cash receipts and payments, specifically payments of trade accounts payable. The increase in cash flows provided by operating activities in in the three and six months ended January 31, 2018 as compared to the three and six months ended January 31, 2017 related primarily to decreased charges from related parties.

Investing Activities

Cash used in investing activities for the three and six months ended January 31, 2018 related entirely to fixed asset additions. Cash used in investing activities for the three and six months ended January 31, 2017, consisted mostly of investments in Rafael Pharmaceuticals (through CS Pharma) of $8.0 million and investments in Lipomedix of $300,000.

Financing Activities

Cash provided by financing activities for the three months and six months ended January 31, 2018 related to cash advances from IDT of $900,000, In connection with our investment in Rafael Pharmaceuticals, our subsidiary CS Pharma issued member interests to third parties in exchange for cash investment in CS Pharma of $10 million. We hold a 90% interest in IDT-Rafael Holdings, LLC, which holds a 50% interest in CS Pharma, and we are or control the managing member of both entities. During the three and six months ended January 31, 2017, CS Pharma received $10.0 million from the sale of its member interests to third parties. It is expected that CS Pharma will use its cash to invest in Rafael Pharmaceuticals. Additionally, during the second half of fiscal 2017 we sold 10% of IDT-Rafael Holdings, LLC, in which our direct and indirect interest and rights in Rafael Pharmaceuticals were held, to Howard Jonas for $1.0 million, which represented 10% of the Company’s cost basis in IDT-Rafael Holdings. As we hold our interest in CS Pharma through our 90%-owned non-operating subsidiary, IDT-Rafael Holdings, LLC, which holds a 50% interest in CS Pharma, we will hold an effective 45% indirect interest in the assets held by CS Pharma, including its cash. Cash provided by financing activities related to cash advances from IDT for the three and six months ended January 31, 2017 was $891,000 and $9.3 million, respectively.

We do not anticipate paying dividends on our common stock until we achieve sustainable profitability and retain certain minimum cash reserves. The payment of dividends in any specific period will be at the sole discretion of our Board of Directors.

Off-Balance Sheet Arrangements

As of January 31, 2018, we did not have any “off-balance sheet arrangements,” as defined in relevant SEC regulations that are reasonably likely to have a current or future effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.

In connection with the Spin-Off, we and IDT will enter into a tax separation agreement, which sets forth the responsibilities of IDT and us with respect to, among other things, liabilities for federal, state, local and foreign taxes for periods before and including the Spin-Off, the preparation and filing of tax returns for such periods and disputes with taxing authorities regarding taxes for such periods. IDT will be generally responsible for our federal, state, local and foreign income taxes for periods before and including the Spin-Off. We will be generally responsible for all other taxes relating to our business. We and IDT will each generally be responsible for managing those disputes that relate to the taxes for which each of us is responsible and, under certain circumstances, may jointly control any dispute relating to taxes for which both of us are responsible.

Item 3.

Quantitative and Qualitative Disclosures About Market Risks

Foreign Currency Risk

Revenues from tenants located in Israel represented 2% and 5% of our combined revenues in the three and six months ended January 31, 2018 and in the three and six months ended January 31, 2017, respectively. The entirety of these revenues is in currencies other than the U.S. Dollar. Our foreign currency exchange risk is somewhat mitigated by our ability to offset a portion of these non U.S. Dollar-denominated revenues with operating expenses that are paid in the same currencies. While the impact from fluctuations in foreign exchange rates affects our revenues and expenses denominated in foreign currencies, the net amount of our exposure to foreign currency exchange rate changes at the end of each reporting period is generally not material.

Investment Risk

In addition to, but separate from our primary business, we will hold a portion of our assets in marketable securities, hedge funds and a passive investment in another entity. Investments in marketable securities and hedge funds carry a degree of risk, and depend to a great extent on correct assessments of the future course of price movements of securities and other instruments. There can be no assurance that our investment managers will be able to accurately predict these price movements. The securities markets have in recent years been characterized by great volatility and unpredictability. Our passive interests in other entities are not currently liquid and we cannot assure that they we will be able to liquidate them when we desire, or ever. Accordingly, the value of our investments may go down as well as up and we may not receive the amounts originally invested upon redemption.

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures. Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of January 31, 2018.

Changes in Internal Control over Financial Reporting. There were no changes in our internal control over financial reporting during the quarter ended January 31, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

Legal proceedings in which we are involved are more fully described in Note 8 to the Combined Financial Statements included in Item 1 to Part I of this Quarterly Report on Form 10-Q.

Item 1A.

Risk Factors

There are no material changes from the risk factors previously disclosed in Item 1A to Part I of our Registration Statement on Form 10-12G for the year ended July 31, 2017.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.

Defaults upon Senior Securities

None

Item 4.

Mine Safety Disclosures

Not applicable

Item 5.

Other Information

None

Item 6.

Exhibits

Exhibit Number		Description

31.1*		Certification of Chief Executive Officer pursuant to 17 CFR 240.13a-14(a), as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Chief Financial Officer pursuant to 17 CFR 240.13a-14(a), as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.

101.INS*		XBRL Instance Document

101.SCH*		XBRL Taxonomy Extension Schema Document

101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document.

101.LAB*		XBRL Taxonomy Extension Label Linkbase Document.

101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document.

101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document.

Filed or furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Rafael Holdings, Inc.

March 12, 2018	By:	/s/ Howard S. Jonas
		Howard S. Jonas Chief Executive Officer

March 12, 2018	By:	/s/ David Polinsky
		David Polinsky Chief Financial Officer

EX-31.1 2 f10q0118ex31-1_rafaelhold.htm CERTIFICATION

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a)
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Howard S. Jonas, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Rafael Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its combined affiliates, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 12, 2018

/s/ Howard S. Jonas

Howard S. Jonas

Chief Executive Officer

EX-31.2 3 f10q0118ex31-2_rafaelhold.htm CERTIFICATION

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a)
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David Polinsky, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Rafael Holdings, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 12, 2018

/s/ David Polinsky

David Polinsky

Chief Financial Officer

EX-32.1 4 f10q0118ex32-1_rafaelhold.htm CERTIFICATION

EXHIBIT 32.1

Certification Pursuant to
18 U.S.C. Section 1350
(as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act Of 2002)

In connection with the Quarterly Report of Rafael Holdings, Inc. (the “Company”) on Form 10-Q for the quarter ended January 31, 2018 as filed with the Securities and Exchange Commission (the “Report”), I, Howard S. Jonas, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 12, 2018

/s/ Howard S. Jonas

Howard S. Jonas

Chief Executive Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Rafael Holdings, Inc. and will be retained by Rafael Holdings, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 f10q0118ex32-2_rafaelhold.htm CERTIFICATION

EXHIBIT 32.2

Certification Pursuant to
18 U.S.C. Section 1350
(as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act Of 2002)

In connection with the Quarterly Report of Rafael Holdings, Inc. (the “Company”) on Form 10-Q for the quarter ended January 31, 2018 as filed with the Securities and Exchange Commission (the “Report”), I, David Polinsky, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 12, 2018

/s/ David Polinsky

David Polinsky

Chief Financial Officer

EX-101.INS 6 cik0001713863-20180131.xml XBRL INSTANCE FILE 0001713863 cik0001713863:RafaelPharmaceuticalsMember 2015-12-01 2015-12-07 0001713863 cik0001713863:RafaelPharmaceuticalsMember 2016-01-31 0001713863 cik0001713863:RafaelPharmaceuticalsMember 2016-04-30 0001713863 us-gaap:ConvertibleNotesPayableMember cik0001713863:RafaelPharmaceuticalsMember 2015-08-01 2016-07-31 0001713863 2016-07-31 0001713863 cik0001713863:RafaelPharmaceuticalsMember 2016-07-31 0001713863 us-gaap:ConvertibleNotesPayableMember cik0001713863:RafaelPharmaceuticalsMember 2016-07-31 0001713863 us-gaap:ConvertibleNotesPayableMember cik0001713863:RafaelPharmaceuticalsMember 2016-09-16 0001713863 us-gaap:ConvertibleNotesPayableMember cik0001713863:RafaelPharmaceuticalsMember 2016-09-01 2016-09-16 0001713863 2016-11-01 2017-01-31 0001713863 cik0001713863:LipomedixPharmaceuticalsLtdMember 2016-11-01 2017-01-31 0001713863 cik0001713863:PharmaceuticalsMember 2016-11-01 2017-01-31 0001713863 us-gaap:RealEstateMember 2016-11-01 2017-01-31 0001713863 2016-08-01 2017-01-31 0001713863 cik0001713863:PharmaceuticalsMember 2016-08-01 2017-01-31 0001713863 us-gaap:RealEstateMember 2016-08-01 2017-01-31 0001713863 cik0001713863:RafaelPharmaceuticalsAndLipomedixMember 2016-08-01 2017-01-31 0001713863 us-gaap:GeographicConcentrationRiskMember 2016-08-01 2017-01-31 0001713863 2017-01-31 0001713863 cik0001713863:LipomedixPharmaceuticalsLtdMember 2017-01-31 0001713863 cik0001713863:CsPharmaHoldingsMember 2017-02-10 2017-03-02 0001713863 cik0001713863:IdtRafaelHoldingsMember 2017-02-10 2017-03-02 0001713863 us-gaap:BoardOfDirectorsChairmanMember cik0001713863:IdtRafaelHoldingsMember 2017-02-10 2017-03-02 0001713863 cik0001713863:HowardJonasAndDeborahJonasMember cik0001713863:SeriesCConvertibleNotesMember cik0001713863:RafaelPharmaceuticalsMember 2017-02-10 2017-03-02 0001713863 cik0001713863:HowardsAndDeborahJonasFoundationMember cik0001713863:SeriesCConvertibleNotesMember cik0001713863:RafaelPharmaceuticalsMember 2017-02-10 2017-03-02 0001713863 cik0001713863:LipomedixPharmaceuticalsLtdMember 2017-05-02 2017-07-31 0001713863 2017-07-31 0001713863 cik0001713863:LipomedixPharmaceuticalsLtdMember 2017-07-31 0001713863 us-gaap:FairValueMeasurementsRecurringMember 2017-07-31 0001713863 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2017-07-31 0001713863 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2017-07-31 0001713863 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2017-07-31 0001713863 country:US 2017-07-31 0001713863 cik0001713863:ForeignCountriesMember 2017-07-31 0001713863 cik0001713863:RafaelPharmaceuticalsMember 2017-09-12 0001713863 us-gaap:BoardOfDirectorsChairmanMember cik0001713863:RafaelPharmaceuticalsMember 2017-09-12 0001713863 us-gaap:BoardOfDirectorsChairmanMember 2017-09-19 0001713863 2017-11-16 0001713863 cik0001713863:LipomedixPharmaceuticalsLtdMember 2017-11-16 0001713863 2017-11-01 2017-11-16 0001713863 cik0001713863:LipomedixPharmaceuticalsLtdMember 2017-11-01 2017-11-16 0001713863 2017-11-01 2018-01-31 0001713863 cik0001713863:PharmaceuticalsMember 2017-11-01 2018-01-31 0001713863 us-gaap:RealEstateMember 2017-11-01 2018-01-31 0001713863 2017-08-01 2018-01-31 0001713863 cik0001713863:RafaelPharmaceuticalsMember 2017-08-01 2018-01-31 0001713863 cik0001713863:PharmaceuticalsMember 2017-08-01 2018-01-31 0001713863 us-gaap:RealEstateMember 2017-08-01 2018-01-31 0001713863 cik0001713863:RafaelPharmaceuticalsAndLipomedixMember 2017-08-01 2018-01-31 0001713863 us-gaap:GeographicConcentrationRiskMember 2017-08-01 2018-01-31 0001713863 cik0001713863:CsPharmaHoldingsMember 2017-08-01 2018-01-31 0001713863 cik0001713863:IdtRafaelHoldingsMember 2017-08-01 2018-01-31 0001713863 cik0001713863:ConvertiblePromissoryNoteMember cik0001713863:RafaelPharmaceuticalsMember 2017-08-01 2018-01-31 0001713863 us-gaap:ConvertibleDebtSecuritiesMember cik0001713863:RafaelPharmaceuticalsMember 2017-08-01 2018-01-31 0001713863 cik0001713863:AugustOneTwoZeroOneSevenMember 2017-08-01 2018-01-31 0001713863 2018-01-31 0001713863 cik0001713863:RafaelPharmaceuticalsMember 2018-01-31 0001713863 cik0001713863:LipomedixPharmaceuticalsLtdMember 2018-01-31 0001713863 us-gaap:FairValueMeasurementsRecurringMember 2018-01-31 0001713863 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2018-01-31 0001713863 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-01-31 0001713863 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2018-01-31 0001713863 country:US 2018-01-31 0001713863 cik0001713863:ForeignCountriesMember 2018-01-31 0001713863 cik0001713863:ConvertiblePromissoryNoteMember cik0001713863:RafaelPharmaceuticalsMember 2018-01-31 0001713863 2018-03-12 xbrli:shares iso4217:USD xbrli:pure Rafael Holdings, Inc. 0001713863 false --07-31 10-Q 2018-01-31 2018 Q2 Accelerated Filer 100

2339000

11861000

11756000

12008000

264000

226000

147000

191000

12167000

12425000

51160000

50967000

13478000

11700000

8859000

22000

155000

1588000

540000

787000

86204000

83675000

2529000

77644000

73034000

4610000

115000

89000

213000

423000

35000

20000

363000

532000

23693000

24391000

70000

95000

24126000

25018000

50427000

40554000

2316000

2394000

52743000

42948000

9335000

9678000

62078000

52626000

86204000

77644000

82000

396000

585000

298000

685000

770000

1682000

489000

994000

171000

469000

169000

384000

1337000

2736000

956000

2063000

776000

1629000

1343000

3079000

434000

822000

429000

853000

127000

285000

-816000

-357000

-459000

-1869000

-357000

-1512000

2000

7000

2000

4000

51000

32000

107000

118000

-252000

-439000

246000

180000

324000

-707000

-1608000

14000

30000

15000

8443000

166000

294000

-722000

-10051000

-176000

166000

294000

-546000

-9875000

8000

68000

78000

174000

302000

-654000

-9973000

19000

174000

302000

-673000

-9992000

7000

8837000

246000

606000

79000

-38000

252000

60000

-7000

260000

29000

77000

-15000

-1211000

-202000

15000

25000

-368000

41000

1146000

728000

8300000

-9446000

-728000

10000000

9326000

900000

19326000

900000

10000

39000

9522000

252000

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Note 3 — Fair Value Measurements<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table presents the balance of assets measured at fair value on a recurring basis:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(in thousands)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>January 31, 2018</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-left: 0.125in;">Available-for-sale securities:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="width: 791px; text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in;">Rafael Pharmaceuticals convertible promissory notes</td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="width: 15px; text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="width: 15px; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="width: 15px; text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt; padding-left: 0.25in;">Total</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>July 31, 2017</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-left: 0.125in;">Available-for-sale securities:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in;">Rafael Pharmaceuticals convertible promissory notes</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt; padding-left: 0.25in;">Total</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">At January 31, 2018 and July 31, 2017, the Company did not have any liabilities measured at fair value on a recurring basis.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">At January 31, 2018 and July 31, 2017, the fair value of the Rafael convertible promissory notes, which were classified as Level 3, was estimated based on a valuation of Rafael Pharmaceuticals by reference to recent transactions in its securities, the September 2016 Series D Convertible Note investment, as well as utilizing a discounted cash flow technique under the Income Approach and other factors that could not be corroborated by the market.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following tables summarize the change in the balance of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3). There were no liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) in the six months ended January 31, 2018 or the year ended July 31, 2017.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six Months Ended,  January 31</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(in thousands)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2018</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px;">Balance, beginning of period</td><td style="width: 16px; font-weight: bold;"> </td><td style="width: 16px; text-align: left; font-weight: bold;">$</td><td style="width: 142px; text-align: right; font-weight: bold;">6,300</td><td style="width: 16px; text-align: left; font-weight: bold;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">2,000</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Total gains included in other comprehensive income</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">—</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,200</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;">Purchases</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;">Balance, end of period</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,200</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company’s financial instruments include accounts and rents receivable, accounts payable, and due to IDT Corporation. The recorded carrying amount of accounts and rents receivable, accounts payable and due to IDT Corporation approximates their fair value due to their short-term nature. Other than noted above, the Company did not have any other assets or liabilities that were measured at fair value on a recurring basis as of January 31, 2018 or July 31, 2017.</div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Note 5 — Investment in Rafael Pharmaceuticals, Inc. (“Rafael Pharmaceuticals”)<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Rafael Pharmaceuticals is a clinical stage, oncology-focused pharmaceutical company committed to the development and commercialization of therapies that exploit the metabolic differences between normal cells and cancer cells.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On December 7, 2015, IDT approved an investment of up to $10 million in Rafael Pharmaceuticals. $2 million of this investment was funded as of July 31, 2016, as follows: $500,000 funded upon signing the Subscription and Loan Agreement during the second quarter of fiscal year 2016; and $1.5 million funded during the third quarter of fiscal year 2016. The initial $2 million investment was in exchange for Rafael Pharmaceuticals' 3.5% convertible promissory notes due in fiscal year 2018. To date, the Company has not accrued interest on this note, as collection cannot be reasonably assured; however, the Company has received an independent appraisal indicating the fair value of its investment in Rafael Pharmaceuticals exceeds the carrying value. On September 16, 2016, the Company made an additional $8 million investment in exchange for Rafael Pharmaceuticals' 3.5% convertible promissory notes due in fiscal year 2018.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Upon Spin-Off, the Company will own, subsequent to January 31, 2018, its interests/rights in Rafael Pharmaceuticals through a 90%-owned non-operating subsidiary, IDT-Rafael Holdings, LLC. (“IDT-Rafael Holdings”). IDT-Rafael Holdings holds warrants to purchase a significant stake in Rafael Pharmaceuticals, as well as other equity and governance rights in Rafael Pharmaceuticals, and owns 50% of CS Pharma Holdings, LLC (“CS Pharma”), a non-operating entity which holds the convertible debt and other rights to purchase equity interests in Rafael Pharmaceuticals.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Those interests/rights include:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 0.5in; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 18pt; font-stretch: normal;">1.</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">$10,000,000 of Series D Convertible Notes of Rafael Pharmaceuticals held by CS Pharma.</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 42.5pt; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 0.5in; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 18pt; font-stretch: normal;">2.</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">A warrant to purchase 56% of the capital stock of Rafael Pharmaceuticals — the right to exercise the first $10,000,000 worth of the warrant is held by CS Pharma; and the remainder is held directly by IDT-Rafael Holdings.</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 42.5pt; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 42.5pt; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 42.5pt; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 0.5in; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 18pt; font-stretch: normal;">3.</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Certain governance rights, including appointment of directors.</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 42.5pt; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On March 2, 2017, Howard Jonas, IDT’s Chairman of the Board, and Chairman of the Board of Rafael Pharmaceuticals, purchased 10% of IDT-Rafael Holdings for a purchase price of $1 million, which represented 10% of the Company’s cost basis in IDT-Rafael Holdings. Accordingly, we will hold an effective 45% indirect interest in the assets held by CS Pharma, including its cash. Separately, Howard Jonas and Deborah Jonas jointly own $525,000 of Series C Convertible Notes of Rafael Pharmaceuticals, and The Howard S. and Deborah Jonas Foundation owns $525,000 of Series C Notes of Rafael Pharmaceuticals.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Additionally, the Company previously owned the contractual right to receive "Bonus Shares" for an additional 10% of the outstanding capital stock of Rafael Pharmaceuticals that are issued only upon achieving certain milestones. If the milestones are met, Bonus Shares are to be issued without any additional payment.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On September 12, 2017, IDT’s Compensation Committee, Corporate Governance Committee and Board of Directors approved a compensatory arrangement with Howard S. Jonas related to this right to receive additional Rafael Pharmaceutical shares. In connection with this arrangement, IDT-Rafael Holdings distributed this right to its members such that the Company received the right to 9% of the outstanding capital stock of Rafael Pharmaceuticals and Mr. Jonas received the right to 1% of the outstanding capital stock of Rafael Pharmaceuticals. In addition, as compensation for assuming the role of Chairman of the Board of the Company, and to create additional incentive to contribute to its success, on September 19, 2017, the Company assigned its right to receive 9% of the outstanding capital stock of Rafael Pharmaceuticals to Mr. Jonas. The right is further transferable by Mr. Jonas, in his discretion.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Rafael Pharmaceuticals Series D Note earns interest at 3.5% per annum, with principal and accrued interest due and payable on September 16, 2018. The Series D Note is convertible at the holder’s option into shares of Rafael Pharmaceuticals’ Series D Preferred Stock. The Series D Note also includes a mandatory conversion into Rafael Pharmaceuticals common stock upon a qualified initial public offering, and conversion at the holder’s option upon an unqualified financing event. In all cases, the Series D Note conversion price is based on the applicable financing purchase price. IDT-Rafael Holdings and CS Pharma were issued warrants to purchase shares of capital stock of Rafael Pharmaceuticals representing up to 56% of the then issued and outstanding capital stock of Rafael Pharmaceuticals, on an as-converted and fully diluted basis. The right to exercise warrants as to the first $10 million thereof is held by CS Pharma and the remainder is owned by IDT-Rafael Holdings. The warrant expires on December 31, 2020. Currently, if the Company desires to raise additional financing from unaffiliated parties in connection with its exercise of its warrant or other current rights to invest in Rafael Pharmaceuticals (but not including the Rafael Pharmaceuticals rights held by CS Pharma), it first must give the other CS Pharma holders the opportunity to provide such financing on a pro rata basis. The exercise price of the warrant is the lower of 70% of the price sold in an equity financing, or $1.25 per share, subject to certain adjustments. The minimum initial and subsequent exercises of the warrant shall be for such number of shares that will result in at least $5 million of gross proceeds to Rafael Pharmaceuticals, or such lesser amount as represents 5% of the outstanding capital stock of Rafael Pharmaceuticals, or such lesser amount as may then remain unexercised. The warrant will expire upon the earlier of December 31, 2020 or a qualified initial public offering or liquidation event of Rafael Pharmaceuticals.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of January 31, 2018, and based on current shares issued and outstanding of Rafael Pharmaceuticals, the Company would need to pay approximately $71 million to exercise the warrant in full and approximately $56 million to purchase a 51% controlling stake. On an as-converted and fully diluted basis (for all convertible securities of Rafael Pharmaceuticals outstanding), the Company would need approximately $122 million to exercise the warrant in full and approximately $98 million to purchase a 51% controlling stake in Rafael Pharmaceuticals. Given the Company’s anticipated available cash upon the Spin-Off, the Company would not be able to exercise the warrant in its entirety and the Company may never be able to exercise the warrant in full.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company serves as the managing member of IDT-Rafael Holdings and IDT-Rafael Holdings serves as the managing member of CS Pharma, with broad authority to make all key decisions regarding their respective holdings. Any distributions that are made to CS Pharma from Rafael Pharmaceuticals that are in turn distributed by CS Pharma, will need to be made pro rata to all members, which would entitle IDT-Rafael Holdings to 50% (based on current ownership) of such distributions. Similarly, if IDT-Rafael Holdings were to distribute proceeds it receives from CS Pharma, it would do so on a pro rata basis, entitled the Company to 90% (based on current ownership) of such distributions.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company’s investment in Rafael Pharmaceuticals, which was included in “Investments” in the accompanying combined balance sheets, consists of the following:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(in thousands)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">(Unaudited)  January 31,  2018</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">July 31,  2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Convertible promissory note (at fair value)</td><td style="width: 16px; font-weight: bold;"> </td><td style="width: 16px; text-align: left; font-weight: bold;">$</td><td style="width: 142px; text-align: right; font-weight: bold;">6,300</td><td style="width: 16px; text-align: left; font-weight: bold;"> </td><td style="width: 15px; font-weight: bold;"> </td><td style="width: 15px; text-align: left; font-weight: bold;">$</td><td style="width: 141px; text-align: right; font-weight: bold;">6,300</td><td style="width: 15px; text-align: left; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Warrants (at cost)</td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;">5,400</td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;">5,400</td><td style="text-align: left; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Right to receive additional shares (at cost)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">400</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">Total investment in Rafael Pharmaceuticals</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">11,700</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">12,100</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Rafael Pharmaceuticals is a variable interest entity; however, the Company has determined that it is not the primary beneficiary as is does not have the power to direct the activities of Rafael Pharmaceuticals that most significantly impact Rafael Pharmaceuticals’ economic performance.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-right: 0px; margin-bottom: 0pt; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Note 7 — Business Segment Information<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company conducts business as two operating segments, Pharmaceuticals and Real Estate. The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision maker.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Beginning in the second quarter of fiscal 2018, the Pharmaceuticals segment is comprised of debt interests and warrants in Rafael Pharmaceuticals and a majority equity interest in Lipomedix Pharmaceuticals. Comparative results have been reclassified and restated as if the Pharmaceuticals segment existed for all periods presented. To date, the Pharmaceuticals segment has not generated any revenues.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Real Estate segment includes the Company’s real estate holdings, including the building at 520 Broad Street in Newark, New Jersey that houses IDT’s headquarters and its associated public garage, an office/data center building in Piscataway, New Jersey and a portion of a building in Israel that hosts offices for IDT and certain affiliates.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its Real Estate segment based primarily on income (loss) from operations and its Pharmaceuticals segment based primarily on research and development efforts and results of clinical trials. All investments in Rafael Pharmaceuticals and assets, expenses and expenses associated with Lipomedix are tracked separately in the Pharmaceuticals segment. All corporate costs are allocated to the Real Estate segment.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Operating results for the business segments of the Company are as follows:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 23.75pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(in thousands)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Pharmaceuticals</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Real Estate</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;">Three Months Ended January 31, 2018</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px;">Revenues</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">—</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 141px; text-align: right;">956</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">956</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">(Loss) income from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(357</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(459</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(816</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;">Three Months Ended January 31, 2017</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Revenues</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">—</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">1,337</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">1,337</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Income (loss) from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">—</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">127</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">127</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;">Six Months Ended January 31, 2018</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Revenues</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">—</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,063</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,063</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">(Loss) income from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(357</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,512</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,869</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;">Six Months Ended January 31, 2017</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Revenues</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">—</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,736</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,736</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Income (loss) from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">—</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">285</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">285</td><td style="text-align: left;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Geographic Information<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Revenues from customers located outside of the United States were generated entirely from related parties located in Israel. Revenues from these non-United States customers as a percentage of total revenues were as follows (revenues by country are determined based on the location of the related facility):<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Six months ended</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">January 31, 2018(unaudited)</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">January 31, 2017(unaudited)</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Revenue from customers located in Israel</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">2</td><td style="width: 16px; text-align: left;">%</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;">5</td><td style="width: 15px; text-align: left;">%</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Net long-lived assets and total assets held by the Company were located as follows:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(in thousands)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">United States</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Foreign</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;">January 31, 2018 (unaudited)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left;">Long-lived Assets, net</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">61,449</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 141px; text-align: right;">3,728</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">65,177</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">Total Assets</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">73,034</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,610</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">77,644</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-weight: bold;">July 31, 2017</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Long-lived Assets, net</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">71,674</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,363</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">74,037</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Total Assets</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">83,675</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,529</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">86,204</td><td style="text-align: left; padding-bottom: 1.5pt;"></td></tr></table></div>

<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(in thousands)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="3">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="3">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="3">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="3">Total</td></tr><tr style="vertical-align: bottom;"><td>January 31, 2018</td><td> </td><td style="text-align: right;" colspan="3"> </td><td> </td><td style="text-align: right;" colspan="3"> </td><td> </td><td style="text-align: right;" colspan="3"> </td><td> </td><td style="text-align: right;" colspan="3"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-left: 10pt;">Available-for-sale securities:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="width: 788.34px; text-align: left; padding-bottom: 1.5pt; padding-left: 20pt;">Rafael Pharmaceuticals convertible promissory notes</td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="width: 15px; text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="width: 15px; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="width: 15px; text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt; padding-left: 20pt;">Total</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>July 31, 2017</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-left: 10pt;">Available-for-sale securities:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt;">Rafael Pharmaceuticals convertible promissory notes</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt; padding-left: 20pt;">Total</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td></tr></table></div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six Months Ended,  January 31</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(in thousands)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2018</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px;">Balance, beginning of period</td><td style="width: 16px; font-weight: bold;"> </td><td style="width: 16px; text-align: left; font-weight: bold;">$</td><td style="width: 142px; text-align: right; font-weight: bold;">6,300</td><td style="width: 16px; text-align: left; font-weight: bold;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">2,000</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Total gains included in other comprehensive income</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">—</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,200</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;">Purchases</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;">Balance, end of period</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,300</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,200</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">—</td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold;"> </td></tr></table></div>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(in thousands)</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Pharmaceuticals</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Real Estate</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;">Three Months Ended January 31, 2018</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px;">Revenues</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">—</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 141px; text-align: right;">956</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">956</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">(Loss) income from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(357</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(459</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(816</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;">Three Months Ended January 31, 2017</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Revenues</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">—</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">1,337</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">1,337</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Income (loss) from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">—</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">127</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">127</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;">Six Months Ended January 31, 2018</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Revenues</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">—</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,063</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,063</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">(Loss) income from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(357</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,512</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,869</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-weight: bold;">Six Months Ended January 31, 2017</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Revenues</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">—</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,736</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,736</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">Income (loss) from operations</td><td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </td><td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </td><td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">—</td><td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </td><td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </td><td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </td><td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">285</td><td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </td><td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </td><td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </td><td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">285</td></tr></table>

16000

8000

1575000

155000

-85000

-22000

1647000

2400000

1060000

1340000

559000

1647000

200000

900000

0.3886

0.506

113000

500000

1500000

2000000

12100000

11700000

56000000

1100000

1200000

77000

0.1395 0.0320

6300000

2000000

4200000

6300000

2200000

A significant piece of objective negative evidence evaluated was the amendments to related party leases effective August 1, 2017, which, in comparison to fiscal year 2017, will reduce revenues by approximately $1.7 million annually through 2025.

8400000

6300000

5400000

400000

0.035

2018-07-31

2018-09-16

0.45 0.90 0.50 0.50 0.10 0.51 2020-12-31

2000000

8000000

1000000

525000

10000000 10000000 10000000 122000000 0.56 0.09 0.01 0.10 0.09 The exercise price of the warrant is the lower of 70% of the price sold in an equity financing, or $1.25 per share, subject to certain adjustments. The minimum initial and subsequent exercises of the warrant shall be for such number of shares that will result in at least $5 million of gross proceeds to Rafael Pharmaceuticals, or such lesser amount as represents 5% of the outstanding capital stock of Rafael Pharmaceuticals, or such lesser amount as may then remain unexercised. 71000000 98000000

15145000

23260000

23693000

24391000

471000

436000

-1682000

-994000

9326000

1256000

471000

436000

2025-04-30

The related party leases expire in April 2025 and are for 88,631 square feet and include two parking spots per thousand square feet of space leased at 520 Broad Street and for 12,400 square feet in Israel. The annual rent will be approximately $2.0 million. The related parties have the right to terminate theses leases upon four months' notice, and upon early termination will pay a termination penalty equal to 25% of the portion of the rent due over the course of the remaining term. Related parties will have the right to lease an additional 25,000 square feet in the building located at 520 Broad Street on the same terms as the base lease, and other rights to a further 25,000 square feet should all available space be leased to other tenants.

P5Y

The annual rent will be approximately $2.0 million.

9400000

900000

0.05

0.02

74037000

71674000

2363000

65177000

61449000

3728000

EX-101.SCH 7 cik0001713863-20180131.xsd XBRL SCHEMA FILE 001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 002 - Statement - Combined Balance Sheets link:presentationLink link:definitionLink link:calculationLink 003 - Statement - Combined Balance Sheets (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 004 - Statement - Combined Statements of Comprehensive Operations (Unaudited) link:presentationLink link:definitionLink link:calculationLink 005 - Statement - Combined Statements of Comprehensive (Loss) Income (Unaudited) link:presentationLink link:definitionLink link:calculationLink 006 - Statement - Combined Statements of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Description of Business and Basis of Presentation link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Fair Value Measurements link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Establishment of Valuation Allowance for Deferred Tax Asset link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Related Party Transactions link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Business Segment Information link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Commitments and Contingencies link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Tables) link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Fair Value Measurements (Tables) link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") (Tables) link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Related Party Transactions (Tables) link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Business Segment Information (Tables) link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Details) link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Details Textual) link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - Fair Value Measurements (Details) link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - Fair Value Measurements (Details 1) link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - Establishment of Valuation Allowance for Deferred Tax Asset (Details) link:presentationLink link:definitionLink link:calculationLink 025 - Disclosure - Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") (Details) link:presentationLink link:definitionLink link:calculationLink 026 - Disclosure - Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") (Details Textual) link:presentationLink link:definitionLink link:calculationLink 027 - Disclosure - Related Party Transactions (Details) link:presentationLink link:definitionLink link:calculationLink 028 - Disclosure - Related Party Transactions (Details Textual) link:presentationLink link:definitionLink link:calculationLink 029 - Disclosure - Business Segment Information (Details) link:presentationLink link:definitionLink link:calculationLink 030 - Disclosure - Business Segment Information (Details1) link:presentationLink link:definitionLink link:calculationLink 031 - Disclosure - Business Segment Information (Details 2) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 cik0001713863-20180131_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 cik0001713863-20180131_def.xml XBRL DEFINITION FILE EX-101.LAB 10 cik0001713863-20180131_lab.xml XBRL LABEL FILE Document and Entity Information [Abstract] Statement [Table] Class of Stock [Axis] Class of Stock [Domain] Common Class A [Member] Class A common stock Common Class B [Member] Class B common stock Statement [Line Items] Entity Registrant Name Entity Central Index Key Amendment Flag Current Fiscal Year End Date Document Type Document Period End Date Document Fiscal Year Focus Document Fiscal Period Focus Entity Filer Category Entity Common Stock, Shares Outstanding Statement of Financial Position [Abstract] Assets [Abstract] Assets Assets, Current [Abstract] Current assets: Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Receivables, Net, Current Trade accounts receivable, net of allowance for doubtful accounts of $82 at January 31, 2018 and July 31, 2017 Prepaid Expense and Other Assets, Current Prepaid expenses and other current assets Assets, Current Total current assets Property, Plant and Equipment, Net Property and equipment, net Long-term Investments Investments Series C convertible notes Deferred Tax Assets, Net of Valuation Allowance, Noncurrent Deferred income tax assets, net Finite-Lived Intangible Assets, Net Patents In Process Research And Development IPR&D In Process Research and Development In process research and development. Other Assets, Noncurrent Other assets Assets Total Assets Total assets Total assets Liabilities and Equity [Abstract] Liabilities and equity Liabilities, Current [Abstract] Current liabilities: Accounts Payable, Current Trade accounts payable Accrued Liabilities, Current Accrued expenses Other Liabilities, Current Other current liabilities Liabilities, Current Total current liabilities Due to Related Parties, Noncurrent Due to IDT Corporation Other Liabilities, Noncurrent Other liabilities Liabilities Total liabilities Commitments and Contingencies Commitments and contingencies Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] Equity: Stockholders' Equity Attributable to Parent [Abstract] Rafael Holdings, Inc. members' equity: Common Stock, Value, Issued Group equity Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive income Stockholders' Equity Attributable to Parent Total Rafael Holdings, Inc. members' equity Stockholders' Equity Attributable to Noncontrolling Interest Noncontrolling interests Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Total equity Total equity Liabilities and Equity Total liabilities and equity Allowance for Doubtful Accounts Receivable, Current Allowance for doubtful accounts Income Statement [Abstract] Revenues [Abstract] Revenues: Operating Leases, Income Statement, Lease Revenue Rental - Third Party Revenue from Related Parties Rental - Related Party Rental revenue earned from IDT Parking Revenue Parking Revenues Revenues Total revenues Operating Expenses [Abstract] Costs and expenses: Selling, General and Administrative Expense Selling, general and administrative Selling, General and Administrative Depreciation, Depletion and Amortization, Nonproduction Depreciation and amortization Depreciation and amortization Depreciation and Amortization Operating Income (Loss) (Loss) income from operations (Loss) income from operations Interest Income (Expense), Net Interest Income Interest income Foreign Currency Transaction Gain (Loss), before Tax Net Gains (Losses) Resulting from Foreign Exchange Transactions Net gains resulting from foreign exchange transactions Income (Loss) from Equity Method Investments Net loss on equity investments Interest in the equity of investments Historical loss on investment Net loss on equity investments Cost-method Investments, Realized Gain (Loss), Excluding Other than Temporary Impairments Gain on disposal of bonus shares Gain on disposal of bonus shares Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest (Loss) income before income taxes Income Tax Expense (Benefit) (Provision for) Benefit from Income Taxes (Benefit from) provision for income taxes (Loss) income before income taxes Net (Loss) Income Net (loss) income Net income (loss) Net (loss) income Net (loss) income Net income (loss) Net Income (Loss) Attributable to Noncontrolling Interest Net Loss Attributable to Noncontrolling Interests Net loss attributable to noncontrolling interests Net Income (Loss) Attributable to Parent Net income (loss) Net (loss) income attributable to Rafael Holdings, Inc. Statement of Comprehensive Income [Abstract] Other Comprehensive Income (Loss), Net of Tax [Abstract] Other comprehensive income: Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax Foreign currency translation adjustments Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive (loss) income Comprehensive income Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Comprehensive loss attributable to noncontrolling interests Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive (loss) income attributable to Rafael Holdings, Inc. Statement of Cash Flows [Abstract] Net Cash Provided by (Used in) Operating Activities [Abstract] Operating activities Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Deferred Income Taxes and Tax Credits Deferred income taxes Realized Gain On Disposal Of Bonus Shares Amount of gain (loss) on sale or disposal of bonus shares. Realized gain on disposal of bonus shares Share-based Compensation Non-cash compensation Increase (Decrease) in Operating Capital [Abstract] Change in assets and liabilities: Increase (Decrease) in Accounts Receivable Accounts and rents receivable Accounts and rents receivable Increase (Decrease) in Prepaid Expense and Other Assets Other current assets and prepaid expenses Other current assets and prepaid expenses Increase (Decrease) in Other Operating Assets Other assets Other assets Increase (Decrease) in Accounts Payable and Accrued Liabilities Accounts payable and accrued expenses Increase (Decrease) in Other Current Liabilities Other current liabilities Increase (Decrease) in Due to Related Parties Due to IDT Corporation Increase (Decrease) in Other Operating Liabilities Other liabilities Net Cash Provided by (Used in) Operating Activities Net cash provided by (used in) operating activities Net Cash Provided by (Used in) Investing Activities [Abstract] Investing activities Payments to Acquire Property, Plant, and Equipment Purchases of property and equipment Purchases of property and equipment Payments to Acquire Investments Purchase of investments Purchase of investments Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Financing activities Proceeds from Divestiture of Interest in Consolidated Subsidiaries Proceeds from sale of member interests in CS Pharma Holdings, LLC Proceeds from Related Party Debt Cash advances from IDT Corporation, net of repayments Cash advances from IDT Corporation, net of repayments Net Cash Provided by (Used in) Financing Activities Net cash used in financing activities Effect of Exchange Rate on Cash and Cash Equivalents Effect of exchange rate changes on cash and cash equivalents Effect of exchange rate changes on cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Net increase in cash and cash equivalents Supplemental Cash Flow Information [Abstract] Supplemental Schedule of Non-Cash Financing and Investing Activities Income Taxes Paid Cash payments made for taxes Interest Paid Cash payments made for interest Description of Business and Basis of Presentation [Abstract] Business Description and Basis of Presentation [Text Block] Description of Business and Basis of Presentation Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") [Abstract] Business Combination Disclosure [Text Block] Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") Fair Value Measurements [Abstract] Fair Value Disclosures [Text Block] Fair Value Measurements Establishment of Valuation Allowance for Deferred Tax Asset [Abstract] Income Tax Disclosure [Text Block] Establishment of Valuation Allowance for Deferred Tax Asset Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") [Abstract] Cost-method Investments, Description [Text Block] Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Related Party Transactions Business Segment Information [Abstract] Segment Reporting Disclosure [Text Block] Business Segment Information Commitments and Contingencies [Abstract] Legal Matters and Contingencies [Text Block] Commitments and Contingencies Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] Schedule of acquisition date fair value of total consideration transferred Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Summary of balance of assets measured at fair value on a recurring basis Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] Summary of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) Schedule of Cost Method Investments [Table Text Block] Schedule of consolidated balance sheets Schedule of Related Party Transactions [Table Text Block] Schedule of change in Company's liability to IDT Schedule of change in Company's liability to IDT Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] Schedule of operating results for the business segments Revenue from External Customers by Geographic Areas [Table Text Block] Schedule of revenue from external customers by geographic areas Long-lived Assets by Geographic Areas [Table Text Block] Schedule of net long-lived assets and total assets by geographic areas Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other Other current assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment Property and equipment, net Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed In Process Research And Development In Process Research and Development Business combination recognized identifiable assets acquired and liabilities assumed in process research and development. Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles Patents Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable Accounts payable Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accrued Expenses Accrued expenses Business combination recognized identifiable assets acquired and liabilities assumed current liabilities accrued expenses. Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Net assets, excluding cash acquired and noncontrolling interest Supplemental Information [Abstract] Supplemental information: Payments to Acquire Businesses, Gross Cash paid Cash Acquired from Acquisition Cash acquired Payments to Acquire Businesses, Net of Cash Acquired Cash paid, net of cash acquired Noncontrolling Interest, Increase from Business Combination Noncontrolling interest Business Combination, Consideration Transferred Total consideration, net of cash acquired and noncontrolling interest Schedule of Business Acquisitions, by Acquisition [Table] Investment [Axis] Investment [Domain] Lipomedix Pharmaceuticals Ltd [Member] Lipomedix Pharmaceuticals Ltd. [Member] Lipomedix [Member] Business Acquisition [Line Items] Business Combination Textual [Abstract] Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Textual) Payments to Acquire Equity Method Investments Additional amount of investment funded Equity Method Investment, Ownership Percentage Ownership percentage in subsidiary and holds percentage of interest Percentage of controlling stake Loss on Sale of Investments Recognizes loss amount Cost Method Investments Initial investment Additional amount of investment funded Total investment in Rafael Pharmaceuticals Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent Advance amount of additional investment Ownership percentage in non-operating subsidiary Advance amount of additional investment Equity Method Investment, Summarized Financial Information, Assets Total assets value Equity Method Investment, Summarized Financial Information, Liabilities Total liabilities value Cost Method Investments Ownership Percentage Cost method investments ownership percentage The percentage of ownership of common stock or equity participation in the investee accounted for under the cost method of accounting. Fair Value Measurements, Recurring and Nonrecurring [Table] Measurement Frequency [Axis] Fair Value, Measurement Frequency [Domain] Fair Value, Measurements, Recurring [Member] Fair Value Measurements, Recurring basis [Member] Fair Value, Hierarchy [Axis] Fair Value Hierarchy [Domain] Fair Value, Inputs, Level 1 [Member] Level 1 [Member] Fair Value, Inputs, Level 2 [Member] Level 2 [Member] Fair Value, Inputs, Level 3 [Member] Level 3 [Member] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] Available-for-sale securities: Notes Receivable, Fair Value Disclosure Rafael Pharmaceuticals convertible promissory notes Rafael Pharmaceuticals convertible promissory notes Available-for-sale Securities Total Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value Balance, beginning of period Balance, end of period Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) Total gains included in other comprehensive income Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases Purchases Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period Establishment Of Valuation Allowance For Deferred Tax Asset Textual [Abstract] Establishment of Valuation Allowance for Deferred Tax Asset (Textual) Deferred Revenue, Description Deferred revenue, description Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount Valuation allowance Schedule Of Consolidated Balance Sheets [Abstract] Schedule of consolidated balance sheets Convertible Debt, Fair Value Disclosures Convertible promissory note (at fair value) Warrants and Rights Outstanding Worth of warrants Warrants (at cost) Right To Receive Additional Shares Right to receive additional shares (at cost) Value of right to receive additional shares. Schedule of Investments [Table] Title of Individual [Axis] Relationship to Entity [Domain] Board of Directors Chairman [Member] Howard Jonas [Member] Howards And Deborah Jonas Foundation [Member] The Howard S. and Deborah Jonas Foundation [Member] Howard Jonas And Deborah Jonas [Member] Howard Jonas and Deborah Jonas [Member] Short-term Debt, Type [Axis] Short-term Debt, Type [Domain] Convertible Notes Payable [Member] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event [Member] Long-term Debt, Type [Axis] EX-101.PRE 11 cik0001713863-20180131_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jan. 31, 2018	Mar. 12, 2018
Entity Registrant Name	Rafael Holdings, Inc.
Entity Central Index Key	0001713863
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Document Type	10-Q
Document Period End Date	Jan. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		100

XML 13 R2.htm IDEA: XBRL DOCUMENT

Combined Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2018	Jul. 31, 2017
Current assets:
Cash and cash equivalents	$ 12,008	$ 11,756
Trade accounts receivable, net of allowance for doubtful accounts of $82 at January 31, 2018 and July 31, 2017	226	264
Prepaid expenses and other current assets	191	147
Total current assets	12,425	12,167
Property and equipment, net	50,967	51,160
Investments	11,700	13,478
Deferred income tax assets, net	22	8,859
Patents	155
In Process Research and Development	1,588
Other assets	787	540
Total assets	77,644	86,204
Current liabilities:
Trade accounts payable	89	115
Accrued expenses	423	213
Other current liabilities	20	35
Total current liabilities	532	363
Due to IDT Corporation	24,391	23,693
Other liabilities	95	70
Total liabilities	25,018	24,126
Commitments and contingencies
Rafael Holdings, Inc. members' equity:
Group equity	40,554	50,427
Accumulated other comprehensive income	2,394	2,316
Total Rafael Holdings, Inc. members' equity	42,948	52,743
Noncontrolling interests	9,678	9,335
Total equity	52,626	62,078
Total liabilities and equity	$ 77,644	$ 86,204

XML 14 R3.htm IDEA: XBRL DOCUMENT

Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2018	Jul. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 82	$ 82

XML 15 R4.htm IDEA: XBRL DOCUMENT

Combined Statements of Comprehensive Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Revenues:
Rental - Third Party	$ 298	$ 396	$ 685	$ 585
Rental - Related Party	489	770	994	1,682
Parking	169	171	384	469
Total revenues	956	1,337	2,063	2,736
Costs and expenses:
Selling, general and administrative	1,343	776	3,079	1,629
Depreciation and amortization	429	434	853	822
(Loss) income from operations	(816)	127	(1,869)	285
Interest income	(2)	(2)	(4)	(7)
Net gains resulting from foreign exchange transactions	(107)	(51)	(118)	(32)
Net loss on equity investments			439
Gain on disposal of bonus shares			(246)
(Loss) income before income taxes	(707)	180	(1,608)	324
(Benefit from) provision for income taxes	15	14	8,443	30
Net (loss) income	(722)	166	(10,051)	294
Net loss attributable to noncontrolling interests	176		176
Net (loss) income attributable to Rafael Holdings, Inc.	$ (546)	$ 166	$ (9,875)	$ 294

XML 16 R5.htm IDEA: XBRL DOCUMENT

Combined Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (722)	$ 166	$ (10,051)	$ 294
Other comprehensive income:
Foreign currency translation adjustments	68	8	78	8
Comprehensive income	(654)	174	(9,973)	302
Comprehensive loss attributable to noncontrolling interests	19		19
Comprehensive (loss) income attributable to Rafael Holdings, Inc.	$ (673)	$ 174	$ (9,992)	$ 302

XML 17 R6.htm IDEA: XBRL DOCUMENT

Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Operating activities
Net (loss) income	$ (10,051)	$ 294
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	853	822
Deferred income taxes	8,837	7
Realized gain on disposal of bonus shares	(246)
Non-cash compensation	606
Net loss on equity investments	439
Change in assets and liabilities:
Accounts and rents receivable	38	(79)
Other current assets and prepaid expenses	(60)	(252)
Other assets	(260)	7
Accounts payable and accrued expenses	77	29
Other current liabilities	(15)
Due to IDT Corporation	(202)	(1,211)
Other liabilities	25	15
Net cash provided by (used in) operating activities	41	(368)
Investing activities
Purchases of property and equipment	(728)	(1,146)
Purchase of investments		(8,300)
Net cash used in investing activities	(728)	(9,446)
Financing activities
Proceeds from sale of member interests in CS Pharma Holdings, LLC		10,000
Cash advances from IDT Corporation, net of repayments	900	9,326
Net cash used in financing activities	900	19,326
Effect of exchange rate changes on cash and cash equivalents	39	10
Net increase in cash and cash equivalents	252	9,522
Cash and cash equivalents at beginning of period	11,756	2,339
Cash and cash equivalents at end of period	12,008	11,861
Supplemental Schedule of Non-Cash Financing and Investing Activities
Cash payments made for taxes
Cash payments made for interest

XML 18 R7.htm IDEA: XBRL DOCUMENT

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Jan. 31, 2018
Description of Business and Basis of Presentation [Abstract]
Description of Business and Basis of Presentation	Note 1 — Description of Business and Basis of Presentation *Description of Business* Rafael Holdings, Inc. (“Rafael Holdings”), a Delaware corporation, is a wholly-owned subsidiary of IDT Corporation (“IDT” or the “Parent”). On or about March 26, 2018, IDT expects to complete a tax-free spinoff (the “Spin-Off”) of our capital stock, through a pro rata distribution of our common stock to its stockholders of record as of the close of business on March 13, 2018 (the “Spin-Off record date”). As a result of the Spin-Off, each of IDT’s stockholders will receive: (i) one share of our Class A common stock for every two shares of IDT’s Class A common stock held on the Spin-Off record date; (ii) one share of our Class B common stock for every two shares of IDT’s Class B common stock held on the Spin-Off record date; and (iv) cash in lieu of a fractional share of all classes of our common stock. The combined financial statements include all of the accounts of the following wholly-owned subsidiaries of IDT, which will be contributed to Rafael Holdings prior to the Spin-Off: IDT 225 Old NB Road, LLC, a Delaware Limited Liability Company; IDT Realty LLC, a New Jersey Limited Liability Company; I.D.T. R.E. Holdings, Ltd., an Israeli Company; Broad Atlantic Associates LLC, a Delaware Limited Liability Company; Broad Atlantic Realty LLC, a Delaware Limited Liability Company; Hillview Avenue Realty, a Delaware Limited Liability Company; Hillview Avenue Realty JV, a Delaware Limited Liability Company; IDT Capital Real Estate Holdings LLC, a Delaware Limited Liability Company; and IDT Capital, Inc., a Delaware Corporation. Additionally, it includes the accounts of the majority-owned Lipomedix Pharmaceuticals, Ltd., an Israeli Company. The “Company” in these financial statements refers to Rafael Holdings on this combined basis as if Rafael Holdings existed and owned the above interests in these entities in all periods presented. All significant intercompany accounts and transactions have been eliminated in combination. *Properties* The Company owns commercial real estate located at 520 Broad Street, Newark, New Jersey, which serves as headquarters for IDT, Genie Energy Ltd. and the Company, and a related 800-car public parking garage across the street, as well as a building located at 225 Old New Brunswick Road in Piscataway, New Jersey that is used partially by IDT Telecom, Inc. for certain of its operations. Additionally, the Company owns a portion of the 6^th floor of a building located at 5 Shlomo Halevi Street, in Jerusalem, Israel. *Basis of Presentation* The accompanying unaudited combined financial statements the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended January 31, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2018. The balance sheet at July 31, 2017 has been derived from the Company’s audited financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the combined financial statements and footnotes thereto included elsewhere in the Registration Statement on Form 10-12G filed on February 19, 2018. The Company’s fiscal year ends on July 31 of each calendar year. Each reference below to a fiscal year refers to the fiscal year ending in the calendar year indicated (e.g., fiscal year 2017 refers to the fiscal year ending July 31, 2017).

XML 19 R8.htm IDEA: XBRL DOCUMENT

Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix")

6 Months Ended

Jan. 31, 2018

Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") [Abstract]

Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix")

Note 2 — Acquisition of Lipomedix Pharmaceuticals Ltd. (“Lipomedix”)

Lipomedix is a development-stage, privately held Israeli company focused on the development of an innovative, safe and effective cancer therapy based on liposome delivery.

The impact of the acquisition’s purchase price allocations on the Company’s combined balance sheet and the acquisition date fair value of the total consideration transferred were as follows:

(in thousands)	November 16, 2017
Other current assets	$	16
Property and equipment, net		8
In Process Research and Development		1,575
Patents		155
Accounts payable		(85	)
Accrued expenses		(22	)
Net assets, excluding cash acquired and noncontrolling interest	$	1,647
Supplemental information: Cash paid	$	2,400
Cash acquired		1,060
Cash paid, net of cash acquired		1,340
Historical loss on investment		(252	)
Noncontrolling interest		559
Total consideration, net of cash acquired and noncontrolling interest	$	1,647

XML 20 R9.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

6 Months Ended

Jan. 31, 2018

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 3 — Fair Value Measurements

The following table presents the balance of assets measured at fair value on a recurring basis:

(in thousands)	Level 1		Level 2		Level 3		Total
January 31, 2018
Available-for-sale securities:
Rafael Pharmaceuticals convertible promissory notes	$	—	$	—	$	6,300	$	6,300
Total	$	—	$	—	$	6,300	$	6,300
July 31, 2017
Available-for-sale securities:
Rafael Pharmaceuticals convertible promissory notes	$	—	$	—	$	6,300	$	6,300
Total	$	—	$	—	$	6,300	$	6,300

At January 31, 2018 and July 31, 2017, the Company did not have any liabilities measured at fair value on a recurring basis.

	Six Months Ended, January 31
(in thousands)	2018		2017
Balance, beginning of period	$	6,300	$	2,000
Total gains included in other comprehensive income		—		2,200
Purchases		—		—
Balance, end of period	$	6,300	$	4,200
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period	$	—	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 21 R10.htm IDEA: XBRL DOCUMENT

Establishment of Valuation Allowance for Deferred Tax Asset	6 Months Ended
	Jan. 31, 2018
Establishment of Valuation Allowance for Deferred Tax Asset [Abstract]
Establishment of Valuation Allowance for Deferred Tax Asset	Note 4 — Establishment of Valuation Allowance for Deferred Tax Asset Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the amendments to related party leases effective August 1, 2017, which, in comparison to fiscal year 2017, will reduce revenues by approximately $1.7 million annually through 2025. Such objective evidence limits the ability to consider other subjective evidence, such as the Company’s projections for future growth. On the basis of this evaluation, a valuation allowance of $8.4 million was recorded to reserve for the entirety of the Company’s domestic deferred tax asset during the first quarter of fiscal 2018. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income during the carryforward period are increased, or if additional weight is given to subjective evidence, such as the Company’s projections for growth.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals")

6 Months Ended

Jan. 31, 2018

Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") [Abstract]

Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals")

Note 5 — Investment in Rafael Pharmaceuticals, Inc. (“Rafael Pharmaceuticals”)

Those interests/rights include:

$10,000,000 of Series D Convertible Notes of Rafael Pharmaceuticals held by CS Pharma.

Certain governance rights, including appointment of directors.

The Company’s investment in Rafael Pharmaceuticals, which was included in “Investments” in the accompanying combined balance sheets, consists of the following:

(in thousands)	(Unaudited) January 31, 2018		July 31, 2017
Convertible promissory note (at fair value)	$	6,300	$	6,300
Warrants (at cost)		5,400		5,400
Right to receive additional shares (at cost)		—		400
Total investment in Rafael Pharmaceuticals	$	11,700	$	12,100

XML 23 R12.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

Jan. 31, 2018

Related Party Transactions

Note 6 — Related Party Transactions

The Company continues to maintain an intercompany balance Due to IDT that relates to loan repayments, charges for services provided to the Company by IDT and payroll costs for the Company's personnel that are paid by IDT, partially offset by rental income paid by various companies under common control to IDT to the Company. Historically, this also related to cash advances for investments. IDT advanced $9.4 million to the Company during fiscal year 2017 to invest in Rafael Pharmaceuticals and Lipomedix. IDT charges the Company for certain transactions and allocates routine expenses for, among other things: (1) the allocation between the Company and IDT of employee benefits, taxes and other liabilities and obligations; (2) services to be provided by IDT relating to human resources and employee benefits administration; (3) the allocation of responsibilities relating to employee compensation and benefit plans and programs and other related matters; and (4) finance, accounting, tax and legal services to be provided by IDT to the Company. In the six months ended January 31, 2018 and January 31, 2017, IDT allocated to the Company an aggregate of approximately $436,000 and $471,000, respectively, for payroll, benefits, insurance and other expenses, which were included in “Selling, general and administrative expense” in the combined statements of comprehensive income (loss). In all periods presented, the Company was included in IDT's combined federal income tax return.

The change in the Company’s liability to IDT was as follows:

	Six Months Ended January 31,
(in thousands)	2018 (unaudited)			2017 (unaudited)
Balance at beginning of period	$	23,693		$	15,145
Payments by IDT on behalf of the Company		436			471
Rental revenue earned from IDT		(994	)		(1,682	)
Cash repayments, net of advances		1,256			9,326
Balance at end of period	$	24,391		$	23,260

XML 24 R13.htm IDEA: XBRL DOCUMENT

Business Segment Information

6 Months Ended

Jan. 31, 2018

Business Segment Information [Abstract]

Business Segment Information

Note 7 — Business Segment Information

Operating results for the business segments of the Company are as follows:

(in thousands)	Pharmaceuticals			Real Estate			Total
Three Months Ended January 31, 2018
Revenues	$	—		$	956		$	956
(Loss) income from operations		(357	)		(459	)		(816	)

Three Months Ended January 31, 2017
Revenues	$	—		$	1,337		$	1,337
Income (loss) from operations		—			127			127

Six Months Ended January 31, 2018
Revenues	$	—		$	2,063		$	2,063
(Loss) income from operations		(357	)		(1,512	)		(1,869	)

Six Months Ended January 31, 2017
Revenues	$	—		$	2,736		$	2,736
Income (loss) from operations		—			285			285

Geographic Information

Six months ended

January 31,
2018

(unaudited)

January 31,
2017

(unaudited)

Revenue from customers located in Israel

Net long-lived assets and total assets held by the Company were located as follows:

(in thousands)	United States		Foreign		Total
January 31, 2018 (unaudited)
Long-lived Assets, net	$	61,449	$	3,728	$	65,177
Total Assets		73,034		4,610		77,644
July 31, 2017
Long-lived Assets, net	$	71,674	$	2,363	$	74,037
Total Assets		83,675		2,529		86,204

XML 25 R14.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jan. 31, 2018
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 8 — Commitments and Contingencies *Legal Proceedings* The Company may from time to time be subject to legal proceedings that may arise in the ordinary course of business. Although there can be no assurance in this regard, the Company does not expect any of those legal proceedings to have a material adverse effect on the Company’s results of operations, cash flows or financial condition.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Tables)

6 Months Ended

Jan. 31, 2018

Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") [Abstract]

Schedule of acquisition date fair value of total consideration transferred

(in thousands)	November 16, 2017
Other current assets	$	16
Property and equipment, net		8
In Process Research and Development		1,575
Patents		155
Accounts payable		(85	)
Accrued expenses		(22	)
Net assets, excluding cash acquired and noncontrolling interest	$	1,647
Supplemental information: Cash paid	$	2,400
Cash acquired		1,060
Cash paid, net of cash acquired		1,340
Historical loss on investment		(252	)
Noncontrolling interest		559
Total consideration, net of cash acquired and noncontrolling interest	$	1,647

XML 27 R16.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

6 Months Ended

Jan. 31, 2018

Fair Value Measurements [Abstract]

Summary of balance of assets measured at fair value on a recurring basis

(in thousands)	Level 1		Level 2		Level 3		Total
January 31, 2018
Available-for-sale securities:
Rafael Pharmaceuticals convertible promissory notes	$	—	$	—	$	6,300	$	6,300
Total	$	—	$	—	$	6,300	$	6,300
July 31, 2017
Available-for-sale securities:
Rafael Pharmaceuticals convertible promissory notes	$	—	$	—	$	6,300	$	6,300
Total	$	—	$	—	$	6,300	$	6,300

Summary of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

	Six Months Ended, January 31
(in thousands)	2018		2017
Balance, beginning of period	$	6,300	$	2,000
Total gains included in other comprehensive income		—		2,200
Purchases		—		—
Balance, end of period	$	6,300	$	4,200
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period	$	—	$	—

XML 28 R17.htm IDEA: XBRL DOCUMENT

Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") (Tables)

6 Months Ended

Jan. 31, 2018

Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") [Abstract]

Schedule of consolidated balance sheets

(in thousands)	(Unaudited) January 31, 2018		July 31, 2017
Convertible promissory note (at fair value)	$	6,300	$	6,300
Warrants (at cost)		5,400		5,400
Right to receive additional shares (at cost)		—		400
Total investment in Rafael Pharmaceuticals	$	11,700	$	12,100

XML 29 R18.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Tables)

6 Months Ended

Jan. 31, 2018

Schedule of change in Company's liability to IDT

	Six Months Ended January 31,
(in thousands)	2018 (unaudited)			2017 (unaudited)
Balance at beginning of period	$	23,693		$	15,145
Payments by IDT on behalf of the Company		436			471
Rental revenue earned from IDT		(994	)		(1,682	)
Cash repayments, net of advances		1,256			9,326
Balance at end of period	$	24,391		$	23,260

XML 30 R19.htm IDEA: XBRL DOCUMENT

Business Segment Information (Tables)

6 Months Ended

Jan. 31, 2018

Business Segment Information [Abstract]

Schedule of operating results for the business segments

(in thousands)	Pharmaceuticals			Real Estate			Total
Three Months Ended January 31, 2018
Revenues	$	—		$	956		$	956
(Loss) income from operations		(357	)		(459	)		(816	)

Three Months Ended January 31, 2017
Revenues	$	—		$	1,337		$	1,337
Income (loss) from operations		—			127			127

Six Months Ended January 31, 2018
Revenues	$	—		$	2,063		$	2,063
(Loss) income from operations		(357	)		(1,512	)		(1,869	)

Six Months Ended January 31, 2017
Revenues	$	—		$	2,736		$	2,736
Income (loss) from operations		—			285			285

Schedule of revenue from external customers by geographic areas

Six months ended

January 31,
2018

(unaudited)

January 31,
2017

(unaudited)

Revenue from customers located in Israel

Schedule of net long-lived assets and total assets by geographic areas

(in thousands)	United States		Foreign		Total
January 31, 2018 (unaudited)
Long-lived Assets, net	$	61,449	$	3,728	$	65,177
Total Assets		73,034		4,610		77,644
July 31, 2017
Long-lived Assets, net	$	71,674	$	2,363	$	74,037
Total Assets		83,675		2,529		86,204

XML 31 R20.htm IDEA: XBRL DOCUMENT

Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Nov. 16, 2017	Jan. 31, 2018
Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") [Abstract]
Other current assets	$ 16
Property and equipment, net	8
In Process Research and Development	1,575
Patents	155
Accounts payable	(85)
Accrued expenses	(22)
Net assets, excluding cash acquired and noncontrolling interest	1,647
Supplemental information:
Cash paid	2,400
Cash acquired	1,060
Cash paid, net of cash acquired	1,340
Historical loss on investment	(252)	$ (439)
Noncontrolling interest	559
Total consideration, net of cash acquired and noncontrolling interest	$ 1,647

XML 32 R21.htm IDEA: XBRL DOCUMENT

Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Nov. 16, 2017	Jul. 31, 2017	Jan. 31, 2017	Jan. 31, 2018
Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Textual)
Initial investment		$ 12,100,000		$ 11,700,000
Lipomedix [Member]
Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Textual)
Additional amount of investment funded	$ 900,000		$ 200,000
Ownership percentage in subsidiary and holds percentage of interest	50.60%	38.86%
Recognizes loss amount		$ 113,000
Advance amount of additional investment		1,100,000
Total assets value		1,200,000
Total liabilities value		$ 77,000
Cost method investments ownership percentage			13.95%	3.20%

XML 33 R22.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Details) - Fair Value Measurements, Recurring basis [Member] - USD ($) $ in Thousands	Jan. 31, 2018	Jul. 31, 2017
Available-for-sale securities:
Rafael Pharmaceuticals convertible promissory notes	$ 6,300	$ 6,300
Total	6,300	6,300
Level 1 [Member]
Available-for-sale securities:
Rafael Pharmaceuticals convertible promissory notes
Total
Level 2 [Member]
Available-for-sale securities:
Rafael Pharmaceuticals convertible promissory notes
Total
Level 3 [Member]
Available-for-sale securities:
Rafael Pharmaceuticals convertible promissory notes	6,300	6,300
Total	$ 6,300	$ 6,300

XML 34 R23.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Fair Value Measurements [Abstract]
Balance, beginning of period	$ 6,300	$ 2,000
Total gains included in other comprehensive income		2,200
Purchases
Balance, end of period	6,300	4,200
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period

XML 35 R24.htm IDEA: XBRL DOCUMENT

Establishment of Valuation Allowance for Deferred Tax Asset (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jan. 31, 2018	Jan. 31, 2018
Establishment of Valuation Allowance for Deferred Tax Asset (Textual)
Deferred revenue, description		A significant piece of objective negative evidence evaluated was the amendments to related party leases effective August 1, 2017, which, in comparison to fiscal year 2017, will reduce revenues by approximately $1.7 million annually through 2025.
Valuation allowance	$ 8.4

XML 36 R25.htm IDEA: XBRL DOCUMENT

Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Jul. 31, 2017
Schedule of consolidated balance sheets
Convertible promissory note (at fair value)	$ 6,300	$ 6,300
Warrants (at cost)	5,400	5,400
Right to receive additional shares (at cost)		400
Total investment in Rafael Pharmaceuticals	$ 11,700	$ 12,100

XML 37 R26.htm IDEA: XBRL DOCUMENT

Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") (Details Textual) - USD ($) $ in Thousands		1 Months Ended		6 Months Ended		12 Months Ended
	Dec. 07, 2015	Mar. 02, 2017	Sep. 16, 2016	Jan. 31, 2018	Jan. 31, 2017	Jul. 31, 2016	Sep. 19, 2017	Sep. 12, 2017	Jul. 31, 2017	Apr. 30, 2016	Jan. 31, 2016
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Warrants expiry date				Dec. 31, 2020
Principal amount
Additional amount of investment funded				$ 11,700					$ 12,100
Exercise price of warrants or rights, description				The exercise price of the warrant is the lower of 70% of the price sold in an equity financing, or $1.25 per share, subject to certain adjustments. The minimum initial and subsequent exercises of the warrant shall be for such number of shares that will result in at least $5 million of gross proceeds to Rafael Pharmaceuticals, or such lesser amount as represents 5% of the outstanding capital stock of Rafael Pharmaceuticals, or such lesser amount as may then remain unexercised.
CS Pharma Holdings, LLC [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage in non-operating subsidiary		45.00%		50.00%
Exercise warrants value				$ 10,000
Percentage of exercise warrants value				56.00%
IDT-Rafael Holdings [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage in non-operating subsidiary				50.00%
Percentage of capital stock		10.00%
Rafael Pharmaceuticals [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage in non-operating subsidiary				90.00%
Ownership percentage in subsidiary and holds percentage of interest				51.00%
Additional amount of investment funded				$ 56,000		$ 2,000				$ 1,500	$ 500
Exercise warrants value	$ 10,000
Percentage of bonus shares received				10.00%				9.00%
Payments for exercise of warrants				$ 71,000
Convertible Debt Securities [Member] \| Rafael Pharmaceuticals [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Exercise warrants value				$ 122,000
Convertible promissory note (Series D Note) [Member] \| Rafael Pharmaceuticals [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Convertible promissory note, rate of interest				3.50%
Convertible promissory note, maturity date				Sep. 16, 2018
Exercise warrants value				$ 10,000
Purchase of exercise the warrant				$ 98,000
Convertible Notes Payable [Member] \| Rafael Pharmaceuticals [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Convertible promissory note, rate of interest			3.50%			3.50%
Convertible promissory note, maturity date			Jul. 31, 2018			Jul. 31, 2018
Amount of investment			$ 8,000			$ 2,000
Howard Jonas [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of bonus shares issued							9.00%
Howard Jonas [Member] \| IDT-Rafael Holdings [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Purchase price		$ 1,000
Howard Jonas [Member] \| Rafael Pharmaceuticals [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of bonus shares received								1.00%
The Howard S. and Deborah Jonas Foundation [Member] \| Series C Convertible Notes [Member] \| Rafael Pharmaceuticals [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Principal amount		525
Howard Jonas and Deborah Jonas [Member] \| Series C Convertible Notes [Member] \| Rafael Pharmaceuticals [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Principal amount		$ 525

XML 38 R27.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Related Party Transactions [Abstract]
Balance at beginning of period	$ 23,693	$ 15,145
Payments by IDT on behalf of the Company	436	471
Rental revenues earned from IDT	(994)	(1,682)
Cash repayments, net of advances	1,256	9,326
Balance at end of period	$ 24,391	$ 23,260

XML 39 R28.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Textual) - USD ($)	6 Months Ended
Related Party Transactions (Details Textual) - USD ($)	Jan. 31, 2018	Jan. 31, 2017
Related Party Transactions (Textual)
Other expenses of related party	$ 436,000	$ 471,000
Rafael Pharmaceuticals and Lipomedix [Member]
Related Party Transactions (Textual)
Advances to invest in Rafael Pharmaceuticals and Lipomedix	$ 900,000	$ 9,400,000
August 1, 2017 [Member]
Related Party Transactions (Textual)
Lease expiration date	Apr. 30, 2025
Description of Leasing arrangements	The related party leases expire in April 2025 and are for 88,631 square feet and include two parking spots per thousand square feet of space leased at 520 Broad Street and for 12,400 square feet in Israel. The annual rent will be approximately $2.0 million. The related parties have the right to terminate theses leases upon four months' notice, and upon early termination will pay a termination penalty equal to 25% of the portion of the rent due over the course of the remaining term. Related parties will have the right to lease an additional 25,000 square feet in the building located at 520 Broad Street on the same terms as the base lease, and other rights to a further 25,000 square feet should all available space be leased to other tenants.
Renewal term of lease	5 years
Description of annual rent	The annual rent will be approximately $2.0 million.

XML 40 R29.htm IDEA: XBRL DOCUMENT

Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Segment Reporting Information [Line Items]
Revenues	$ 956	$ 1,337	$ 2,063	$ 2,736
(Loss) income from operations	(816)	127	(1,869)	285
Pharmaceuticals [Member]
Segment Reporting Information [Line Items]
Revenues
(Loss) income from operations	(357)		(357)
Real Estate [Member]
Segment Reporting Information [Line Items]
Revenues	956	1,337	2,063	2,736
(Loss) income from operations	$ (459)	$ 127	$ (1,512)	$ 285

XML 41 R30.htm IDEA: XBRL DOCUMENT

Business Segment Information (Details1)	6 Months Ended
Business Segment Information (Details1)	Jan. 31, 2018	Jan. 31, 2017
Geographic Concentration Risk [Member]
Segment Reporting Information [Line Items]
Revenue from customers located in Israel	2.00%	5.00%

XML 42 R31.htm IDEA: XBRL DOCUMENT

Business Segment Information (Details 2) - USD ($) $ in Thousands	Jan. 31, 2018	Jul. 31, 2017
Segment Reporting Information [Line Items]
Long-lived Assets, net	$ 65,177	$ 74,037
Total Assets	77,644	86,204
United States [Member]
Segment Reporting Information [Line Items]
Long-lived Assets, net	61,449	71,674
Total Assets	73,034	83,675
Foreign [Member]
Segment Reporting Information [Line Items]
Long-lived Assets, net	3,728	2,363
Total Assets	$ 4,610	$ 2,529

EXCEL 43 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 44 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 45 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 47 FilingSummary.xml IDEA: XBRL DOCUMENT 3.8.0.1 html 66 152 1 false 22 0 false 3 false false R1.htm 001 - Document - Document and Entity Information Sheet http://www.rafael.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 002 - Statement - Combined Balance Sheets Sheet http://www.rafael.com/role/CombinedBalanceSheets Combined Balance Sheets Statements 2 false false R3.htm 003 - Statement - Combined Balance Sheets (Parenthetical) Sheet http://www.rafael.com/role/CombinedBalanceSheetsParenthetical Combined Balance Sheets (Parenthetical) Statements 3 false false R4.htm 004 - Statement - Combined Statements of Comprehensive Operations (Unaudited) Sheet http://www.rafael.com/role/CombinedStatementsOfComprehensiveOperationsUnaudited Combined Statements of Comprehensive Operations (Unaudited) Statements 4 false false R5.htm 005 - Statement - Combined Statements of Comprehensive (Loss) Income (Unaudited) Sheet http://www.rafael.com/role/CombinedStatementsOfComprehensiveLossIncomeUnaudited Combined Statements of Comprehensive (Loss) Income (Unaudited) Statements 5 false false R6.htm 006 - Statement - Combined Statements of Cash Flows (Unaudited) Sheet http://www.rafael.com/role/CombinedStatementsOfCashFlowsUnaudited Combined Statements of Cash Flows (Unaudited) Statements 6 false false R7.htm 007 - Disclosure - Description of Business and Basis of Presentation Sheet http://www.rafael.com/role/DescriptionOfBusinessAndBasisOfPresentation Description of Business and Basis of Presentation Notes 7 false false R8.htm 008 - Disclosure - Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") Sheet http://www.rafael.com/role/AcquisitionOfLipomedixPharmaceuticalsLtdLipomedix Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") Notes 8 false false R9.htm 009 - Disclosure - Fair Value Measurements Sheet http://www.rafael.com/role/FairValueMeasurements Fair Value Measurements Notes 9 false false R10.htm 010 - Disclosure - Establishment of Valuation Allowance for Deferred Tax Asset Sheet http://www.rafael.com/role/EstablishmentOfValuationAllowanceForDeferredTaxAsset Establishment of Valuation Allowance for Deferred Tax Asset Notes 10 false false R11.htm 011 - Disclosure - Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") Sheet http://www.rafael.com/role/InvestmentInRafaelPharmaceuticalsIncRafaelPharmaceuticals Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") Notes 11 false false R12.htm 012 - Disclosure - Related Party Transactions Sheet http://www.rafael.com/role/RelatedPartyTransactions Related Party Transactions Notes 12 false false R13.htm 013 - Disclosure - Business Segment Information Sheet http://www.rafael.com/role/BusinessSegmentInformation Business Segment Information Notes 13 false false R14.htm 014 - Disclosure - Commitments and Contingencies Sheet http://www.rafael.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 14 false false R15.htm 015 - Disclosure - Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Tables) Sheet http://www.rafael.com/role/AcquisitionofLipomedixPharmaceuticalsLtdLipomedixTables Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Tables) Tables http://www.rafael.com/role/AcquisitionOfLipomedixPharmaceuticalsLtdLipomedix 15 false false R16.htm 016 - Disclosure - Fair Value Measurements (Tables) Sheet http://www.rafael.com/role/FairValueMeasurementsTables Fair Value Measurements (Tables) Tables http://www.rafael.com/role/FairValueMeasurements 16 false false R17.htm 017 - Disclosure - Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") (Tables) Sheet http://www.rafael.com/role/InvestmentInRafaelPharmaceuticalsIncRafaelPharmaceuticalsTables Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") (Tables) Tables http://www.rafael.com/role/InvestmentInRafaelPharmaceuticalsIncRafaelPharmaceuticals 17 false false R18.htm 018 - Disclosure - Related Party Transactions (Tables) Sheet http://www.rafael.com/role/RelatedPartyTransactionsTables Related Party Transactions (Tables) Tables http://www.rafael.com/role/RelatedPartyTransactions 18 false false R19.htm 019 - Disclosure - Business Segment Information (Tables) Sheet http://www.rafael.com/role/BusinessSegmentInformationTables Business Segment Information (Tables) Tables http://www.rafael.com/role/BusinessSegmentInformation 19 false false R20.htm 020 - Disclosure - Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Details) Sheet http://www.rafael.com/role/AcquisitionofLipomedixPharmaceuticalsLtdLipomedixDetails Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Details) Details http://www.rafael.com/role/AcquisitionofLipomedixPharmaceuticalsLtdLipomedixTables 20 false false R21.htm 021 - Disclosure - Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Details Textual) Sheet http://www.rafael.com/role/AcquisitionOfLipomedixPharmaceuticalsLtdLipomedixDetailsTextual Acquisition of Lipomedix Pharmaceuticals Ltd. ("Lipomedix") (Details Textual) Details http://www.rafael.com/role/AcquisitionofLipomedixPharmaceuticalsLtdLipomedixTables 21 false false R22.htm 022 - Disclosure - Fair Value Measurements (Details) Sheet http://www.rafael.com/role/FairValueMeasurementsDetails Fair Value Measurements (Details) Details http://www.rafael.com/role/FairValueMeasurementsTables 22 false false R23.htm 023 - Disclosure - Fair Value Measurements (Details 1) Sheet http://www.rafael.com/role/FairValueMeasurementsDetails1 Fair Value Measurements (Details 1) Details http://www.rafael.com/role/FairValueMeasurementsTables 23 false false R24.htm 024 - Disclosure - Establishment of Valuation Allowance for Deferred Tax Asset (Details) Sheet http://www.rafael.com/role/EstablishmentofValuationAllowanceforDeferredTaxAssetDetails Establishment of Valuation Allowance for Deferred Tax Asset (Details) Details http://www.rafael.com/role/EstablishmentOfValuationAllowanceForDeferredTaxAsset 24 false false R25.htm 025 - Disclosure - Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") (Details) Sheet http://www.rafael.com/role/InvestmentInRafaelPharmaceuticalsIncRafaelPharmaceuticalsDetails Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") (Details) Details http://www.rafael.com/role/InvestmentInRafaelPharmaceuticalsIncRafaelPharmaceuticalsTables 25 false false R26.htm 026 - Disclosure - Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") (Details Textual) Sheet http://www.rafael.com/role/InvestmentInRafaelPharmaceuticalsIncRafaelPharmaceuticalsDetailsTextual Investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals") (Details Textual) Details http://www.rafael.com/role/InvestmentInRafaelPharmaceuticalsIncRafaelPharmaceuticalsTables 26 false false R27.htm 027 - Disclosure - Related Party Transactions (Details) Sheet http://www.rafael.com/role/RelatedPartyTransactionsDetails Related Party Transactions (Details) Details http://www.rafael.com/role/RelatedPartyTransactionsTables 27 false false R28.htm 028 - Disclosure - Related Party Transactions (Details Textual) Sheet http://www.rafael.com/role/RelatedPartyTransactionsDetailsTextual Related Party Transactions (Details Textual) Details http://www.rafael.com/role/RelatedPartyTransactionsTables 28 false false R29.htm 029 - Disclosure - Business Segment Information (Details) Sheet http://www.rafael.com/role/BusinessSegmentInformationDetails Business Segment Information (Details) Details http://www.rafael.com/role/BusinessSegmentInformationTables 29 false false R30.htm 030 - Disclosure - Business Segment Information (Details1) Sheet http://www.rafael.com/role/BusinessSegmentInformationDetails1 Business Segment Information (Details1) Details http://www.rafael.com/role/BusinessSegmentInformationTables 30 false false R31.htm 031 - Disclosure - Business Segment Information (Details 2) Sheet http://www.rafael.com/role/BusinessSegmentInformationDetails2 Business Segment Information (Details 2) Details http://www.rafael.com/role/BusinessSegmentInformationTables 31 false false All Reports Book All Reports cik0001713863-20180131.xml cik0001713863-20180131.xsd cik0001713863-20180131_cal.xml cik0001713863-20180131_def.xml cik0001713863-20180131_lab.xml cik0001713863-20180131_pre.xml http://xbrl.sec.gov/dei/2014-01-31 http://fasb.org/us-gaap/2017-01-31 http://xbrl.sec.gov/country/2017-01-31 http://xbrl.sec.gov/invest/2013-01-31 true true ZIP 49 0001213900-18-002820-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001213900-18-002820-xbrl.zip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end