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IDT Financial Services Holding Limited Assets and Liabilities Held for Sale | 9 Months Ended
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Apr. 30, 2018
IDT Financial Services Holding Limited Assets and Liabilities Held for Sale [Abstract] |
IDT Financial Services Holding Limited Assets and Liabilities Held for Sale | Note 2— IDT Financial Services Holding Limited Assets and Liabilities Held for Sale On June 22, 2017, the Company’s wholly-owned subsidiary IDT Telecom, Inc. (“IDT Telecom”) entered into a Share Purchase Agreement with JAR Fintech Limited (“JAR Fintech”) and JAR Capital Limited to sell the capital stock of IDT Financial Services Holding Limited, a company incorporated under the laws of Gibraltar and a wholly-owned subsidiary of IDT Telecom (“IDTFS Holding”), to JAR Fintech. IDTFS Holding is the sole shareholder of IDT Financial Services Limited (“IDTFS”), a Gibraltar-based bank and e-money issuer, providing prepaid card solutions across the European Economic Area. The Share Purchase Agreement provides for an aggregate purchase price for the outstanding equity interests of IDTFS Holding of approximately $4.0 million plus an amount equal to the value of IDTFS’ net assets, to be paid at closing, subject to adjustments relating to customer assets of IDTFS. The net asset value of IDTFS was $14.3 million at April 30, 2018. A portion of the purchase price will be placed in escrow at closing and released to IDT Telecom once all of the conditions have been met under the Share Purchase Agreement. The sale is subject to regulatory approval and other customary conditions set forth in the Share Purchase Agreement. The remaining closing conditions are outside of the Company’s control and there can be no assurance that the sale will be completed. The pending disposition of IDTFS Holding did not meet the criteria to be reported as a discontinued operation and accordingly, its results of operations and cash flows have not been reclassified. The IDTFS Holding assets and liabilities held for sale included the following:
|  | April 30, 2018 |  |  | July 31, 2017 |
|  | (in thousands) |
Current assets held for sale: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 6,833 |  |  | $ | 5,716 |
Restricted cash and cash equivalents |  |  | 137,703 |  |  |  | 115,609 |
Trade accounts receivable, net of allowance for doubtful accounts of $3,631 and $2,550 at April 30, 2018 and July 31, 2017, respectively |  |  | 1,591 |  |  |  | 1,844 |
Prepaid expenses |  |  | 770 |  |  |  | 758 |
Other current assets |  |  | 532 |  |  |  | 340 |
Total current assets held for sale |  | $ | 147,429 |  |  | $ | 124,267 |
Noncurrent assets held for sale: |  |  |  |  |  |  |  |
Property, plant and equipment, net |  | $ | 15 |  |  | $ | 24 |
Other intangibles, net |  |  | 153 |  |  |  | 165 |
Other assets |  |  | 5,597 |  |  |  | 4,945 |
Total noncurrent assets held for sale |  | $ | 5,765 |  |  | $ | 5,134 |
Current liabilities held for sale: |  |  |  |  |  |  |  |
Trade accounts payable |  | $ | 1,049 |  |  | $ | 372 |
Accrued expenses |  |  | 205 |  |  |  | 226 |
Customer deposits |  |  | 137,055 |  |  |  | 114,689 |
Other current liabilities |  |  | 15 |  |  |  | 31 |
Total current liabilities held for sale |  | $ | 138,324 |  |  | $ | 115,318 |
Noncurrent liabilities held for sale: |  |  |  |  |  |  |  |
Other liabilities |  | $ | 570 |  |  | $ | 550 |
Total noncurrent liabilities held for sale |  | $ | 570 |  |  | $ | 550 |
IDTFS Holding is included in the Telecom & Payment Services segment. IDTFS Holding’s loss before income taxes and loss before income taxes attributable to the Company, which is included in the accompanying consolidated statements of operations, were as follows:
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
|  | (in thousands) |
Loss before income taxes |  | $ | (3 | ) |  | $ | (631 | ) |  | $ | (1,012 | ) |  | $ | (457 | )
Loss before income taxes attributable to IDT Corporation |  | $ | (3 | ) |  | $ | (631 | ) |  | $ | (1,012 | ) |  | $ | (457 | )

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