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IDT Financial Services Holding Limited Assets and Liabilities Held for Sale | 3 Months Ended
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Oct. 31, 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 4—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 sale was subject to regulatory approval and other conditions. On October 25, 2018, JAR Fintech notified the Company that it considers the agreement terminated by the effluxion of time. All parties have indicated that they remain interested in consummating a transaction regarding the sale of IDTFS Holding and are working toward that goal while continuing to pursue the required regulatory approvals. The parties are negotiating certain changes to the terms of the sale. The proposed sale 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:
|  | October 31, 2018 |  |  | July 31, 2018 |
|  | (in thousands) |
Current assets held for sale: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 4,906 |  |  | $ | 5,892 |
Restricted cash and cash equivalents |  |  | 130,738 |  |  |  | 128,931 |
Trade accounts receivable, net of allowance for doubtful accounts of $2,027 and $2,192 at October 31, 2018 and July 31, 2018, respectively |  |  | 2,328 |  |  |  | 1,265 |
Prepaid expenses |  |  | 289 |  |  |  | 1,016 |
Other current assets |  |  | 205 |  |  |  | 168 |
Total current assets held for sale |  | $ | 138,466 |  |  | $ | 137,272 |
Noncurrent assets held for sale: |  |  |  |  |  |  |  |
Property, plant and equipment, net |  | $ | 5 |  |  | $ | 12 |
Other intangibles, net |  |  | 178 |  |  |  | 190 |
Other assets |  |  | 5,737 |  |  |  | 5,504 |
Total noncurrent assets held for sale |  | $ | 5,920 |  |  | $ | 5,706 |
Current liabilities held for sale: |  |  |  |  |  |  |  |
Trade accounts payable |  | $ | 665 |  |  | $ | 776 |
Accrued expenses |  |  | 283 |  |  |  | 407 |
Deferred revenue |  |  | 56 |  |  |  | 12 |
Customer deposits |  |  | 129,542 |  |  |  | 127,571 |
Other current liabilities |  |  | 4 |  |  |  | 4 |
Total current liabilities held for sale |  | $ | 130,550 |  |  | $ | 128,770 |
Noncurrent liabilities held for sale: |  |  |  |  |  |  |  |
Other liabilities |  | $ | 497 |  |  | $ | 542 |
Total noncurrent liabilities held for sale |  | $ | 497 |  |  | $ | 542 |
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 October 31, |
|  | 2018 |  |  | 2017 |
|  | (in thousands) |
Loss before income taxes |  | $ | (34 | ) |  | $ | (450 | )
Loss before income taxes attributable to IDT Corporation |  | $ | (34 | ) |  | $ | (450 | )

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