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IDT Financial Services Holding Limited Previously Recorded as Held for Sale | 9 Months Ended
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Apr. 30, 2019
IDT Financial Services Holding Limited Previously Recorded as Held for Sale [Abstract] |
IDT Financial Services Holding Limited Previously Recorded as Held for Sale | Note 4—IDT Financial Services Holding Limited Previously Recorded as Held for Sale On June 22, 2017, the Company’s wholly-owned subsidiary IDT Telecom, Inc. (“IDT Telecom”) entered into a Share Purchase Agreement (the “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, 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. 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 were not reclassified. Beginning in the fourth quarter of fiscal 2017, IDTFS Holding’s assets and liabilities were classified as held for sale in the consolidated balance sheet. On October 25, 2018, JAR Fintech notified the Company that it considers the Agreement terminated by the effluxion of time, however the parties had indicated that they remained interested in consummating a transaction regarding the sale of IDTFS Holding, pending, among other things, greater clarity regarding the timing of Brexit and its effect on IDTFS Holding. In April 2019, Brexit (the withdrawal of the U.K. from the EU) was postponed and is currently scheduled to take effect on October 31, 2019 with the possibility of leaving earlier if support for a withdrawal agreement is secured in the House of Common. The pending nature of Brexit necessitated negotiation of further changes to the terms of the sale. As a result of the continued uncertainty pertaining to Brexit, the significant passage of time since the termination of the Agreement, and absence of any formal binding agreement with the buyer, as of April 30, 2019, the Company determined that the sale was no longer probable to close within twelve months, and as a result, IDTFS Holding was reclassified as held and used in the consolidated balance sheet for all periods presented. There was no impact on the Company’s results of operations, cash flows, and segments.

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- Definition IDT financial services holding limited assets and liabilities held for sale. + References No definition available. + Details
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