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Equity Investments (Tables)

3 Months Ended

Oct. 31, 2021

Cash and Cash Equivalents [Abstract]

Schedule of Equity Investments

Equity investments consist of the following:

Schedule of Equity Investments

		October 31, 2021				July 31, 2021
		(in thousands)
Zedge, Inc. Class B common stock, 42,282 shares at October 31, 2021 and July 31, 2021		$	488			$	649
Rafael Holdings, Inc. Class B common stock, 290,214 and 246,565 shares at October 31, 2021 and July 31, 2021, respectively			2,194				12,479
Rafael Holdings, Inc. restricted Class B common stock, nil and 43,649 shares at October 31, 2021 and July 31, 2021, respectively			—				2,209
Other marketable equity securities			5,186				3,630
Fixed income mutual funds			23,276				23,467
Current equity investments		$	31,144			$	42,434

Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”)		$	2,119			$	2,465
Series B and Series C convertible preferred stock—equity method investment			3,329				2,901
Hedge funds			2,814				3,563
Other			1,225				2,725
Noncurrent equity investments		$	9,487			$	11,654

Schedule of Carrying Value of Equity Investments

The changes in the carrying value of the Company’s equity investments without readily determinable fair values for which the Company elected the measurement alternative was as follows:

		2021				2020
		Three Months Ended October 31,
		2021				2020
		(in thousands)
Balance, beginning of period		$	2,743			$	4,109
Redemption for Visa mandatory release assessment			—				(1,870	)
Adjustment for observable transactions involving a similar investment from the same issuer			(346	)			(130	)
Impairments			—				—
Balance, end of the period		$	2,397			$	2,109

Schedule of Unrealized (losses) Gains for All Equity Investments

Unrealized gains and losses for all equity investments included the following:

		2021				2020
		Three Months Ended October 31,
		2021				2020
		(in thousands)
Net losses recognized during the period on equity investments		$	(14,494	)		$	(920	)
Less: net gains and losses recognized during the period on equity investments sold during the period			—				—
Unrealized losses recognized during the period on equity investments still held at the reporting date		$	(14,494	)		$	(920	)

Summary of Changes in Equity Method Investments

The following table summarizes the change in the balance of the Company’s equity method investment:

		Three Months Ended October 31,
		2021				2020
		(in thousands)
Balance, beginning of period		$	2,901			$	—
Purchase of convertible preferred stock			1,051				—
Equity in the net loss of investee			(441	)			—
Amortization of equity method basis difference			(182	)			—
Balance, end of period		$	3,329			$	—

Summary of Statements of Operations

Summarized financial information of the EMI was as follows:

Summary of Statements of Operations

		Three Months Ended October 31,
		2021				2020
		(in thousands)
Revenues		$	1,691			$	—
Costs and expenses:
Direct cost of revenues			1,462				—
Selling, general and administrative			1,889				—
Depreciation and amortization			-				-
Severance			-				-
Total costs and expenses			3,351				—
Loss from operations			(1,660	)			—
Other expense			(1	)			—
Net loss		$	(1,661	)		$	—