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Equity Investments (Tables) | 12 Months Ended
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Jul. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of Equity Investments | Equity investments consist of the following: Schedule of Equity Investments
July 31 (in thousands) |  | 2022 |  |  | 2021 |
Zedge, Inc. Class B common stock, 42,282 shares at July 31, 2022 and 2021 |  | $ | 117 |  |  | $ | 649 |
Rafael Holdings, Inc. Class B common stock, 290,214 and 246,565 shares at July 31, 2022 and 2021, respectively |  |  | 586 |  |  |  | 12,479 |
Rafael Holdings, Inc. restricted Class B common stock, nil and 43,649 shares at July 31, 2022 and 2021, respectively |  |  | — |  |  |  | 2,209 |
Other marketable equity securities |  |  | 4,089 |  |  |  | 3,630 |
Fixed income mutual funds |  |  | 12,299 |  |  |  | 23,467 |
Current equity investments |  | $ | 17,091 |  |  | $ | 42,434 |
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”) |  | $ | 1,132 |  |  | $ | 2,465 |
Visa Inc. Series A Convertible Participating Preferred Stock (“Visa Series A Preferred”) |  |  | 1,230 |  |  |  | — |
Series B and Series C convertible preferred stock—equity method investment |  |  | 1,001 |  |  |  | 2,901 |
Hedge funds |  |  | 3,238 |  |  |  | 3,563 |
Other |  |  | 825 |  |  |  | 2,725 |
Noncurrent equity investments |  | $ | 7,426 |  |  | $ | 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: Schedule of Carrying Value of Equity Investments
Year ended July 31 (in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Balance, beginning of period |  | $ | 2,743 |  |  | $ | 4,109 |  |  | $ | 3,919 |
Redemption for Visa mandatory release assessment |  |  | (1,230 | ) |  |  | (1,870 | ) |  |  | — |
Adjustment for observable transactions involving a similar investment from the same issuer |  |  | (103 | ) |  |  | 510 |  |  |  | 206 |
Upward adjustments |  |  | — |  |  |  | — |  |  |  | 3 |
Redemptions |  |  | (9 | ) |  |  | (6 | ) |  |  | (19 | )
Impairments |  |  | — |  |  |  | — |  |  |  | — |
BALANCE, END OF PERIOD |  | $ | 1,401 |  |  | $ | 2,743 |  |  | $ | 4,109 |
Schedule of Unrealized (losses) Gains for All Equity Investments | Unrealized gains and losses for all equity investments measured at fair value included the following: Schedule of Unrealized (losses) Gains for All Equity Investments
Year ended July 31 (in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Net (losses) gains recognized during the period on equity investments |  | $ | (19,248 | ) |  | $ | 8,830 |  |  | $ | (336 | )
Less: net gains recognized during the period on equity investments redeemed during the period |  |  | 10 |  |  |  | 1,090 |  |  |  | — |
Unrealized (losses) gains recognized during the period on equity investments still held at the reporting date |  | $ | (19,258 | ) |  | $ | 7,740 |  |  | $ | (336 | )
The unrealized gains and losses for all equity investments measured at fair value in the table above included the following:
Year ended July 31 (in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Unrealized (losses) gains recognized during the period on equity investments: |  |  |  |  |  |  |  |  |  |  |  |
Rafael Class B common stock |  | $ | (14,101 | ) |  | $ | 8,291 |  |  | $ | (195 | )
Zedge Class B common stock |  | $ | (533 | ) |  | $ | 591 |  |  | $ | (9 | )
Unrealized (losses) gains recognized during the period on equity investments still held at the reporting date |  | $ | (19,258 | ) |  | $ | 7,740 |  |  | $ | (336 | )
Summary of Changes in Equity Method Investments | The following table summarizes the change in the balance of the Company’s equity method investment: Summary of Changes in Equity Method Investments
Year ended July 31 (in thousands) |  | 2022 |  |  | 2021 |
Balance, beginning of period |  | $ | 2,901 |  |  | $ | — |
Purchase of convertible preferred stock |  |  | 1,051 |  |  |  | 4,000 |
Equity in the net loss of investee |  |  | (2,224 | ) |  |  | (816 | )
Amortization of equity method basis difference |  |  | (727 | ) |  |  | (283 | )
BALANCE, END OF PERIOD |  | $ | 1,001 |  |  | $ | 2,901 |
Summary of Statements of Operations | Summarized financial information of the EMI was as follows: Summary of Statements of Operations
July 31 (in thousands) |  | 2022 |  |  | 2021 |
Current assets |  | $ | 3,911 |  |  | $ | 1,467 |
Noncurrent assets |  | $ | 2,462 |  |  | $ | 2,549 |
Current liabilities |  | $ | (11,480 | ) |  | $ | (4,041 | )
Noncurrent liabilities |  | $ | — |  |  | $ | (50 | )
IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(in thousands) |  | Year ended July 31, 2022 |  |  | From the date of acquisition to July 31, 2021 |
REVENUES |  | $ | 7,889 |  |  | $ | 1,898 |
COSTS AND EXPENSES: |  |  |  |  |  |  |  |
Direct cost of revenues |  |  | 9,451 |  |  |  | 1,937 |
Selling, general and administrative |  |  | 5,834 |  |  |  | 3,388 |
TOTAL COSTS AND EXPENSES |  |  | 15,285 |  |  |  | 5,325 |
LOSS FROM OPERATIONS |  |  | (7,396 | ) |  |  | (3,427 | )
Other (expense) income, net |  |  | (342 | ) |  |  | 101 |
NET LOSS |  | $ | (7,738 | ) |  | $ | (3,326 | )

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