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Equity Investments (Tables) | 6 Months Ended
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Jan. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Equity Investments | Equity investments consist of the following: Schedule of Equity Investments
|  | January 31, 2023 |  |  | July 31, 2022 |
|  | (in thousands) |
Zedge, Inc. Class B common stock, 42,282 shares at January 31, 2023 and July 31, 2022 |  | $ | 93 |  |  | $ | 117 |
Rafael Holdings, Inc. Class B common stock, 278,810 and 290,214 shares at January 31, 2023 and July 31, 2022, respectively |  |  | 574 |  |  |  | 586 |
Other marketable equity securities |  |  | 1,872 |  |  |  | 4,089 |
Fixed income mutual funds |  |  | 6,674 |  |  |  | 12,299 |
Current equity investments |  | $ | 9,213 |  |  | $ | 17,091 |
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”) |  | $ | 1,225 |  |  | $ | 1,132 |
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 |
Hedge funds |  |  | 3,137 |  |  |  | 3,238 |
Other |  |  | 2,325 |  |  |  | 825 |
Noncurrent equity investments |  | $ | 6,687 |  |  | $ | 7,426 |
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
|  | Three Months Ended January 31, |  |  | Six Months Ended January 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Balance, beginning of period |  | $ | 1,374 |  |  | $ | 2,397 |  |  | $ | 1,401 |  |  | $ | 2,743 |
Adjustment for observable transactions involving a similar investment from the same issuer |  |  | 120 |  |  |  | 142 |  |  |  | 93 |  |  |  | (204 | )
Impairments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance, end of the period |  | $ | 1,494 |  |  | $ | 2,539 |  |  | $ | 1,494 |  |  | $ | 2,539 |
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
|  | Three Months Ended January 31, |  |  | Six Months Ended January 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Net losses recognized during the period on equity investments |  | $ | (228 | ) |  | $ | (2,952 | ) |  | $ | (2,169 | ) |  | $ | (17,446 | )
Less: net gains recognized during the period on equity investments sold during the period |  |  | 22 |  |  |  | 25 |  |  |  | 18 |  |  |  | 10 |
Unrealized losses recognized during the period on equity investments still held at the reporting date |  | $ | (250 | ) |  | $ | (2,977 | ) |  | $ | (2,187 | ) |  | $ | (17,456 | )
The unrealized gains and losses for all equity investments measured at fair value in the table above included the following:
|  | Three Months Ended January 31, |  |  | Six Months Ended January 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Unrealized gains (losses) recognized during the period on equity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rafael Class B common stock |  | $ | 82 |  |  | $ | (993 | ) |  | $ | 9 |  |  | $ | (13,486 | )
Zedge Class B common stock |  | $ | 3 |  |  | $ | (168 | ) |  | $ | (24 | ) |  | $ | (330 | )
Unrealized losses recognized during the period on equity investments still held at the reporting date |  | $ | (250 | ) |  | $ | (2,977 | ) |  | $ | (2,187 | ) |  | $ | (17,456 | )
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
|  | Three Months Ended January 31, |  |  | Six Months Ended January 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Balance, beginning of period |  | $ | 349 |  |  | $ | 3,329 |  |  | $ | 1,001 |  |  | $ | 2,901 |
Purchase of convertible preferred stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,051 |
Equity in the net loss of investee |  |  | (542 | ) |  |  | (639 | ) |  |  | (1,012 | ) |  |  | (1,080 | )
Amortization of equity method basis difference |  |  | (181 | ) |  |  | (181 | ) |  |  | (363 | ) |  |  | (363 | )
Balance, end of the period |  | $ | (374 | ) |  | $ | 2,509 |  |  | $ | (374 | ) |  | $ | 2,509 |
Summary of Statements of Operations | Summarized financial information of the EMI was as follows: Summary of Statements of Operations
|  | Three Months Ended January 31, |  |  | Six Months Ended January 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Revenues |  | $ | 1,818 |  |  | $ | 1,380 |  |  | $ | 3,691 |  |  | $ | 3,071 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct cost of revenues |  |  | 1,535 |  |  |  | 1,443 |  |  |  | 3,228 |  |  |  | 2,905 |
Selling, general and administrative |  |  | 1,772 |  |  |  | 774 |  |  |  | 3,408 |  |  |  | 2,663 |
Total costs and expenses |  |  | 3,307 |  |  |  | 2,217 |  |  |  | 6,636 |  |  |  | 5,568 |
Loss from operations |  |  | (1,489 | ) |  |  | (837 | ) |  |  | (2,945 | ) |  |  | (2,497 | )
Other expense |  |  | (498 | ) |  |  | — |  |  |  | (842 | ) |  |  | (1 | )
Net loss |  | $ | (1,987 | ) |  | $ | (837 | ) |  | $ | (3,787 | ) |  | $ | (2,498 | )

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