XML 43 R33.htm IDEA: XBRL DOCUMENT

Equity Investments (Tables)

6 Months Ended

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:


		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:


		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:


		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	)