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Equity Investments (Tables) | 9 Months Ended
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Apr. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Equity Investments | Equity investments consist of the following: Schedule of Equity Investments
|  | April 30, 2023 |  |  | July 31, 2022 |
|  | (in thousands) |
Zedge, Inc. Class B common stock, 42,282 shares at April 30, 2023 and July 31, 2022 |  | $ | 84 |  |  | $ | 117 |
Zedge, Inc. Class B common stock, 42,282 shares at April 30, 2023 and July 31, 2022 |  | $ | 84 |  |  | $ | 117 |
Rafael Holdings, Inc. Class B common stock, 278,810 and 290,214 shares at April 30, 2023 and July 31, 2022, respectively |  |  | 586 |  |  |  | 586 |
Other marketable equity securities |  |  | 1,112 |  |  |  | 4,089 |
Fixed income mutual funds |  |  | 3,994 |  |  |  | 12,299 |
Current equity investments |  | $ | 5,776 |  |  | $ | 17,091 |
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”) |  | $ | 1,238 |  |  | $ | 1,132 |
Visa Inc. Series A Convertible Participating Preferred Stock (“Visa Series A Preferred”) |  |  | — |  |  |  | 1,230 |
Convertible preferred stock—equity method investment |  |  | 3,064 |  |  |  | 1,001 |
Hedge funds |  |  | 3,136 |  |  |  | 3,238 |
Other |  |  | 2,825 |  |  |  | 825 |
Noncurrent equity investments |  | $ | 10,263 |  |  | $ | 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
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Three Months Ended April 30, |  | Nine Months Ended April 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Balance, beginning of period |  | $ | 1,494 |  |  | $ | 2,539 |  |  | $ | 1,401 |  |  | $ | 2,743 |
Adjustment for observable transactions involving a similar investment from the same issuer |  |  | 13 |  |  |  | (130 | ) |  |  | 106 |  |  |  | (334 | )
Impairments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance, end of the period |  | $ | 1,507 |  |  | $ | 2,409 |  |  | $ | 1,507 |  |  | $ | 2,409 |
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
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Net losses recognized during the period on equity investments |  | $ | (480 | ) |  | $ | (3,416 | ) |  | $ | (2,649 | ) |  | $ | (20,862 | )
Less: net gains recognized during the period on equity investments sold during the period |  |  | — |  |  |  | — |  |  |  | 18 |  |  |  | 10 |
Unrealized losses recognized during the period on equity investments still held at the reporting date |  | $ | (480 | ) |  | $ | (3,416 | ) |  | $ | (2,667 | ) |  | $ | (20,872 | )
The unrealized gains and losses for all equity investments measured at fair value in the table above included the following:
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Unrealized gains (losses) recognized during the period on equity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rafael Class B common stock |  | $ | 11 |  |  | $ | (578 | ) |  | $ | 20 |  |  | $ | (14,064 | )
Zedge Class B common stock |  | $ | (9 | ) |  | $ | (102 | ) |  | $ | (33 | ) |  | $ | (432 | )
Unrealized losses recognized during the period on equity investments still held at the reporting date |  | $ | (480 | ) |  | $ | (3,416 | ) |  | $ | (2,667 | ) |  | $ | (20,872 | )
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
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  |  | (in thousands) |
Balance, beginning of period |  | $ | (374 | ) |  | $ | 2,509 |  |  | $ | 1,001 |  |  | $ | 2,901 |
Purchase of convertible preferred stock |  |  | 168 |  |  |  | — |  |  |  | 168 |  |  |  | 1,051 |
Conversion of secured promissory notes into convertible preferred stock |  |  | 4,038 |  |  |  | — |  |  |  | 4,038 |  |  |  | — |
Equity in the net loss of investee |  |  | (532 | ) |  |  | (583 | ) |  |  | (1,544 | ) |  |  | (1,662 | )
Amortization of equity method basis difference |  |  | (236 | ) |  |  | (182 | ) |  |  | (599 | ) |  |  | (546 | )
Balance, end of the period |  | $ | 3,064 |  |  | $ | 1,744 |  |  | $ | 3,064 |  |  | $ | 1,744 |
Summary of Statements of Operations | Summarized financial information of the EMI was as follows: Summary of Statements of Operations
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Revenues |  | $ | 2,115 |  |  | $ | 2,689 |  |  | $ | 5,806 |  |  | $ | 5,760 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct cost of revenues |  |  | 1,693 |  |  |  | 4,402 |  |  |  | 4,921 |  |  |  | 7,307 |
Selling, general and administrative |  |  | 2,080 |  |  |  | 1,265 |  |  |  | 5,488 |  |  |  | 3,928 |
Total costs and expenses |  |  | 3,773 |  |  |  | 5,667 |  |  |  | 10,409 |  |  |  | 11,235 |
Loss from operations |  |  | (1,658 | ) |  |  | (2,978 | ) |  |  | (4,603 | ) |  |  | (5,475 | )
Other expense |  |  | (266 | ) |  |  | (82 | ) |  |  | (1,108 | ) |  |  | (83 | )
Net loss |  | $ | (1,924 | ) |  | $ | (3,060 | ) |  | $ | (5,711 | ) |  | $ | (5,558 | )

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