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Equity Investments (Tables)

9 Months Ended

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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