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Equity Investments (Tables)

6 Months Ended

Jan. 31, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Equity Investments

Equity investments consist of the following:

Schedule of Equity Investments

		January 31, 2024				July 31, 2023
		(in thousands)
Zedge, Inc. Class B common stock, 42,282 shares at January 31, 2024 and July 31, 2023		$	138			$	89
Rafael Holdings, Inc. Class B common stock, 278,810 shares at January 31, 2024 and July 31, 2023			505				558
Other marketable equity securities			188				1,497
Fixed income mutual funds			4,245				4,054
Current equity investments		$	5,076			$	6,198
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”)		$	1,450			$	1,263
Convertible preferred stock—equity method investment			1,932				2,784
Hedge funds			2,951				3,002
Other			1,225				2,825
Noncurrent equity investments		$	7,558			$	9,874

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 

		2024				2023				2024				2023
		Three Months Ended January 31,								Six Months Ended January 31,
		2024				2023				2024				2023
		(in thousands)
Balance, beginning of period		$	1,747			$	1,474			$	1,632			$	1,501
Adjustment for observable transactions involving a similar investment from the same issuer			202				120				187				93
Upward adjustment			—				—				130				—
Redemption			(230	)			—				(230	)			—
Impairments			—				—				—				—
Balance, end of the period		$	1,719			$	1,594			$	1,719			$	1,594

Schedule of Unrealized Gains (losses) Gains for All Equity Investments

Unrealized gains (losses) for all equity investments measured at fair value included the following:

Schedule of Unrealized Gains (losses) Gains for All Equity Investments

		2024				2023				2024				2023
		Three Months Ended January 31,								Six Months Ended January 31,
		2024				2023				2024				2023
		(in thousands)
Net gains (losses) recognized during the period on equity investments		$	715			$	(228	)		$	(202	)		$	(2,169	)
Less: net gains recognized during the period on equity investments sold during the period			—				22				130				18
Unrealized gains (losses) recognized during the period on equity investments still held at the reporting date		$	715			$	(250	)		$	(332	)		$	(2,187	)

The unrealized gains and losses for all equity investments measured at fair value in the table above included the following:

		2024				2023				2024				2023
		Three Months Ended January 31,								Six Months Ended January 31,
		2024				2023				2024				2023
		(in thousands)
Unrealized gains (losses) recognized during the period on equity investments:
Rafael Class B common stock		$	9			$	82			$	(53	)		$	9
Zedge Class B common stock		$	57			$	3			$	49			$	(24	)
Unrealized losses recognized during the period on equity investments still held at the reporting date		$	715			$	(250	)		$	(332	)		$	(2,187	)

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

		2024				2023				2024				2023
		Three Months Ended January 31,								Six Months Ended January 31,
		2024				2023				2024				2023
		(in thousands)
Balance, beginning of period		$	2,444			$	349			$	2,784			$	1,001
Purchase of convertible preferred stock			336				—				1,009				—
Equity in the net loss of investee			(506	)			(542	)			(1,176	)			(1,012	)
Amortization of equity method basis difference			(342	)			(181	)			(685	)			(363	)
Balance, end of the period		$	1,932			$	(374	)		$	1,932			$	(374	)

Summary of Statements of Operations

Summarized financial information of the EMI was as follows:

Summary of Statements of Operations

		2024				2023				2024				2023
		Three Months Ended January 31,								Six Months Ended January 31,
		2024				2023				2024				2023
		(in thousands)
Revenues		$	5,087			$	1,818			$	7,821			$	3,691
Costs and expenses:
Direct cost of revenues			4,085				1,535				6,482				3,228
Selling, general and administrative			2,385				1,772				4,570				3,408
Total costs and expenses			6,470				3,307				11,052				6,636
Loss from operations			(1,383	)			(1,489	)			(3,231	)			(2,945	)
Other expense, net			—				(498	)			—				(842	)
Net loss		$	(1,383	)		$	(1,987	)		$	(3,231	)		$	(3,787	)

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-Topic 323
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-Section 50
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 3
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-Publisher FASB
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