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Equity Investments (Tables) | 9 Months Ended
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Apr. 30, 2024
Cash and Cash Equivalents [Abstract] |
Schedule of Equity Investments | Equity investments consist of the following: Schedule of Equity Investments
|  | April 30, 2024 |  |  | July 31, 2023 |
|  | (in thousands) |
Zedge, Inc. Class B common stock, 42,282 shares at April 30, 2024 and July 31, 2023 |  | $ | 102 |  |  | $ | 89 |
Rafael Holdings, Inc. Class B common stock, 278,810 shares at April 30, 2024 and July 31, 2023 |  |  | 443 |  |  |  | 558 |
Other marketable equity securities |  |  | 169 |  |  |  | 1,497 |
Fixed income mutual funds |  |  | 4,130 |  |  |  | 4,054 |
Current equity investments |  | $ | 4,844 |  |  | $ | 6,198 |
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”) |  | $ | 1,425 |  |  | $ | 1,263 |
Convertible preferred stock—equity method investment |  |  | 1,565 |  |  |  | 2,784 |
Hedge funds |  |  | 2,915 |  |  |  | 3,002 |
Other |  |  | 725 |  |  |  | 2,825 |
Noncurrent equity investments |  | $ | 6,630 |  |  | $ | 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
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Balance, beginning of period |  | $ | 1,719 |  |  | $ | 1,594 |  |  | $ | 1,632 |  |  | $ | 1,501 |
Adjustment for observable transactions involving a similar investment from the same issuer |  |  | (25 | ) |  |  | 13 |  |  |  | 162 |  |  |  | 106 |
Upward adjustment |  |  | — |  |  |  | — |  |  |  | 130 |  |  |  | — |
Redemption |  |  | — |  |  |  | — |  |  |  | (230 | ) |  |  | — |
Impairments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance, end of the period |  | $ | 1,694 |  |  | $ | 1,607 |  |  | $ | 1,694 |  |  | $ | 1,607 |
Schedule of Unrealized Gains (losses) Gains for All Equity Investments | Unrealized losses for all equity investments measured at fair value included the following: Schedule of Unrealized Gains (losses) Gains for All Equity Investments
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Net losses recognized during the period on equity investments |  | $ | (78 | ) |  | $ | (480 | ) |  | $ | (280 | ) |  | $ | (2,649 | )
Less: net gains recognized during the period on equity investments sold during the period |  |  | — |  |  |  | — |  |  |  | 130 |  |  |  | 18 |
Unrealized losses recognized during the period on equity investments still held at the reporting date |  | $ | (78 | ) |  | $ | (480 | ) |  | $ | (410 | ) |  | $ | (2,667 | )
The unrealized losses for all equity investments measured at fair value in the table above included the following:
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Unrealized (losses) gains recognized during the period on equity investments: |  |  |  |  |  |  |  |  |  |  |  |
Rafael Class B common stock |  | $ | (61 | ) |  | $ | 11 |  |  | $ | (115 | ) |  | $ | 20 |
Zedge Class B common stock |  | $ | (36 | ) |  | $ | (9 | ) |  | $ | 13 |  |  | $ | (33 | )
Unrealized losses recognized during the period on equity investments still held at the reporting date |  | $ | (36 | ) |  | $ | (9 | ) |  | $ | 13 |  |  | $ | (33 | )
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 April 30, |  |  | Nine Months Ended April 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Balance, beginning of period |  | $ | 1,932 |  |  | $ | (374 | ) |  | $ | 2,784 |  |  | $ | 1,001 |
Purchase of convertible preferred stock |  |  | 504 |  |  |  | 168 |  |  |  | 1,513 |  |  |  | 168 |
Conversion of secured promissory notes into convertible preferred stock |  |  | — |  |  |  | 4,038 |  |  |  | — |  |  |  | 4,038 |
Equity in the net loss of investee |  |  | (529 | ) |  |  | (532 | ) |  |  | (1,704 | ) |  |  | (1,544 | )
Amortization of equity method basis difference |  |  | (342 | ) |  |  | (236 | ) |  |  | (1,028 | ) |  |  | (599 | )
Balance, end of the period |  | $ | 1,565 |  |  | $ | 3,064 |  |  | $ | 1,565 |  |  | $ | 3,064 |
Summary of Statements of Operations | Summarized financial information of the EMI was as follows: Summary of Statements of Operations
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Revenues |  | $ | 3,351 |  |  | $ | 2,115 |  |  | $ | 11,156 |  |  | $ | 5,806 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct cost of revenues |  |  | 2,477 |  |  |  | 1,693 |  |  |  | 9,013 |  |  |  | 4,921 |
Selling, general and administrative |  |  | 2,366 |  |  |  | 2,080 |  |  |  | 6,892 |  |  |  | 5,488 |
Total costs and expenses |  |  | 4,843 |  |  |  | 3,773 |  |  |  | 15,905 |  |  |  | 10,409 |
Loss from operations |  |  | (1,492 | ) |  |  | (1,658 | ) |  |  | (4,749 | ) |  |  | (4,603 | )
Other income (expense), net |  |  | 20 |  |  |  | (266 | ) |  |  | 20 |  |  |  | (1,108 | )
Net loss |  | $ | (1,472 | ) |  | $ | (1,924 | ) |  | $ | (4,729 | ) |  | $ | (5,711 | )

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