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Business Segment Information
 6 Months Ended
Jan. 31, 2022
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION

NOTE 14 – BUSINESS SEGMENT INFORMATION

 

The Company conducts business as two operating segments, Pharmaceuticals and Real Estate. The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s CEO and chief operating decision-maker.

 

The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its Pharmaceuticals segment based primarily on research and development efforts and results of clinical trials and the Real Estate segment based primarily on results of operations. All investments in Rafael Pharmaceuticals and assets and expenses associated with LipoMedix, Barer, Levco, Farber, and Rafael Medical Devices are tracked separately in the Pharmaceuticals segment.

 

The Pharmaceuticals segment is comprised of preferred and common equity interests and the Warrant to purchase equity interests in Rafael Pharmaceuticals, a majority equity interest in LipoMedix, Barer, Levco, Farber, and Rafael Medical Devices. To date, the Pharmaceuticals segment has not generated any revenues.

 

The Real Estate segment consists of the Company’s real estate holdings, including a building at 520 Broad Street in Newark, New Jersey that houses headquarters for the Company and certain affiliates and its associated public garage and a portion of an office building in Israel.

 

Operating results for the business segments of the Company are as follows:

 

(unaudited, in thousands)  Pharmaceuticals   Real Estate   Total 
Three Months Ended January 31, 2022            
Revenues  $
—
   $1,110   $1,110 
Loss from operations   (1,621)   (89)   (1,710)
Loss before income taxes   (2,472)   (89)   (2,561)
                
Three Months Ended January 31, 2021               
Revenues  $
—
   $959   $959 
Loss from operations   (10,301)   (516)   (10,817)
Loss before income taxes   (7,813)   (516)   (8,329)

 

(unaudited, in thousands)  Pharmaceuticals   Real Estate   Total 
Six Months Ended January 31, 2022            
Revenues  $
—
   $2,136   $2,136 
Loss from operations   (50,966)   (240)   (51,206)
Loss before income taxes   (131,157)   (240)   (131,397)
                
Six Months Ended January 31, 2021               
Revenues  $
—
   $2,012   $2,012 
Loss from operations   (12,435)   (873)   (13,308)
Loss before income taxes   (9,727)   (124)   (9,851)

 

Geographic Information

 

Revenues from tenants located outside of the United States were generated entirely from related parties located in Israel. Revenues from these non-United States customers as a percentage of total revenues were as follows (revenues by country are determined based on the location of the related facility):

 

Three Months Ended January 31, (unaudited)

  2022   2021 
Revenue from tenants located in Israel   7%   7%

 

Six Months Ended January 31, (unaudited)  2022   2021 
Revenue from tenants located in Israel   7%   7%

 

Net long-lived assets and total assets held outside of the United States, which are located in Israel, were as follows:

 

(unaudited, in thousands)  United States   Israel   Total 
January 31, 2022            
Long-lived assets, net  $41,038   $1,499   $42,537 
Total assets   117,930    4,638    122,568 
                
July 31, 2021               
Long-lived assets, net  $41,704   $1,534   $43,238 
Total assets   150,847    3,208    154,055