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Fair Value Measurements (Tables) | 3 Months Ended
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Oct. 31, 2023
Fair Value Measurements [Abstract] |
Schedule of Assets Required to be Measured at Fair Value on a Recurring Basis | The following is a listing of the Company’s assets required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy as of October 31, 2023 and July 31, 2023:
|  | October 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  | (in thousands) |
Available-for-sale securities - Corporate Bonds |  | $ | — |  |  | $ | 46,476 |  |  | $ | — |  |  | $ | 46,476 |
Available-for-sale securities - U.S. Treasury Bills |  |  | 12,418 |  |  |  | — |  |  |  | — |  |  |  | 12,418 |
Investment in Cyclo Therapeutics Inc. - Common Stock |  |  | 8,759 |  |  |  | — |  |  |  | — |  |  |  | 8,759 |
Investment in Cyclo Therapeutics Inc. - Warrants |  |  | — |  |  |  | — |  |  |  | 1,090 |  |  |  | 1,090 |
Hedge funds |  |  | — |  |  |  | — |  |  |  | 2,318 |  |  |  | 2,318 |
Convertible note receivable, related party |  |  | — |  |  |  | — |  |  |  | 1,858 |  |  |  | 1,858 |
Total |  | $ | 21,177 |  |  | $ | 46,476 |  |  | $ | 5,266 |  |  | $ | 72,919 |
|  | July 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  | (in thousands) |
Available-for-sale securities - Corporate Bonds |  | $ | — |  |  | $ | 46,439 |  |  | $ | — |  |  | $ | 46,439 |
Available-for-sale securities - U.S. Treasury Bills |  |  | 11,275 |  |  |  | — |  |  |  | — |  |  |  | 11,275 |
Investment in equity securities |  |  | 294 |  |  |  | — |  |  |  | — |  |  |  | 294 |
Investment in Cyclo Therapeutics Inc. - Common Stock |  |  | 3,898 |  |  |  | — |  |  |  | — |  |  |  | 3,898 |
Investment in Cyclo Therapeutics Inc. - Warrants |  |  | 865 |  |  |  | — |  |  |  | — |  |  |  | 865 |
Hedge funds |  |  | — |  |  |  | — |  |  |  | 4,984 |  |  |  | 4,984 |
Convertible note receivable, related party |  |  | — |  |  |  | — |  |  |  | 1,921 |  |  |  | 1,921 |
Total |  | $ | 16,332 |  |  | $ | 46,439 |  |  | $ | 6,905 |  |  | $ | 69,676 |
Schedule of Fair Value Assets Measured at Fair Value on a Recurring Basis | The following table summarizes the changes in the fair value of the assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
|  | Three Months Ended October 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Balance, beginning of period |  | $ | 6,905 |  |  | $ | 4,764 |
Withdrawal from Hedge Fund Investments |  |  | (2,500 | ) |  |  | — |
Unrealized loss on Hedge Fund |  |  | (166 | ) |  |  | (127 | )
Investment in Cyclo Warrants |  |  | 1,338 |  |  |  | — |
Unrealized loss on Cyclo Warrants |  |  | (248 | ) |  |  |  |
Unrealized loss on Convertible Note Receivable, Related Party |  |  | (63 | ) |  |  | — |
Balance, end of period |  | $ | 5,266 |  |  | $ | 4,637 |
Schedule of Unobservable Inputs to the Cyclo Warrants | Below are the unobservable inputs to the Cyclo Warrants which reflect a Level 3 measurement within the fair value measurement hierarchy as of October 31, 2023:
Unobservable Input |  | Range |  | Weighted Average
Price Per Share [1] |  | $0.49 - $0.58 |  | $0.54
Exercise Price |  | $0.95 - $1.25 |  | $1.10
Expected Volatility |  | 82.2% - 85.5% |  | 84.0%
Risk - Free Rate [2] |  | 4.90% |  | 4.90%
Marketability Discount |  | 45.0% - 50.0% |  | 48.0%
Remaining Term |  | 3.97 to 6.75 years |  | 5.36 years
Fair Value per Warrant [3] |  | $0.15 - $0.18 |  | $0.17
[1] | Closing price of Cyclo’s common shares adjusted to reflect regulatory resale restrictions which ranged from 40.0% to 50.0%
[2] | US Treasury rate for a period commensurate with the Remaining Term.
[3] | Concluded fair value per warrant as of October 31, 2023

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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