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Investments in Marketable Securities
 3 Months Ended
Oct. 31, 2023
Investments in Marketable Securities [Abstract]  
INVESTMENTS IN MARKETABLE SECURITIES

NOTE 10 – INVESTMENTS IN MARKETABLE SECURITIES

 

The Company has classified its investments in corporate bonds and U.S. treasury bills as available-for-sale securities. These securities are carried at estimated fair value with unrealized holding gains and losses included in accumulated other comprehensive loss in stockholders’ equity until realized. Investment transactions are recorded on their trade date. Gains and losses on marketable security transactions are reported on the specific-identification method. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts on the corporate bonds and U.S. treasury bills.

 

The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities as of October 31, 2023 and July 31, 2023 are as follows:

 

October 31, 2023  Amortized cost   Gross unrealized gains   Gross unrealized (losses)   Fair value 
   (in thousands) 
Available-for-sale securities:                
U.S. Treasury Bills  $12,421   $
—
   $(3)  $12,418 
U.S. Agency   1,458    
—
    (1)   1,457 
Corporate bonds   45,019    17    (17)   45,019 
Total available-for-sale securities  $58,898   $17   $(21)  $58,894 

 

July 31, 2023  Amortized cost   Gross unrealized gains   Gross unrealized (losses)   Fair value 
   (in thousands) 
Available-for-sale securities:                
U.S. Treasury Bills  $11,222   $53   $
—
   $11,275 
Corporate bonds   46,766    4,333    (4,660)   46,439 
Total available-for-sale securities  $57,988   $4,386   $(4,660)  $57,714 

 

During the three months ended October 31, 2023 and 2022, respectively, the Company reclassified approximately $177 thousand and $15 thousand, respectively, of unrealized gains out of accumulated other comprehensive loss related to the sale of available-for-sale securities into realized gain on available-for-sale securities.

 

Maturities of corporate bonds and U.S. Treasury Bills held as of October 31, 2023 were all due within one year.

 

Marketable securities in an unrealized loss position as of October 31, 2023 and July 31, 2023 were not deemed impaired at acquisition. Effective August 1, 2023, the Company evaluates subsequent unrealized losses to determine whether the decline in fair value has resulted from credit losses or other factors. No such credit losses have been identified during the three months ended October 31, 2023.