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Fair Value Measurements (Tables)

3 Months Ended

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 unobservable inputs to the cyclo warrants.

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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

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-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

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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

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