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Fair Value Measurements | 12 Months Ended
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Jul. 31, 2025
Fair Value Measurements [Abstract] |
FAIR VALUE MEASUREMENTS | NOTE 15 – FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:
| ● | Level 1 - quoted prices in active markets for identical assets or liabilities;
| ● | Level 2 - quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability; or
| ● | Level 3 - unobservable inputs for the asset or liability, such as discounted cash flow models or valuations.
The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. 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 July 31, 2025 and July 31, 2024 are as follows:
|  | July 31, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  | (in thousands) |
Convertible notes receivable classified as available-for-sale |  | $ | — |  |  | $ | — |  |  | $ | 1,858 |  |  | $ | 1,858 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 1,858 |  |  | $ | 1,858 |
|  | July 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  | (in thousands) |
Available-for-sale securities - Corporate and U.S. Agency Bonds |  | $ | — |  |  | $ | 59,298 |  |  | $ | — |  |  | $ | 59,298 |
Available-for-sale securities - U.S. Treasury Bills |  |  | 3,967 |  |  |  | — |  |  |  | — |  |  |  | 3,967 |
Investment in Cyclo - Common Stock |  |  | 10,746 |  |  |  | — |  |  |  | — |  |  |  | 10,746 |
Convertible notes receivable, due from Cyclo |  |  | — |  |  |  | — |  |  |  | 5,191 |  |  |  | 5,191 |
Investment in Cyclo - Warrants |  |  | — |  |  |  | — |  |  |  | 1,264 |  |  |  | 1,264 |
Hedge funds |  |  | — |  |  |  | — |  |  |  | 2,547 |  |  |  | 2,547 |
Convertible notes receivable classified as available-for-sale |  |  | — |  |  |  | — |  |  |  | 1,146 |  |  |  | 1,146 |
Total |  | $ | 14,713 |  |  | $ | 59,298 |  |  | $ | 10,148 |  |  | $ | 84,159 |
As of July 31, 2025 and July 31, 2024, the Company did not have any liabilities 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):
|  | Year Ended July 31, |
|  | 2025 |  |  | 2024 |
|  | (in thousands) |
Balance, beginning of period |  | $ | 10,148 |  |  | $ | 6,905 |
Withdrawal from Hedge Fund Investments |  |  | (2,547 | ) |  |  | (2,500 | )
Unrealized gain on Hedge Fund |  |  | — |  |  |  | 63 |
Investment in Cyclo Warrants |  |  | — |  |  |  | 1,338 |
Unrealized loss on Cyclo Warrants |  |  | (1,264 | ) |  |  | (74 | )
Funding of Cyclo Convertible Notes |  |  | 19,500 |  |  |  | 4,000 |
Unrealized gain on issuance of Cyclo Convertible Notes |  |  | — |  |  |  | 1,313 |
Change in fair value of Cyclo Convertible Notes |  |  | (719 | ) |  |  | (122 | )
Conversion of Cyclo Convertible Note |  |  | (2,500 | ) |  |  | — |
Forgiveness of Cyclo Convertible Notes in the Cyclo Merger |  |  | (21,472 | ) |  |  | — |
Unrealized gain on Convertible note receivable, related party |  |  | — |  |  |  | 742 |
Realized gain on convertible note receivable, related party released from accumulated other comprehensive income |  |  | — |  |  |  | (663 | )
Conversion of convertible note receivable, related party |  |  | — |  |  |  | (2,000 | )
Unrealized gain on convertible note receivable |  |  | — |  |  |  | — |
Issuance of new convertible notes receivable |  |  | 500 |  |  |  | 1,000 |
Change in fair value of convertible notes receivable classified as available-for sale |  |  | 212 |  |  |  | 146 |
Balance, end of period |  | $ | 1,858 |  |  | $ | 10,148 |
Hedge funds classified as Level 3 include investments and securities which may not be based on readily observable data inputs. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. The fair value of these assets is estimated based on information provided by the fund managers or the general partners. Therefore, these assets are classified as Level 3. During the year ended July 31, 2025, the Company withdrew its remaining balance in Hedge Fund Investments and recognized a realized loss of $2 thousand upon the withdrawal’s approval. Available-for-sale securities classified as Level 3 include convertible notes receivable which may not be based on readily observable data inputs. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. The fair value of these assets is estimated using a scenario-based analysis based on the probability-weighted present value of future investment returns, considering each of the possible outcomes available to us, including cash repayment, equity conversion, and collateral transfer scenarios. Estimating the fair value of the convertible notes receivable requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. Therefore, these assets are classified as Level 3. Fair Value of Other Financial Instruments The estimated fair value of the Company’s other financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting these data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The Company’s financial instruments include trade accounts receivable, trade accounts payable, and due from related parties. The recorded carrying amounts of accounts receivable, accounts payable and due to related parties approximate their fair value due to their short-term nature.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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