Rafael (RFL) 10-Q 12 Mar 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jan. 31, 2019	Mar. 11, 2019
Entity Registrant Name	Rafael Holdings, Inc.
Entity Central Index Key	0001713863
Trading Symbol	RFL
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Document Type	10-Q
Document Period End Date	Jan. 31, 2019
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Ex Transition Period	false
Entity Emerging Growth Company	true
Class A common stock
Entity Common Stock, Shares Outstanding		787,163
Class B common stock
Entity Common Stock, Shares Outstanding		13,138,123

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 14,769	$ 15,803
Trade accounts receivable, net of allowance for doubtful accounts of $91 and $82 at January 31, 2019 and July 31, 2018, respectively	356	287
Marketable securities		24,701
Due from Rafael Pharmaceuticals		3,300
Prepaid expenses and other current assets	588	421
Total current assets	15,713	44,512
Property and equipment, net	49,378	50,113
Investments - Rafael Pharmaceuticals	70,018	13,300
Investments - Other Pharmaceuticals	2,000	2,000
Investments - Hedge Funds	4,166	4,218
Deferred income tax assets, net	15
Patents	324	324
In-process research and development	1,327	1,327
Other assets	1,225	1,126
TOTAL ASSETS	144,166	116,920
CURRENT LIABILITIES:
Trade accounts payable	535	367
Accrued expenses	650	500
Other current liabilities	20	24
Total current liabilities	1,205	891
Due to/from related parties		276
Convertible debt, net of discount - Related Party	14,934
Other liabilities	195	188
TOTAL LIABILITIES	16,334	1,355
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Additional paid in capital	117,269	103,636
Accumulated deficit	(2,649)	(1,108)
Accumulated other comprehensive income	4,080	4,043
Total stockholders' equity	118,827	106,697
Noncontrolling interests	9,005	8,868
TOTAL EQUITY	127,832	115,565
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	144,166	116,920
Class A common stock
STOCKHOLDERS' EQUITY
Common stock value	8	8
Class B common stock
STOCKHOLDERS' EQUITY
Common stock value	$ 119	$ 118

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Allowance for doubtful accounts	$ 91	$ 82
Class A common stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares issued	787,163	787,163
Common stock, shares outstanding	787,163	787,163
Class B common stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	13,133,069	11,762,346
Common stock, shares outstanding	13,133,069	11,762,346

Consolidated and Combined State

Consolidated and Combined Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
REVENUE:
Rental - Third Party	$ 306	$ 298	$ 689	$ 685
Rental - Related Party	522	489	1,043	994
Parking	189	169	420	384
Total Revenue	1,017	956	2,152	2,063
COSTS AND EXPENSES
Selling, general and administrative	1,716	1,343	3,169	3,079
Research and development	276		649
Depreciation and amortization	431	429	860	853
Loss from Operations	(1,406)	(816)	(2,526)	(1,869)
Interest income, net	767	2	868	4
Net gain resulting from foreign exchange transactions		107		118
Net loss on equity investments				(107)
Gain on sales of marketable securities, net	103		330
Unrealized loss on Investments - Hedge Funds	(148)		(52)
Gain on disposal of bonus shares				246
Loss Before Income Taxes	(684)	(707)	(1,380)	(1,608)
(Provision for) benefit from income taxes	(17)	(15)	14	(8,443)
Net Loss	(701)	(722)	(1,366)	(10,051)
Net income (loss) attributable to noncontrolling interests	320	(176)	136	(176)
Net Loss attributable to Rafael Holdings, Inc.	(1,021)	(546)	(1,502)	(9,875)
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustments	80	68	2	78
Total Comprehensive Loss	(621)	(654)	(1,364)	(9,973)
Comprehensive income attributable to noncontrolling interests	15	19	23	19
Total Comprehensive Loss attributable to Rafael Holdings, Inc.	$ (636)	$ (673)	$ (1,387)	$ (9,992)
Loss Per Share:
Basic and diluted	$ (0.08)	$ (0.04)	$ (0.12)	$ (0.79)
Weighted average number of shared used in calculation of loss per share:
Basic and diluted	13,489,583	12,541,998	12,634,389	12,541,998

Consolidated and Combined Sta_2

Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Operating activities
Net loss	$ (1,366)	$ (10,051)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	860	853
Deferred income taxes	(15)	8,837
Interest income on Series D Convertible Note	(848)
Net gain on sale of marketable securities	(330)
Unrealized loss on investments - Hedge Funds	52
Provision for doubtful accounts	9
Realized gain on disposal of bonus shares		(246)
Non-cash compensation	172	606
Amortization of debt discount	5
Interest in the equity of investments		439
Change in assets and liabilities:
Trade accounts receivable	(78)	38
Other current assets and prepaid expenses	(186)	(60)
Other assets	(82)	(260)
Accounts payable and accrued expenses	296	77
Other current liabilities	39	(15)
Due to/from related parties	588	(202)
Other liabilities	(15)	25
Net cash (used in) provided by operating activities	(899)	41
Investing activities
Purchases of property and equipment	(58)	(728)
Proceeds from sale and maturity of marketable securities, net	25,031
Investment in Rafael Pharmaceuticals	(55,870)
Net cash used in investing activities	(30,897)	(728)
Financing activities
Contribution from noncontrolling interest of consolidated entity	4,587
Repayment of Loan from Rafael Pharmaceuticals	3,300
Proceeds from exercise of options	163
Proceed from sale of shares	7,777
Proceeds from convertible notes payable - Related Party	15,000
Cash advances from IDT Corporation, net of repayments		900
Net cash provided by financing activities	30,827	900
Effect of exchange rate changes on cash and cash equivalents	(65)	39
Net (decrease) increase in cash and cash equivalents	(1,034)	252
Cash and cash equivalents at beginning of period	15,803	11,756
Cash and cash equivalents at end of period	14,769	12,008
Supplemental Schedule of Non-Cash Financing and Investing Activities
Adoption effect of ASU 2016-01	39
Beneficial conversion feature of convertible debt – related party	71
Debt and accrued interest converted to Series D Preferred Stock	10,848
Related Party deposit utilized to purchase Class B Common Stock	864
Cash payments made for interest & taxes

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jan. 31, 2019
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	Note 1 — Description of Business and Basis of Presentation Description of Business Rafael Holdings, Inc., or Rafael Holdings, or the Company, a Delaware corporation, owns commercial real estate assets and interests in clinical and early stage pharmaceutical companies. The assets are operated as two separate lines of business. The commercial real estate holdings consist of the building at 520 Broad Street in Newark, New Jersey that houses headquarters for the Company and affiliated entities as well as third-party tenants, and an associated 800 car public garage, an office/data center building in Piscataway, New Jersey and a portion of a building in Israel that hosts offices for IDT. The pharmaceutical holdings include debt, preferred equity interests and warrants in Rafael Pharmaceuticals, Inc., or Rafael Pharma, which is a clinical stage, oncology-focused, pharmaceutical company committed to the development and commercialization of therapies that exploit the metabolic differences between normal cells and cancer cells, and a majority equity interest in LipoMedix Pharmaceuticals Ltd., or LipoMedix, an early stage oncology focused pharmaceutical company based in Israel. On March 26, 2018, IDT Corporation, or IDT, the former parent corporation of the Company, completed a tax-free spinoff (the “Spin-Off”) of the Company’s capital stock, through a pro rata distribution of common stock to its stockholders of record as of the close of business on March 13, 2018 (the “Spin-Off Record Date”). As a result of the Spin-Off, each of IDT’s stockholders received: (i) one share of the Company’s Class A common stock for every two shares of IDT’s Class A common stock held on the Spin-Off Record Date, and (ii) one share of the Company’s Class B common stock for every two shares of IDT’s Class B common stock held of record on the Spin-Off Record Date. On March 26, 2018, there were 787,163 shares of the Company’s Class A common stock, and 11,754,835 shares of the Company’s Class B common stock issued and outstanding, which included 114,945 restricted stock units issued to employees and consultants in connection with the spin. We entered into various agreements with IDT prior to the Spin-Off, including a Separation and Distribution Agreement to effect the separation and provide a framework for the Company’s relationship with IDT after the Spin-Off, and a Transition Services Agreement, which provides for certain services to be performed by IDT to facilitate the transition of the Company into a separate publicly-traded company. These agreements provide for, among other things, (i) the allocation between the Company and IDT of employee benefits, taxes and other liabilities and obligations attributable to periods prior to the Spin-Off, (ii) transitional services to be provided by IDT relating to human resources and employee benefits administration, and (iii) finance, accounting, tax, investor relations and legal services to be provided by IDT to the Company following the Spin-Off. In addition, the Company entered into a Tax Separation Agreement with IDT, which sets forth the responsibilities of the Company and IDT with respect to, among other things, liabilities for federal, state, local and foreign taxes for periods before and including the Spin-Off, the preparation and filing of tax returns for such periods and disputes with taxing authorities regarding taxes for such periods. The “Company” in these financial statements refers to Rafael Holdings on a consolidated and combined basis as if Rafael Holdings existed and owned the above interests in all periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation or combination. Basis of Presentation The accompanying unaudited consolidated and combined financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended January 31, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2019. The balance sheet at July 31, 2018 has been derived from the Company’s audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Therefore, these condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2018, or the 2018 Form 10-K. The Company’s fiscal year ends on July 31 of each calendar year. Each reference below to a fiscal year refers to the fiscal year ending in the calendar year indicated (e.g., fiscal 2019 refers to the fiscal year ending July 31, 2019). Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, “ASU” 2014-09, Revenue from Contracts with Customers (Topic 606) The Company disaggregates its revenue by source within its consolidated and combined statements of operations. As an owner and operator of real estate, the Company derives the majority of its revenue from leasing space to tenants at its properties. As a result, the majority of the Company’s revenue is accounted for pursuant to ASC 840 Leases or , Leases Contractual rental revenue is reported on a straight-line basis over the terms of the respective leases. Accrued rental income, included within Trade Accounts Receivable and Other Assets on the consolidated balance sheets, represents cumulative rental income earned in excess of rent payments received pursuant to the terms of the individual lease agreements. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required rent payments or parking customers to pay amounts due. The Company also earns revenue from parking which is derived primarily from monthly and transient daily parking. In addition, the Company has certain lease arrangements for parking accounted for under the guidance in ASC 840. The monthly and transient daily parking revenue falls within the scope of ASC 606 and is accounted for at the point in time when control of the goods or services transfers to the customer and the Company’s performance obligation is satisfied, consistent with the Company’s previous accounting. Critical Accounting Policies The Company’s financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as the disclosure of contingent assets and liabilities. Critical accounting policies are those that require application of management’s most subjective or complex judgments, often as a result of matters that are inherently uncertain and may change in subsequent periods. Management bases its estimates and judgments on historical experience and other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. See Note 1 to the consolidated and combined financial statements in the 2018 Form 10-K for a complete discussion of the Company’s significant accounting policies. Recently Issued Accounting Pronouncements In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business

Investment in LipoMedix Pharmac

Investment in LipoMedix Pharmaceuticals Ltd.	6 Months Ended
	Jan. 31, 2019
Business Combinations [Abstract]
Investment in LipoMedix Pharmaceuticals Ltd.	Note 2 — Investment in LipoMedix Pharmaceuticals Ltd. LipoMedix is a development-stage, privately held Israeli company focused on the development of an innovative, safe and effective cancer therapy based on liposome delivery. As a result of its initial $100,000 investment in LipoMedix, the Company received ordinary shares of LipoMedix representing approximately 3.2% of the ordinary shares outstanding. During the second quarter of fiscal 2017, the Company made an additional $300,000 investment in LipoMedix, increasing its ownership to 13.95% of the issued and outstanding ordinary shares, and provided LipoMedix with an additional advance of $200,000. During the fourth quarter of fiscal 2017, the Company made an additional $1.1 million investment, inclusive of the $200,000 advance, in LipoMedix, increasing its then ownership to 38.86% of the issued and outstanding ordinary shares. The Company began accounting for this investment under the equity method as of and for the fourth quarter of fiscal 2017. On November 16, 2017, the Company exercised its option to purchase additional ordinary shares of LipoMedix for $900,000, which increased its ownership to 50.6% of the issued and outstanding ordinary shares. The Company began consolidating this investment as of and for the second quarter of fiscal 2018. On July 6, 2018, the Company provided no-interest bridge financing of $875,000 to LipoMedix (“Bridge Note”). This financing is convertible into shares of LipoMedix as follows: (i) upon an issuance of an aggregate $2.0 million of additional equity securities (excluding the conversion of the Bridge Note) (“the Financing”), the Bridge Note amount shall be converted into shares of LipoMedix of the same class and series with the same rights, preferences and privileges as shall be issued in the Financing at a conversion price per share equal to 75% or the lowest price per share paid by the investor(s) in the Financing; (ii) upon a Distribution Event (as defined in the Founder’s Agreement among LipoMedix and certain of its founders), the Bridge Note shall be converted into shares of the most senior class of shares of LipoMedix then issued, at a conversion price per share that is equal to 75% per share distribution received on account of the Distribution Event, or the Company shall be entitled to receive a redemption payment equal to the Bridge Note ($875,000); (iii) if neither a Financing nor Distribution Event occurs prior to January 6, 2020 (18 months following the effective date of the Bridge Note), the Bridge Note will be converted into the most senior class of shares LipoMedix has then issued at a conversion price per share equal to $0.53 (calculated on the basis of LipoMedix’s pre-money valuation of $5.0 million, divided by its fully diluted share capital as of July 6, 2018).

Marketable Securities

Marketable Securities	6 Months Ended
	Jan. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Note 3 — Marketable Securities During the six months ended January 31, 2019, all marketable securities held by the Company were liquidated in connection with the exercise of the Rafael Pharmaceuticals warrant, See Note 9. There were no marketable securities as of January 31, 2019. Proceeds from maturities and sales of available-for-sale securities were approximately $25.0 million and $0 for the six months ended January 31, 2019 and 2018, respectively. The net realized gain that were included in earnings as a result of sales was approximately $103,000 and $330,000 for the three and six months ended January 31, 2019, and $0 for each of the three and six months ended January 31, 2018. The Company uses the specific identification method in computing the gross realized gains and gross realized losses on the sales of marketable securities.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jan. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 4 — Fair Value Measurements Under the Fair Value Measurements and Disclosures topic of the Codification, disclosures are required about how fair value is determined for assets and liabilities and a hierarchy for which these assets and liabilities must be grouped is established, based on significant levels of inputs as follows: Level 1 Level 2 Level 3 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 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 January 31, 2019 and July 31, 2018 (unaudited, in thousands): January 31, 2019 Level 1 Level 2 Level 3 Total Available-for-sale securities: Hedge Funds $ — $ — $ 4,166 $ 4,166 Total $ — $ — $ 4,166 $ 4,166 July 31, 2018 Level 1 Level 2 Level 3 Total Available-for-sale securities: Marketable Securities $ 10,755 $ 13,946 $ — $ 24,701 Hedge Funds — — 4,218 4,218 Rafael Pharmaceuticals convertible promissory notes — — 7,900 7,900 Total $ 10,755 $ 13,946 $ 12,118 $ 36,819 At January 31, 2019 and July 31, 2018, the Company did not have any liabilities measured at fair value on a recurring basis. At July 31, 2018, the fair value of the Rafael Pharmaceuticals convertible promissory notes, which were classified as Level 3, was estimated based on a valuation of Rafael Pharmaceuticals by reference to recent transactions in its securities, the September 2016 Series D Convertible Note investment, as well as utilizing a discounted cash flow technique under the Income Approach and other factors that could not be corroborated by the market. The Note was converted into shares of Series D Convertible Preferred Stock of Rafael Pharmaceuticals in January 2019. The following table summarizes the change in the balance of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3). There were no liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended January 31, 2019 and July 31, 2018. Six Months Ended 2019 2018 (unaudited) Balance, beginning of period $ 12,118 $ 6,300 Conversion of Series D Convertible Note (7,900 ) — Total losses included in earnings (52 ) — Balance, end of period $ 4,166 $ 6,300 Prior to the Spin-Off, IDT contributed $2.0 million in investments in securities of another entity that are not liquid, which were included in “Investments – Other Pharmaceuticals” in the accompanying consolidated balance sheets. The Company’s related investment is accounted for using the cost method; therefore, this investment is not measured at fair value. 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. Cash and cash equivalents, other current assets, and other current liabilities. Other assets and other liabilities. The Company’s financial instruments include trade accounts receivable, accounts payable, and due from related parties. The recorded carrying amount of trade accounts receivable, accounts payable and due from related approximates their fair value due to their short-term nature. Other than noted above, the Company did not have any other assets or liabilities that were measured at fair value on a recurring basis as of January 31, 2019 or July 31, 2018.

Trade Accounts Receivable

Trade Accounts Receivable	6 Months Ended
	Jan. 31, 2019
Receivables [Abstract]
Trade Accounts Receivable	Note 5 — Trade Accounts Receivable Trade Accounts Receivable consisted of the following (in thousands): January 31, July 31, (unaudited) Trade Accounts Receivable $ 435 $ 358 Accounts Receivable - Related Party 12 11 Less Allowance for Doubtful Accounts (91 ) (82 ) Trade Accounts Receivable, net $ 356 $ 287 Deferred rental income included in Prepaid Expenses and Other Current Assets was approximately $207,000 and $88,000 as of January 31, 2019 and July 31, 2018, respectively. Noncurrent deferred rental income included in Other Assets was approximately $1.2 and $1.0 million as of January 31, 2019 and July 31, 2018, respectively.

Property and Equipment

Property and Equipment	6 Months Ended
	Jan. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 6 — Property and Equipment Property and equipment consisted of the following (in thousands): January 31, July 31, (unaudited) (audited) Building and Improvements $ 52,894 $ 52,818 Land 10,412 10,412 Furniture and Fixtures 1,145 1,145 Other 255 255 Construction in Progress 1,073 1,024 Less Accumulated Depreciation (16,401 ) (15,541 ) Total $ 49,378 $ 50,113 Other property and equipment consists of furniture and fixtures, office and other equipment and miscellaneous computer hardware. Depreciation and amortization expense pertaining to property and equipment was approximately $431,000 and $429,000 for the three months ended January 31, 2019 and 2018, respectively, and $860,000 and $853,000 for the six months ended January 31, 2019 and 2018, respectively.

Loss Per Share

Loss Per Share	6 Months Ended
	Jan. 31, 2019
Loss Per Share:
Loss Per Share	Note 7 — Loss Per Share Basic (loss) earnings per share is computed by dividing net income attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted (loss) earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive. The weighted-average number of shares used in the calculation of basic and diluted (loss) earnings per share attributable to the Company’s common stockholders consists of the following: Three Months Ended Six Months Ended 2019 2018 2019 2018 (unaudited) Basic weighted-average number of shares 13,489,583 12,541,998 12,634,389 12,541,998 In the three and six months ended January 31, 2019, the diluted loss per share computation equals basic loss per share of $0.08 and $0.12 because the Company had a net loss and the impact of the assumed exercise of stock options and the vesting of restricted stock would have been anti-dilutive. For all periods prior to the Spin-Off, the Company utilized the number of shares distributed in the Spin-Off as the denominator for historical (loss) earnings per share for each period presented.

Establishment of Valuation Allo

Establishment of Valuation Allowance for Deferred Tax Asset	6 Months Ended
	Jan. 31, 2019
Notes to Financial Statements
Establishment of Valuation Allowance for Deferred Tax Asset	Note 8 — Establishment of Valuation Allowance for Deferred Tax Asset Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. On the basis of this evaluation, a valuation allowance of $8.4 million was recorded to reserve for the entirety of the Company’s domestic deferred tax asset during the first quarter of fiscal 2018. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income are increased.

Investment in Rafael Pharmaceut

Investment in Rafael Pharmaceuticals, Inc. (''Rafael Pharmaceuticals'')	6 Months Ended
	Jan. 31, 2019
Schedule of Investments [Abstract]
Investment in Rafael Pharmaceuticals, Inc. (''Rafael Pharmaceuticals'')	Note 9 — Investment in Rafael Pharmaceuticals, Inc. (“Rafael Pharmaceuticals”) Rafael Pharmaceuticals is a clinical stage, oncology-focused pharmaceutical company committed to the development and commercialization of therapies that exploit the metabolic differences between normal cells and cancer cells. The Company owns interests/rights in Rafael Pharmaceutical through a 90%-owned non-operating subsidiary, IDT-Rafael Holdings, LLC. IDT-Rafael Holdings holds Series D Convertible Preferred Stock and warrants to purchase a significant stake in Rafael Pharmaceuticals, as well as other equity and governance rights in Rafael Pharmaceuticals. IDT-Rafael Holdings owns equity interests in Rafael Pharmaceuticals and owns 50% of CS Pharma, a non-operating entity that holds debt and additional equity interests in Rafael Pharmaceuticals. The Company’s equity interests and governance rights in Rafael Pharmaceuticals are as follows: 1. $10,000,000 of Series D Convertible Notes of Rafael Pharmaceuticals held by CS Pharma which was converted into 8.7 million shares of Series D Preferred Stock of Rafael Pharmaceuticals during the quarter, and 2. A warrant to purchase up to 56% of the capital stock of Rafael Pharmaceuticals, (the “warrant”) of which the first $10 million was owned by CS Pharma. The entire portion of the warrant held by CS Pharma was exercised for 8.0 million shares of Series D Preferred Stock of Rafael Pharmaceuticals and a portion of the warrant held by IDT-Rafael Holdings was exercised for 36.7 million shares of Series D Preferred Stock of Rafael Pharmaceuticals. 3. Certain governance rights, including appointment of directors. In September 2018, CS Pharma partially exercised the Warrant to purchase Series D Convertible Preferred Stock of Rafael Pharmaceuticals and purchased 8.0 million shares of Rafael Pharmaceuticals’ Series D Convertible Preferred Stock for $10 million. In November 2018, IDT-Rafael Holdings, partially exercised the Warrant and purchased 4.0 million shares of Rafael Pharmaceuticals’ Series D Convertible Preferred Stock for $5.0 million, of which $500,000 was contributed by the holder of a minority interest in IDT-Rafael Holdings. In January 2019, IDT-Rafael Holdings, partially exercised the Warrant and purchased an additional 32.7 million shares of Rafael Pharmaceuticals’ Series D Convertible Preferred Stock for $40.9 million, of which $4.1 million was contributed by the holder of minority interest in IDT-Rafael Holdings. In January 2019, CS Pharma converted $10.0 million Series D Convertible Note plus interest into 8.7 million shares of Rafael Pharmaceuticals’ Series D Convertible Preferred Stock. Following these exercises, the Company and its subsidiaries collectively own securities representing 51.0% of the outstanding capital stock of Rafael Pharmaceuticals and 39.5% of the capital stock on a fully diluted basis (excluding the remainder of the Warrant). On September 19, 2017, IDT approved a compensatory arrangement with Howard Jonas related to the right held by IDT-Rafael Holdings to receive additional Rafael Pharmaceutical shares (“Bonus Shares”) upon the achievement of certain milestones. Under that arrangement, IDT and the Company transferred to Howard Jonas the contractual right to receive “Bonus Shares” for an additional 10% of the outstanding capital stock of Rafael Pharmaceuticals that was previously held by IDT-Rafael Holdings, which is contingent upon achieving certain milestones. This right was previously held by IDT-Rafael Holdings, subject to its right to transfer to recipients that IDT-Rafael Holdings, in its sole discretion, felt merit because of special efforts by such persons in assisting Rafael Pharmaceuticals and its products. IDT-Rafael Holdings distributed the rights to its members and the Company transferred the portion it received to Howard Jonas. If any of the milestones are met, the Bonus Shares are to be issued without any additional payment. Howard Jonas has the right to transfer the Bonus Shares, in his discretion, to others, including those who are instrumental to the future success of Rafael Pharmaceuticals. On March 2, 2017, Howard Jonas, Chairman of the Board and Chief Executive Officer of the Company, and Chairman of the Board of Rafael Pharmaceuticals purchased 10% of IDT-Rafael Holdings, LLC, in which the Company’s direct and indirect interest and rights in Rafael Pharmaceuticals were held, for a purchase price of $1 million, which represented 10% of the Company’s cost basis in IDT-Rafael Holdings. The Company holds its interest in CS Pharma through a 90%-owned non-operating subsidiary, IDT-Rafael Holdings, LLC, which holds a 50% interest in CS Pharma. Accordingly, the Company holds an effective 45% indirect interest in the assets held by CS Pharma, including its cash. Separately, Howard Jonas and Deborah Jonas jointly own $525,000 of Series C Convertible Notes of Rafael Pharmaceuticals, and The Howard S. and Deborah Jonas Foundation owns $525,000 of Series C Notes of Rafael Pharmaceuticals. The Rafael Pharmaceuticals Series D Note earned interest at 3.5% per annum, with principal and accrued interest which was due and payable on September 16, 2018. The Series D Note was converted in January 2019 into 8.7 million shares of Rafael Pharmaceuticals’ Series D Convertible Preferred Stock, or Series D Stock. The Company and CS Pharma were issued warrants to purchase shares of capital stock of Rafael Pharmaceuticals representing up to 56% of the then issued and outstanding capital stock of Rafael Pharmaceuticals, on an as-converted and fully diluted basis. The right to exercise warrants as to the first $10 million thereof was owned by CS Pharma and the remainder is owned by IDT-Rafael Holdings. The warrant expires on December 31, 2020. Currently, if the Company desires to raise additional financing from unaffiliated parties in connection with the exercise of the warrant or other current rights to invest in Rafael Pharmaceuticals (but not including the Rafael Pharmaceuticals rights held by CS Pharma), it first must give the other CS Pharma holders the opportunity to provide such financing on a pro rata basis. The exercise price of the warrant is the lower of 70% of the price sold in an equity financing, or $1.25 per share, subject to certain adjustments. The minimum initial and subsequent exercises of the warrant shall be for such number of shares that will result in at least $5 million of gross proceeds to Rafael Pharmaceuticals, or such lesser amount as represents 5% of the outstanding capital stock of Rafael Pharmaceuticals, or such lesser amount as may then remain unexercised. The warrant will expire upon the earlier of December 31, 2020 or a qualified initial public offering or liquidation event of Rafael Pharmaceuticals. The Series D Stock has a stated value of $1.25 per share (subject to appropriate adjustment to reflect any stock split, combination, reclassification or reorganization of the Series D Preferred Stock or any dilutive issuances, as described below). Holders of Series D Stock are entitled to receive non-cumulative dividends when, as and if declared by the board of Rafael Pharmaceuticals, prior to any dividends to any other class of capital stock of Rafael Pharmaceuticals. In the event of any liquidation, dissolution or winding up of the Company, or in the event of any deemed liquidation, proceeds from such liquidation, dissolution, winding up shall be distribute first to the holders of Series D Stock. Except with respect to certain major decisions, or as required by law, holders of Series D Stock vote together with the holders of the other preferred stock and common stock and not as a separate class. We serve as the managing member of IDT-Rafael Holdings and IDT-Rafael Holdings serves as the managing member of CS Pharma, with broad authority to make all key decisions regarding their respective holdings. Any distributions that are made to CS Pharma from Rafael Pharmaceuticals that are in turn distributed by CS Pharma, will need to be made pro rata to all members, which would entitle IDT-Rafael Holdings to 50% (based on current ownership) of such distributions. Similarly, if IDT-Rafael Holdings were to distribute proceeds it receives from CS Pharma, it would do so on a pro rata basis, entitled the Company to 90% (based on current ownership) of such distributions. Rafael Pharmaceuticals is a variable interest entity; however, the Company has determined that it is not the primary beneficiary as is does not have the power to direct the activities of Rafael Pharmaceuticals that most significantly impact Rafael Pharmaceuticals’ economic performance. The Company evaluated its investments in Rafael Pharmaceuticals in accordance with ASC 323, Investments - Equity Method and Joint Ventures

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jan. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 10 — Related Party Transactions The Company has historically maintained an intercompany balance Due to/from Related Parties that relates to cash advances for investments, loan repayments, charges for services provided to the Company by IDT and payroll costs for the Company’s personnel that were paid by IDT, partially offset by rental income paid by various companies under common control to IDT to the Company and charges for services provided by the Company to Rafael Pharmaceuticals for rent, accounting and other administrative expenses. The Company’s liability at July 31, 2018 was comprised of a deposit of $864,144 from Howard Jonas, Chairman of the Board, Chief Executive Officer and controlling stockholder of the Company partially offset by amounts due from IDT and Rafael Pharmaceuticals. During the six months ended January 31, 2019, we issued shares to Howard Jonas in exchange for the deposit and all other prior related party balances and charges within the six month period have been settled. At January 31, 2019, there was no balance due to related parties. The change in the Company’s liability to related parties was as follows (unaudited, in thousands): Balance at July 31, 2018 $ 276 Payments by IDT on behalf of the Company 74 Rental revenue billed to Related Parties (52 ) Cash repayments, net of advances 404 Billings for services performed for Rafael Pharmaceuticals (120 ) Balance at October 31, 2018 $ 582 Payments by IDT on behalf of the Company 35 Issuance for shares to Howard Jonas for deposit (864 ) Cash repayments, net of advances 367 Billings for services performed for Rafael Pharmaceuticals (120 ) Balance at January 31, 2019 $ 0 On November 15, 2018, Howard Jonas entered into an agreement to purchase a convertible note from the Company for $15.0 million. The term of the note is three years and interest will accrue on the principal amount at a rate of 6% per annum, compounded quarterly. At the option of the Company, interest on the note can be capitalized and added to principal or payable in cash. The note is convertible at the option of the holder into shares of Class B common stock at a conversion price of $8.47 per share, the closing price of the Company’s Class B common stock on the trading day before the date of the investment agreement. The initial principal amount is convertible into 1,770,956 shares of Class B common stock, and if all interest for the three-year term of the note is capitalized, the note will be convertible into 2,117,388 shares of Class B common stock. If the closing price of the Company’s Class B common stock on the NYSE American is 200% of the conversion price for at least thirty (30) consecutive days, the Company may cause conversion of the note. At issuance, the Company recorded a debt discount of approximately $70,000 related to the beneficial conversion feature of the note and amortized approximately $5,000 of the discount in the second quarter of Fiscal 2019 which was included in interest expense. In addition, the Company recorded $190,000 of interest expense on the note that is included in accrued expenses in the accompanying consolidated and combined statements of operations. In April 2018, the Board of Directors of the Company and its Corporate Governance Committee approved an arrangement with Howard Jonas, the Chairman of the Board, Chief Executive Officer and controlling stockholder of the Company, related to the purchase of shares of Class B common stock of the Company by Mr. Jonas. Under the arrangement, subject to approval of the stockholders of the Company, Mr. Jonas agreed to purchase 1,254,200 shares of Class B common stock (representing ten percent of the issued and outstanding equity of the Company) at a price per share of $6.89, which was the closing price for the Class B common stock on the New York Stock Exchange on April 26, 2018 (the last closing price before approval of the arrangement) for an aggregate purchase price of approximately $8.6 million. The arrangement received stockholder approval on January 10, 2019. Mr. Jonas paid $864,144, as an initial 10% deposit of the purchase price on May 31, 2018, which was included in “Due to/from Related Parties” in the consolidated and combined balance sheets with the remainder of the purchase price received in January following approval of the stockholders of the Company.

Income Taxes

Income Taxes	6 Months Ended
	Jan. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 11 — Income Taxes On December 22, 2017, the U.S. government enacted “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018”, which is commonly referred to as “The Tax Cuts and Jobs Act” (the “Tax Act”). The Tax Act provides for comprehensive tax legislation that, among other things, reduces the U.S. federal statutory corporate tax rate from 35.0% to 21.0% effective January 1, 2018, broadens the U.S. federal income tax base, requires companies to pay a one-time repatriation tax on earnings of certain foreign subsidiaries that were previously tax deferred (“transition tax”), and creates new taxes on certain foreign sourced earnings. The Company has completed its accounting for the income tax effects of the enactment of the Tax Act. At July 31, 2018, the Company did not have any undistributed earnings of its foreign subsidiaries. As a result, no additional income or withholding taxes were provided for, for the undistributed earnings or any additional outside basis differences inherent in the foreign entities. The Company reviewed the global intangible low taxed income (“GILTI”) and base erosion anti-abuse tax (“BEAT) that became effective August 1, 2018 and has not recorded any impact associated with either. At July 31, 2018, the Company had available federal and state net operating loss (“NOL”) carryforwards from domestic operations of approximately $20.0 million, to offset future taxable income. The Company has no available NOLs from foreign operations. As part of the Tax Act, NOL’s generated in 2018 and later are not subject to an expiration period and are available to offset 80% of taxable income in the year in which they are utilized. The federal and state NOL carryforwards generated prior to 2018 will begin to expire in 2026. For the six months ended January 31, 2019 the Company recorded additional losses of approximately $610,000 from domestic operations and the possibility of future cumulative losses still exists. Accordingly, the Company has continued to maintain a valuation allowance against its net deferred tax assets and expects that the NOL’s will increase to approximately $20.9 million. The Company anticipates that its assumptions and estimates may change as a result of future guidance and interpretation from the Internal Revenue Service, the SEC, the FASB, and various other taxing jurisdictions. In particular, the Company anticipates that the U.S. state jurisdictions will continue to determine and announce their conformity with or decoupling from the Tax Act, either in its entirety or with respect to specific provisions. Legislative and interpretive actions could result in adjustments to the Company’s provisional estimates when the accounting for the income tax effects of the Tax Act is completed.

Business Segment Information

Business Segment Information	6 Months Ended
	Jan. 31, 2019
Segment Reporting [Abstract]
Business Segment Information	Note 12 — 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 chief operating decision makers. Beginning in the second quarter of fiscal 2018, the Pharmaceuticals segment is comprised of debt interests and warrants in Rafael Pharmaceuticals and a majority equity interest in LipoMedix Pharmaceuticals. Comparative results have been reclassified and restated as if the Pharmaceuticals segment existed for all periods presented. To date, the Pharmaceuticals segment has not generated any revenues. The Real Estate segment consists of the Company’s real estate holdings, including the building at 520 Broad Street in Newark, New Jersey that houses IDT’s headquarters and its associated public garage, an office/data center building in Piscataway, New Jersey and a portion of a building in Israel that hosts offices for IDT and certain affiliates. 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 Real Estate segment based primarily on income (loss) from operations and its Pharmaceuticals segment based primarily on research and development efforts and results of clinical trials. All investments in Rafael Pharmaceuticals and assets, expenses and expenses associated with LipoMedix are tracked separately in the Pharmaceuticals segment. All corporate costs are allocated to the Real Estate segment. Operating results for the business segments of the Company are as follows: (unaudited, in thousands) Pharmaceuticals Real Estate Total Three months ended January 31, 2019 Revenues $ — $ 1,017 $ 1,017 Loss from operations (297 ) (1,109 ) (1,406 ) Three months ended January 31, 2018 Revenues $ — $ 956 $ 956 Loss from operations (357 ) (459 ) (816 ) (unaudited, in thousands) Pharmaceuticals Real Estate Total Six months ended January 31, 2019 Revenues $ — $ 2,152 $ 2,152 Loss from operations (703 ) (1,823 ) (2,526 ) Six months ended January 31, 2018 Revenues $ — $ 2,063 $ 2,063 Loss from operations (357 ) (1,512 ) (1,869 ) 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) 2019 2018 Revenue from tenants located in Israel 2 % 2 % Six Months Ended January 31, (unaudited) 2019 2018 Revenue from tenants located in Israel 2 % 2 % 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 Foreign Total January 31, 2019 (unaudited) Long-lived assets, net $ 47,700 $ 1,678 $ 49,378 Total assets 140,337 3,829 144,166 July 31, 2018 Long-lived assets, net $ 48,415 $ 1,698 $ 50,113 Total assets 113,279 3,641 116,920

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jan. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13 — Commitments and Contingencies Legal Proceedings On August 21, 2018, the Company entered into a settlement agreement with a building service provider in order to avoid the risks, delays and expenses inherent in and resulting from litigation. The $100,000 settlement was included in “Selling, general and administrative” expenses in the 2018 consolidated and combined statement of operations and in “Accrued Expenses” in the accompanying consolidated balance sheets. As the Company is fully indemnified by IDT for the settlement amount, a corresponding receivable was included in “Due to Related Parties” in the accompanying consolidated balance sheets. This amount has since been repaid in the first quarter of fiscal 2019. Under a Founders Agreement among LipoMedix and other parties, two of LipoMedix’ founders would become entitled to consulting payments in the approximate amounts of $385,000 and $358,000, respectively, upon the satisfaction of certain conditions thereto. LipoMedix believes that those conditions have not been satisfied and does not believe that they are likely to be satisfied until LipoMedix is successful in raising significant equity capital in the future. On September 17, 2018, LipoMedix was notified of a claim initiated by one of its founders seeking payment of consulting fees in the amount of approximately $377,000 and seeking to place restrictions on LipoMedix’ bank accounts and other assets to protect his claim. LipoMedix does not believe that the individual has the right to receive any payment at the current time. LipoMedix responded to the demand for the placement of restrictions on its assets. On November 26, 2018 the court denied the request by the founder to place restrictions on the assets. LipoMedix intends to vigorously defend this matter. The Company may from time to time be subject to legal proceedings that may arise in the ordinary course of business. Although there can be no assurance in this regard, the Company does not expect any of those legal proceedings to have a material adverse effect on the Company’s results of operations, cash flows or financial condition.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jan. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Note 14 — Stock-Based Compensation Stock Options A summary of stock option activity for the Company is as follows (unaudited): Number of Weighted- Weighted- Aggregate Outstanding at July 31, 2018 626,580 $ 4.90 4.72 $ 3,070 Granted — — — — Exercised (33,196 ) 4.90 — — Cancelled / Forfeited (544 ) 4.90 — — OUTSTANDING AT January 31, 2019 592,840 $ 4.90 4.2 $ 2,905 EXERCISABLE AT January 31, 2019 578,641 $ 4.90 4.2 $ 2,835 33,196 options were exercised during the six months ended January 31, 2019. At January 31, 2019, there was no unrecognized compensation cost related to non-vested stock options. Pursuant to the Company’s 2018 Equity Incentive Plan, each of our three non-employee directors of the Company was granted 4,203 restricted shares of our Class B common stock in January 2019 which fully vested on the date of the grant. The fair value of the awards on the date of the grant was approximately $107,000 which was included in selling, general and administrative expense. Restricted Stock The fair value of restricted shares of the Company’s Class B common stock is determined based on the closing price of the Company’s Class B common stock on the grant date. Share awards generally vest on a graded basis over three years of service. A summary of the status of the Company’s grants of restricted shares of Class B common stock is presented below: (unaudited, in thousands) Number of Non-vested Shares Weighted- Average Grant- Date Fair Value Outstanding at July 31, 2018 141,799 4.90 Granted 70,718 17.25 Vested (19,474 ) 4.90 Cancelled / Forfeited — — NON-VESTED SHARES AT January 31, 2019 193,043 $ 9.42 At January 31, 2019, there was $1.5 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements, which is expected to be recognized over 5 years. The total grant date fair value of shares vested in the six months ended January 31, 2019 and 2018 was approximately $95,000 and $0, respectively.

Future Minimum Rents

Future Minimum Rents	6 Months Ended
	Jan. 31, 2019
Future Minimum Rents [Abstract]
Future Minimum Rents	Note 15 — Future Minimum Rents Certain of the Company’s properties are leased to tenants under net operating leases with initial term expiration dates ranging from 2021 to 2028. The future contractual minimum lease payments to be received (excluding operating expense reimbursements) by the Company as of January 31, 2019, under non-cancelable operating leases which expire on various dates through 2028, are as follows: Year ending July 31: Related Other Total (unaudited, in thousands) 2019 $ 988 $ 564 $ 1,552 2020 2,004 1,142 3,146 2021 2,041 1,003 3,044 2022 2,079 907 2,986 2023 2,117 642 2,759 Thereafter 3,796 2,904 6,700 Total Minimum Future Rental Income $ 13,025 $ 7,162 $ 20,187 The Company amended all of its related party leases as of August 1, 2017. The related party leases expire in April 2025 and are for 88,631 square feet and include two parking spots per thousand square feet of space leased at 520 Broad Street and for 3,595 square feet in Israel. The annual rent is approximately $2.0 million. The related parties have the right to terminate the domestic leases upon four months’ notice, and upon early termination will pay a termination penalty equal to 25% of the portion of the rent due over the course of the remaining term. The related parties have the right to terminate the Israeli leases upon two months’ notice. Related parties have the right to lease an additional 25,000 square feet in the building located at 520 Broad Street on the same terms as the base lease, and other rights to a further 25,000 square feet should all available space be leased to other tenants. Upon expiration of the lease, these related parties have the right to renew the leases for another five years.

Subsequent Events

Subsequent Events	6 Months Ended
	Jan. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 16 — Subsequent Events The Company has evaluated subsequent events for disclosure and or recognition in the financial statements through the date that the financial statements were issued.

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jan. 31, 2019
Accounting Policies [Abstract]
Description of Business	Description of Business Rafael Holdings, Inc., or Rafael Holdings, or the Company, a Delaware corporation, owns commercial real estate assets and interests in clinical and early stage pharmaceutical companies. The assets are operated as two separate lines of business. The commercial real estate holdings consist of the building at 520 Broad Street in Newark, New Jersey that houses headquarters for the Company and affiliated entities as well as third-party tenants, and an associated 800 car public garage, an office/data center building in Piscataway, New Jersey and a portion of a building in Israel that hosts offices for IDT. The pharmaceutical holdings include debt, preferred equity interests and warrants in Rafael Pharmaceuticals, Inc., or Rafael Pharma, which is a clinical stage, oncology-focused, pharmaceutical company committed to the development and commercialization of therapies that exploit the metabolic differences between normal cells and cancer cells, and a majority equity interest in LipoMedix Pharmaceuticals Ltd., or LipoMedix, an early stage oncology focused pharmaceutical company based in Israel. On March 26, 2018, IDT Corporation, or IDT, the former parent corporation of the Company, completed a tax-free spinoff (the “Spin-Off”) of the Company’s capital stock, through a pro rata distribution of common stock to its stockholders of record as of the close of business on March 13, 2018 (the “Spin-Off Record Date”). As a result of the Spin-Off, each of IDT’s stockholders received: (i) one share of the Company’s Class A common stock for every two shares of IDT’s Class A common stock held on the Spin-Off Record Date, and (ii) one share of the Company’s Class B common stock for every two shares of IDT’s Class B common stock held of record on the Spin-Off Record Date. On March 26, 2018, there were 787,163 shares of the Company’s Class A common stock, and 11,754,835 shares of the Company’s Class B common stock issued and outstanding, which includes 114,945 restricted stock units issued to employees and consultants in connection with the spin. We entered into various agreements with IDT prior to the Spin-Off, including a Separation and Distribution Agreement to effect the separation and provide a framework for the Company’s relationship with IDT after the Spin-Off, and a Transition Services Agreement, which provides for certain services to be performed by IDT to facilitate the transition of the Company into a separate publicly-traded company. These agreements provide for, among other things, (i) the allocation between the Company and IDT of employee benefits, taxes and other liabilities and obligations attributable to periods prior to the Spin-Off, (ii) transitional services to be provided by IDT relating to human resources and employee benefits administration, and (iii) finance, accounting, tax, investor relations and legal services to be provided by IDT to the Company following the Spin-Off. In addition, the Company entered into a Tax Separation Agreement with IDT, which sets forth the responsibilities of the Company and IDT with respect to, among other things, liabilities for federal, state, local and foreign taxes for periods before and including the Spin-Off, the preparation and filing of tax returns for such periods and disputes with taxing authorities regarding taxes for such periods. The “Company” in these financial statements refers to Rafael Holdings on a consolidated and combined basis as if Rafael Holdings existed and owned the above interests in all periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation or combination.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated and combined financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended January 31, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2019. The balance sheet at July 31, 2018 has been derived from the Company’s audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Therefore, these condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2018, or the 2018 Form 10-K. The Company’s fiscal year ends on July 31 of each calendar year. Each reference below to a fiscal year refers to the fiscal year ending in the calendar year indicated (e.g., fiscal 2019 refers to the fiscal year ending July 31, 2019).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.
Revenue Recognition	Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, “ASU” 2014-09, Revenue from Contracts with Customers (Topic 606) The Company disaggregates its revenue by source within its consolidated and combined statements of operations. As an owner and operator of real estate, the Company derives the majority of its revenue from leasing space to tenants at its properties. As a result, the majority of the Company’s revenue is accounted for pursuant to ASC 840 Leases or , Leases Contractual rental revenue is reported on a straight-line basis over the terms of the respective leases. Accrued rental income, included within Trade Accounts Receivable and Other Assets on the consolidated balance sheets, represents cumulative rental income earned in excess of rent payments received pursuant to the terms of the individual lease agreements. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required rent payments or parking customers to pay amounts due. The Company also earns revenue from parking which is derived primarily from monthly and transient daily parking. In addition, the Company has certain lease arrangements for parking accounted for under the guidance in ASC 840. The monthly and transient daily parking revenue falls within the scope of ASC 606 and is accounted for at the point in time when control of the goods or services transfers to the customer and the Company’s performance obligation is satisfied, consistent with the Company’s previous accounting.
Critical Accounting Policies	Critical Accounting Policies The Company’s financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as the disclosure of contingent assets and liabilities. Critical accounting policies are those that require application of management’s most subjective or complex judgments, often as a result of matters that are inherently uncertain and may change in subsequent periods. Management bases its estimates and judgments on historical experience and other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. See Note 1 to the consolidated and combined financial statements in the 2018 Form 10-K for a complete discussion of the Company’s significant accounting policies.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jan. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of balance of assets measured at fair value on a recurring basis	January 31, 2019 Level 1 Level 2 Level 3 Total Available-for-sale securities: Hedge Funds $ — $ — $ 4,166 $ 4,166 Total $ — $ — $ 4,166 $ 4,166 July 31, 2018 Level 1 Level 2 Level 3 Total Available-for-sale securities: Marketable Securities $ 10,755 $ 13,946 $ — $ 24,701 Hedge Funds — — 4,218 4,218 Rafael Pharmaceuticals convertible promissory notes — — 7,900 7,900 Total $ 10,755 $ 13,946 $ 12,118 $ 36,819
Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3)	Six Months Ended 2019 2018 (unaudited) Balance, beginning of period $ 12,118 $ 6,300 Conversion of Series D Convertible Note (7,900 ) — Total losses included in earnings (52 ) — Balance, end of period $ 4,166 $ 6,300

Trade Accounts Receivable (Tabl

Trade Accounts Receivable (Tables)	6 Months Ended
	Jan. 31, 2019
Receivables [Abstract]
Schedule of trade accounts receivable	January 31, July 31, (unaudited) Trade Accounts Receivable $ 435 $ 358 Accounts Receivable - Related Party 12 11 Less Allowance for Doubtful Accounts (91 ) (82 ) Trade Accounts Receivable, net $ 356 $ 287

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jan. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	January 31, July 31, (unaudited) (audited) Building and Improvements $ 52,894 $ 52,818 Land 10,412 10,412 Furniture and Fixtures 1,145 1,145 Other 255 255 Construction in Progress 1,073 1,024 Less Accumulated Depreciation (16,401 ) (15,541 ) Total $ 49,378 $ 50,113

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Jan. 31, 2019
Loss Per Share:
Schedule of basic and diluted earnings (loss) per share	Three Months Ended Six Months Ended 2019 2018 2019 2018 (unaudited) Basic weighted-average number of shares 13,489,583 12,541,998 12,634,389 12,541,998

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jan. 31, 2019
Related Party Transactions [Abstract]
Schedule of change in the Company's liability to related parties	Balance at July 31, 2018 $ 276 Payments by IDT on behalf of the Company 74 Rental revenue billed to Related Parties (52 ) Cash repayments, net of advances 404 Billings for services performed for Rafael Pharmaceuticals (120 ) Balance at October 31, 2018 $ 582 Payments by IDT on behalf of the Company 35 Issuance for shares to Howard Jonas for deposit (864 ) Cash repayments, net of advances 367 Billings for services performed for Rafael Pharmaceuticals (120 ) Balance at January 31, 2019 $ 0

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jan. 31, 2019
Segment Reporting [Abstract]
Schedule of operating results for the business segments	(unaudited, in thousands) Pharmaceuticals Real Estate Total Three months ended January 31, 2019 Revenues $ — $ 1,017 $ 1,017 Loss from operations (297 ) (1,109 ) (1,406 ) Three months ended January 31, 2018 Revenues $ — $ 956 $ 956 Loss from operations (357 ) (459 ) (816 ) (unaudited, in thousands) Pharmaceuticals Real Estate Total Six months ended January 31, 2019 Revenues $ — $ 2,152 $ 2,152 Loss from operations (703 ) (1,823 ) (2,526 ) Six months ended January 31, 2018 Revenues $ — $ 2,063 $ 2,063 Loss from operations (357 ) (1,512 ) (1,869 )
Schedule of revenue from tenants by geographic areas	Three Months Ended January 31, (unaudited) 2019 2018 Revenue from tenants located in Israel 2 % 2 % Six Months Ended January 31, (unaudited) 2019 2018 Revenue from tenants located in Israel 2 % 2 %
Schedule of net long-lived assets and total assets by geographic areas	(unaudited, in thousands) United States Foreign Total January 31, 2019 (unaudited) Long-lived assets, net $ 47,700 $ 1,678 $ 49,378 Total assets 140,337 3,829 144,166 July 31, 2018 Long-lived assets, net $ 48,415 $ 1,698 $ 50,113 Total assets 113,279 3,641 116,920

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jan. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of of stock option activity	Number of Weighted- Weighted- Aggregate Outstanding at July 31, 2018 626,580 $ 4.90 4.72 $ 3,070 Granted — — — — Exercised (33,196 ) 4.90 — — Cancelled / Forfeited (544 ) 4.90 — — OUTSTANDING AT January 31, 2019 592,840 $ 4.90 4.2 $ 2,905 EXERCISABLE AT January 31, 2019 578,641 $ 4.90 4.2 $ 2,835
Schedule of grants of restricted shares of Class B common stock	(unaudited, in thousands) Number of Non-vested Shares Weighted- Average Grant- Date Fair Value Outstanding at July 31, 2018 141,799 4.90 Granted 70,718 17.25 Vested (19,474 ) 4.90 Cancelled / Forfeited — — NON-VESTED SHARES AT January 31, 2019 193,043 $ 9.42

Future Minimum Rents (Tables)

Future Minimum Rents (Tables)	6 Months Ended
	Jan. 31, 2019
Future Minimum Rents [Abstract]
Schedule of non-cancelable operating leases	Year ending July 31: Related Other Total (unaudited, in thousands) 2019 $ 988 $ 564 $ 1,552 2020 2,004 1,142 3,146 2021 2,041 1,003 3,044 2022 2,079 907 2,986 2023 2,117 642 2,759 Thereafter 3,796 2,904 6,700 Total Minimum Future Rental Income $ 13,025 $ 7,162 $ 20,187

Description of Business and B_3

Description of Business and Basis of Presentation (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Mar. 26, 2018	Jan. 31, 2019	Jan. 31, 2018	Jul. 31, 2018
Description of Business and Basis of Presentation (Textual)
Adoption effect of ASU 2016-01		$ 39
Common Class B [Member]
Description of Business and Basis of Presentation (Textual)
Common stock, shares issued		13,133,069		11,762,346
Common stock, shares outstanding		13,133,069		11,762,346
Common Class B [Member] | Subsidiaries [Member]
Description of Business and Basis of Presentation (Textual)
Common stock, shares issued	11,754,835
Common stock, shares outstanding	11,754,835
Common Class A [Member]
Description of Business and Basis of Presentation (Textual)
Common stock, shares issued		787,163		787,163
Common stock, shares outstanding		787,163		787,163
Common Class A [Member] | Subsidiaries [Member]
Description of Business and Basis of Presentation (Textual)
Common stock, shares issued	787,163
Common stock, shares outstanding	787,163
IDT-Rafael Holdings, LLC [Member]
Description of Business and Basis of Presentation (Textual)
Spin-off common stock, description		(i) one share of the Company's Class A common stock for every two shares of IDT's Class A common stock held on the Spin-Off Record Date, and (ii) one share of the Company's Class B common stock for every two shares of IDT's Class B common stock held of record on the Spin-Off Record Date.
Employee Stock [Member]
Description of Business and Basis of Presentation (Textual)
Restricted stock units issued	114,945
Consultants [Member]
Description of Business and Basis of Presentation (Textual)
Restricted stock units issued	114,945

Investment in LipoMedix Pharm_2

Investment in LipoMedix Pharmaceuticals Ltd. (Details) - Lipomedix Pharmaceuticals Ltd [Member] - USD ($) $ in Thousands	Nov. 16, 2017	Jul. 31, 2017	Jan. 31, 2017	Jan. 31, 2019	Jul. 06, 2018
Investment in Lipomedix Pharmaceuticals Ltd. (Textual)
Cost method investments ownership percentage		38.86%	13.95%	3.20%
Additional amount of investment funded	$ 900	$ 1,100	$ 300
Advance amount of additional investment		$ 200	$ 200
Ownership percentage in subsidiary and holds percentage of interest	50.60%
Initial investment				$ 100	$ 875
Description of acquisition entity				This financing is convertible into shares of LipoMedix as follows: (i) upon an issuance of an aggregate $2.0 million of additional equity securities (excluding the conversion of the Bridge Note) (“the Financing”), the Bridge Note amount shall be converted into shares of LipoMedix of the same class and series with the same rights, preferences and privileges as shall be issued in the Financing at a conversion price per share equal to 75% or the lowest price per share paid by the investor(s) in the Financing; (ii) upon a Distribution Event (as defined in the Founder’s Agreement among LipoMedix and certain of its founders), the Bridge Note shall be converted into shares of the most senior class of shares of LipoMedix then issued at a conversion price per share that is equal to 75% per share distribution received on account of the Distribution Event or the Company shall be entitled to receive a redemption payment equal to the Bridge Note ($875,000); (iii) if neither a Financing nor Distribution Event occurs prior to January 6, 2020 (18 months following the effective date of the Bridge Note), the Bridge Note will be converted into the most senior class of shares LipoMedix has then issued at a conversion price per share equal to $0.53 (calculated on the basis of LipoMedix’s pre-money valuation of $5.0 million, divided by its fully diluted share capital as of July 6, 2018).

Marketable Securities (Details

Marketable Securities (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Marketable Securities (Textual)
Proceeds from maturities and sales of available-for-sale securities			$ 25,000	$ 0
Net realized gain	$ 103	$ 0	$ 330	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Available-for-sale securities:
Marketable Securities		$ 24,701
Hedge Funds	$ 4,166	4,218
Rafael Pharmaceuticals convertible promissory notes		7,900
Total	4,166	36,819
Level 1 [Member]
Available-for-sale securities:
Marketable Securities		10,755
Hedge Funds
Rafael Pharmaceuticals convertible promissory notes
Total		10,755
Level 2 [Member]
Available-for-sale securities:
Marketable Securities		13,946
Hedge Funds
Rafael Pharmaceuticals convertible promissory notes
Total		13,946
Level 3 [Member]
Available-for-sale securities:
Marketable Securities
Hedge Funds	4,166	4,218
Rafael Pharmaceuticals convertible promissory notes		7,900
Total	$ 4,166	$ 12,118

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 1) - Level 3 [Member] - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Balance, beginning of period	$ 12,118	$ 6,300
Conversion of Series D Convertible Note	(7,900)
Total losses included in earnings	(52)
Balance, end of period	$ 4,166	$ 6,300

Fair Value Measurements (Deta_3

Fair Value Measurements (Details Textual) $ in Thousands	6 Months Ended
	Jan. 31, 2019USD ($)
Fair Value Measurements (Textual)
Spin-Off, IDT contribution hedge funds	$ 3,900
Spin-Off, IDT contribution investment amount	$ 2,000

Trade Accounts Receivable (Deta

Trade Accounts Receivable (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Receivables [Abstract]
Trade Accounts Receivable	$ 435	$ 358
Accounts Receivable - Related Party	12	11
Less Allowance for Doubtful Accounts	(91)	(82)
Trade Accounts Receivable, net	$ 356	$ 287

Trade Accounts Receivable (De_2

Trade Accounts Receivable (Details Textual) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Prepaid expenses and other current assets	$ 588	$ 421
Other assets	1,225	1,126
Noncurrent accrued rental income [Member]
Other assets	1,200	1,000
Accrued rental income [Member]
Prepaid expenses and other current assets	$ 207	$ 88

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Property, Plant and Equipment [Abstract]
Building and Improvements	$ 52,894	$ 52,818
Land	10,412	10,412
Furniture and Fixtures	1,145	1,145
Other	255	255
Construction in Progress	1,073	1,024
Less Accumulated Depreciation	(16,401)	(15,541)
Total	$ 49,378	$ 50,113

Property and Equipment (Detai_2

Property and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Property and Equipment (Textual)
Depreciation and amortization expense pertaining to property and equipment	$ 431	$ 429	$ 860	$ 853

Loss Per Share (Details)

Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Loss Per Share:
Basic weighted-average number of shares	13,489,583	12,541,998	12,634,389	12,541,998

Loss Per Share (Details Textual

Loss Per Share (Details Textual) - $ / shares	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Loss Per Share (Textual)
Basic loss per share	$ (0.08)	$ (0.04)	$ (0.12)	$ (0.79)

Establishment of Valuation Al_2

Establishment of Valuation Allowance for Deferred Tax Asset (Details) $ in Thousands	6 Months Ended
	Jan. 31, 2019USD ($)
Establishment of Valuation Allowance for Deferred Tax Asset (Textual)
Valuation allowance	$ 8,400

Investment in Rafael Pharmace_2

Investment in Rafael Pharmaceuticals, Inc. (''Rafael Pharmaceuticals'') (Details Textual) - USD ($)	1 Months Ended				6 Months Ended
	Nov. 30, 2018	Sep. 30, 2018	Sep. 19, 2017	Mar. 02, 2017	Jan. 31, 2019	Nov. 05, 2018	Jul. 31, 2018
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage in non-operating subsidiary					50.00%
Exercise price of warrants or rights, description					The exercise price of the warrant is the lower of 70% of the price sold in an equity financing, or $1.25 per share, subject to certain adjustments. The minimum initial and subsequent exercises of the warrant shall be for such number of shares that will result in at least $5 million of gross proceeds to Rafael Pharmaceuticals, or such lesser amount as represents 5% of the outstanding capital stock of Rafael Pharmaceuticals, or such lesser amount as may then remain unexercised.
Minimum gross proceeds					$ 5,000,000
Purchase of exercise the warrant, shares					36,700,000
Contributed by the holder of minority interest					$ 9,005,000		$ 8,868,000
Converted preferred stock					8,700,000
Series D Convertible Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Exercise warrants value		$ 10,000,000
Purchase of exercise the warrant	$ 5,000,000				$ 40,900,000
Contributed by the holder of minority interest	$ 500,000				$ 4,100,000
Series D Convertible Note [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Purchase of exercise the warrant, shares					8,700,000
Series D Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Purchase of exercise the warrant, shares					8,700,000
IDT-Rafael Holdings, LLC. [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage in non-operating subsidiary					90.00%
Percentage of capital stock			10.00%
Exercise of warrants purchases, description					The Series D Stock has a stated value of $1.25 per share (subject to appropriate adjustment to reflect any stock split, combination, reclassification or reorganization of the Series D Preferred Stock or any dilutive issuances, as described below). Holders of Series D Stock are entitled to receive non-cumulative dividends when, as and if declared by the board of Rafael Pharmaceuticals, prior to any dividends to any other class of capital stock of Rafael Pharmaceuticals. In the event of any liquidation, dissolution or winding up of the Company, or in the event of any deemed liquidation, proceeds from such liquidation, dissolution, winding up shall be distribute first to the holders of Series D Stock. Except with respect to certain major decisions, or as required by law, holders of Series D Stock vote together with the holders of the other preferred stock and common stock and not as a separate class.
Warrants expiry date					Dec. 31, 2020
Exercise warrants value		8,000,000
Percentage of bonus shares received					10.00%
Exercise price of warrants or rights, description					The Company and CS Pharma were issued warrants to purchase shares of capital stock of Rafael Pharmaceuticals representing up to 56% of the then issued and outstanding capital stock of Rafael Pharmaceuticals, on an as-converted and fully diluted basis.
Purchase of exercise the warrant, shares	4,000,000				32,700,000
Fully diluted						51.00%
Bonus shares						39.50%
IDT-Rafael Holdings, LLC. [Member] | Series D Convertible Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Convertible promissory note, rate of interest					3.50%
Convertible promissory note, maturity date					Sep. 16, 2018
IDT-Rafael Holdings [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage in non-operating subsidiary				50.00%
Percentage of capital stock				10.00%
Ownership percentage in subsidiary and holds percentage of interest				90.00%
CS Pharma Holdings, LLC [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage in non-operating subsidiary				45.00%	50.00%
Ownership percentage in subsidiary and holds percentage of interest				90.00%
Exercise warrants value		$ 10,000,000			$ 10,000,000
Purchase of exercise the warrant					$ 10,000,000
Purchase of exercise the warrant, shares					8,000,000
Howard S. Jonas [Member] | Series C Convertible Notes [Member] | IDT-Rafael Holdings, LLC. [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Principal amount				$ 525,000
Board of Directors Chairman [Member] | IDT-Rafael Holdings [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Purchase price				1,000,000
Howard Jonas and Deborah Jonas [Member] | Series C Convertible Notes [Member] | IDT-Rafael Holdings, LLC. [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Principal amount				$ 525,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2019	Oct. 31, 2018
Related Party Transactions [Abstract]
Beginning Balance	$ 582	$ 276
Payments by IDT on behalf of the Company	35	74
Rental revenue billed to Related Parties		(52)
Issuance for shares to Howard Jonas for depositRental	(864)
Cash repayments, net of advances	367	404
Billings for services performed for Rafael Pharmaceuticals	(120)	(120)
Ending Balance	$ 0	$ 582

Related Party Transactions (D_2

Related Party Transactions (Details Textual) - USD ($)	1 Months Ended		6 Months Ended
	May 31, 2018	Apr. 26, 2018	Jan. 31, 2019	Jul. 31, 2018
Class B Common Stock [Member]
Related Party Transactions (Textual)
Purchase of Class B common stock shares		1,254,200
Closing price per share		$ 6.89
Aggregate purchase price		$ 8,600,000
At issuance [Member]
Related Party Transactions (Textual)
Debt discount to the beneficial conversion feature			$ 70,000
Amortized discount			5,000
Interest expense on note			$ 190,000
Howard S. Jonas [Member]
Related Party Transactions (Textual)
Deposit amount				$ 864,144
Convertible note, description			On November 15, 2018, Howard Jonas entered into an agreement to purchase a convertible note from the “Company” for $15.0 million. The term of the note is three years and interest will accrue on the principal amount at a rate of 6% per annum, compounded quarterly. At the option of the Company, interest on the note can be capitalized and added to principal or payable in cash. The note is convertible at the option of the holder into shares of Class B common stock at a conversion price of $8.47 per share, the closing price of the Company’s Class B common stock on the trading day before the date of the investment agreement. The initial principal amount is convertible into 1,770,956 shares of Class B common stock, and if all interest for the three-year term of the note is capitalized, the note will be convertible into 2,117,388 shares of Class B common stock. If the closing price of the Company’s Class B common stock on the NYSE American is 200% of the conversion price for at least thirty (30) consecutive days, the Company may cause conversion of the note.
Mr. Jonas [Member] | Class B Common Stock [Member]
Related Party Transactions (Textual)
Aggregate purchase price	$ 864,144

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2018	Jan. 31, 2019
Income Taxes (Textual)
Federal statutory corporate tax, description		The Tax Act provides for comprehensive tax legislation that, among other things, reduces the U.S. federal statutory corporate tax rate from 35.0% to 21.0% effective January 1, 2018, broadens the U.S. federal income tax base, requires companies to pay a one-time repatriation tax on earnings of certain foreign subsidiaries that were previously tax deferred ("transition tax"), and creates new taxes on certain foreign sourced earnings.
Federal and state net operating loss	$ 20,000
Federal and state net operating loss, expiration date	Jul. 31, 2026
Additional losses of domestic operations		$ 610
Net deferred tax assets operating loss carryforwards		$ 20,900

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 1,017	$ 956	$ 2,152	$ 2,063
Loss from operations	(1,406)	(816)	(2,526)	(1,869)
Real Estate [Member]
Segment Reporting Information [Line Items]
Revenues	1,017	956	2,152	2,063
Loss from operations	(1,109)	(459)	(1,823)	(1,512)
Pharmaceuticals [Member]
Segment Reporting Information [Line Items]
Revenues
Loss from operations	$ (297)	$ (357)	$ (703)	$ (357)

Business Segment Information _2

Business Segment Information (Details 1)	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Total revenues [Member]
Segment Reporting Information [Line Items]
Revenue from tenants located in Israel	2.00%	2.00%	2.00%	2.00%

Business Segment Information _3

Business Segment Information (Details 2) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Segment Reporting Information [Line Items]
Long-lived Assets, net	$ 49,378	$ 50,113
Total Assets	144,166	116,920
United States [Member]
Segment Reporting Information [Line Items]
Long-lived Assets, net	47,700	48,415
Total Assets	140,337	113,279
Foreign [Member]
Segment Reporting Information [Line Items]
Long-lived Assets, net	1,678	1,698
Total Assets	$ 3,829	$ 3,641

Business Segment Information _4

Business Segment Information (Details Textual)	6 Months Ended
	Jan. 31, 2019Segments
Business Segment Information (Textual)
Number of operating segments	2

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 17, 2018	Aug. 21, 2018
Commitments and Contingencies (Textual)
Settlement expenses		$ 100
LipoMedix Pharmaceuticals Ltd [Member]
Commitments and Contingencies (Textual)
Consulting payments amounts		385
LipoMedix Pharmaceuticals Ltd [Member]
Commitments and Contingencies (Textual)
Payment of consulting fees	$ 377
Other parties [Member]
Commitments and Contingencies (Textual)
Consulting payments amounts		$ 358

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jan. 31, 2019USD ($)$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Options, Outstanding, Beginning balance | shares	626,580
Number of Options, Granted | shares
Number of Options, Exercised | shares	(33,196)
Number of Options, Cancelled / Forfeited | shares	(544)
Number of Options, OUTSTANDING, Ending balance | shares	592,840
Number of Options, EXERCISABLE | shares	578,641
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ / shares	$ 4.90
Weighted-Average Exercise Price, Granted | $ / shares
Weighted-Average Exercise Price, Exercised | $ / shares	4.90
Weighted-Average Exercise Price, Cancelled / Forfeited | $ / shares	4.90
Weighted-Average Exercise Price, OUTSTANDING, Ending balance | $ / shares	4.90
Weighted-Average Exercise Price, EXERCISABLE | $ / shares	$ 4.90
Weighted-Average Remaining Contractual Term, OUTSTANDING, Beginning	4 years 8 months 19 days
Weighted-Average Remaining Contractual Term, OUTSTANDING, Ending	4 years 2 months 12 days
Weighted-Average Remaining Contractual Term, EXERCISABLE	4 years 2 months 12 days
Aggregate Intrinsic Value, OUTSTANDING, Beginning | $	$ 3,070
Aggregate Intrinsic Value, OUTSTANDING, Ending | $	2,905
Aggregate Intrinsic Value, EXERCISABLE | $	$ 2,835

Stock-Based Compensation (Det_2

Stock-Based Compensation (Details 1)	6 Months Ended
	Jan. 31, 2019$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Non-vested Shares, Beginning Balance | shares	141,799
Number of Non-vested Shares, Granted | shares	70,718
Number of Non-vested Shares, Vested | shares	(19,474)
Number of Non-vested Shares, Cancelled / Forfeited | shares
Number of Non-vested Shares, Ending Balance | shares	193,043
Weighted- Average Grant- Date Fair Value, Beginning balance | $ / shares	$ 4.90
Weighted- Average Grant- Date Fair Value, Granted | $ / shares	17.25
Weighted- Average Grant- Date Fair Value, Vested | $ / shares	4.90
Weighted- Average Grant- Date Fair Value, Cancelled / Forfeited | $ / shares
Weighted- Average Grant- Date Fair Value, Ending balance | $ / shares	$ 9.42

Stock-Based Compensation (Det_3

Stock-Based Compensation (Details Textual) - USD ($)	6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Stock-Based Compensation (Textual)
Total unrecognized non-vested stock-based compensation	$ 1,500,000
Total grant date fair value of shares vested	$ 95,000	$ 0
Non-vested stock options, weighted-average period	5 years
Number of options exercised	(33,196)
2018 Equity Incentive Plan [Member] | Three non-employee directors [Member]
Stock-Based Compensation (Textual)
Granted restricted shares	4,203
Fair value of awards on date of grant included in selling, general and administrative expense	$ 107,000

Future Minimum Rents (Details)

Future Minimum Rents (Details) $ in Thousands	Jan. 31, 2019USD ($)
2019	$ 1,552
2020	3,146
2021	3,044
2022	2,986
2023	2,759
Thereafter	6,700
Total Minimum Future Rental Income	20,187
Related Parties [Member]
2019	988
2020	2,004
2021	2,041
2022	2,079
2023	2,117
Thereafter	3,796
Total Minimum Future Rental Income	13,025
Other [Member]
2019	564
2020	1,142
2021	1,003
2022	907
2023	642
Thereafter	2,904
Total Minimum Future Rental Income	$ 7,162

Future Minimum Rents (Details T

Future Minimum Rents (Details Textual) $ in Thousands	6 Months Ended
	Jan. 31, 2019USD ($)
Future Minimum Rents (Textual)
Net operating leases with initial term expiration dates	Dates ranging from 2021 to 2028.
Related party leases expire, description	The related party leases expire in April 2025 and are for 88,631 square feet and include two parking spots per thousand square feet of space leased at 520 Broad Street and for 3,595 square feet in Israel.
Annual rent	$ 2,000
Related parties terminate leases, description	The related parties have the right to terminate the domestic leases upon four months' notice, and upon early termination will pay a termination penalty equal to 25% of the portion of the rent due over the course of the remaining term. The related parties have the right to terminate the Israeli leases upon two months' notice. Related parties have the right to lease an additional 25,000 square feet in the building located at 520 Broad Street on the same terms as the base lease, and other rights to a further 25,000 square feet should all available space be leased to other tenants. Upon expiration of the lease, these related parties have the right to renew the leases for another five years.